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ECB To Supervise Irish Units Of Barclays, Bank Of America

Law360, London (December 14, 2018, 3:42 PM GMT) -- The European Central Bank said Friday that it will assume direct supervision of the Irish subsidiaries of Barclays Bank and Bank of America Merrill Lynch to reflect expectations of their growing size and importance after Brexit.

The two Irish firms will bring the number of institutions that the central bank directly supervises to 119 from Jan. 1, 2019. But the ECB will no longer oversee Permanent TSB Group Holdings plc, the Irish unit of lender TSB, after three years of observation.

The ECB reviews Europe’s financial firms annually, as well as on an ad hoc basis, to decide if they meet...

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