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ECB expects bank supervision costs to rise 11% this year

Reuters
The spread of the coronavirus disease (COVID-19) continues in Frankfurt

FRANKFURT (Reuters) - The European Central Bank is charging banks on its watch 514.3 million euros for supervising them last year and expects its costs to rise by 11% this year, its annual report showed on Tuesday.

The ECB spent less on business travel and consultants in pandemic-ravaged 2020 but its other costs, including for headcount, increased, leaving its total expenditure for the year roughly unchanged from 2019 at 535.3 million euros.

The bank expects to spend 594.5 million euros this year.

(Reporting By Francesco Canepa)