ECB Spends €80M More On Staffing, Driven by Supervision

Law360, London (February 22, 2021, 1:00 PM GMT) -- Europe's central bank has said it ramped up its spending on supervisory activities in 2020 because it hired more staff to help it regulate lenders as the COVID-19 crisis caused financial chaos across the bloc.

The European Central Bank said that its total staffing cost increased to €646 million ($784 million) in 2020 from €566 million in 2019 as a result of it needing more employees on deck to carry out banking supervision.

But the ECB said on Thursday that this was balanced out by a fall in the administrative costs linked to supervision, which dropped from €537 million in 2019...

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