ECB’s Enria: Direct exposure to Credit Suisse is relevant but manageable

Andrea Enria, Chair of the Supervisory Board of the European Central Bank (ECB), is speaking at an event on ‘A new stage for European banking supervision.’

Key quotes

Current events confirm that strong, demanding supervision is needed more than ever.

The exception still exists in the form of banks with adequate risk data gathering and reporting capabilities.

We are placing increasing emphasis on a structured escalation of our supervisory interventions where banks’ progress is lagging.

I want bank oversight to be more efficient.

When asked about the fall in deutsche bank's shares: the disquiet among investors is a concern.

Having CDS centrally cleared would be big progress.

Direct exposure to Credit Suisse is relevant but manageable.

Which business concepts are similar to Credit Suisse's were incorrectly identified by investors.

There have been some fast outflows of deposits in some cases.

Market reaction

EUR/USD is unperturbed by the above comments, keeping its range at around 1.0815, up 0.17% on the day.