Failing to rent ladies, ECB extends supervision job deadline: sources – Reuters

FRANKFURT (Reuters) – The European Central Financial institution has prolonged a deadline for filling three high jobs at its financial institution supervision arm after it failed to rent any ladies for the roles, two sources mentioned, illustrating the financial institution’s lengthy battle to draw feminine expertise for senior positions.

FILE PHOTO: The skyline with its monetary district and the headquarters of the European Central Financial institution (ECB) are photographed within the early night in Frankfurt, Germany, December four, 2018. REUTERS/Kai Pfaffenbach

With just one lady on its 25-member Governing Council and only a handful of girls on the Supervisory Board, the ECB has lengthy been criticized by European lawmakers for fostering a tradition that favors males, with males holding over three quarters of senior managerial positions.

Strain on the financial institution solely elevated in latest months when the highest two financial institution supervisors, Daniele Nouy and Sabine Lautenschlaeger, had been changed by males, seemingly countering the ECB’s acknowledged objective of bettering gender steadiness.

The ECB, which oversees 117 of the euro zone’s greatest banks with 21 trillion euros ($23.5 trillion) in belongings, will now search functions for the three inside Supervisory Board vacancies till June 12 as an alternative of the unique Might 15 deadline.

An ECB spokesman declined to remark.

Whereas the ECB is underneath no authorized obligation to seek out ladies for the roles, selecting solely males would put it in a politically untenable place and would possible maintain up the approval of board member Yves Mersch to grow to be the vice chair of the supervisory board, the sources mentioned.

Mersch was picked by the ECB’s Governing Council in April to exchange Lautenschlaeger because the second-in-command of financial institution supervision however he nonetheless requires the approval of EU lawmakers earlier than he can take up the job.

The sources mentioned that ideally there ought to be no less than two ladies filling the six inside Supervisory Board seat to diffuse political rigidity over gender inequality.

A battle over gender additionally dangers slowing the Parliamentary approval of ECB board members, a possible headache as ECB President Mario Draghi and board member Benoit Coeure are each on account of go away the financial institution within the coming months.

The appointment of Mersch to the ECB board in 2012 was held up for a number of months on account of complaints by lawmakers about gender imbalance.

($1 = zero.8930 euros)

Writing by Balazs Koranyi; Enhancing by Toby Chopra

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