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ECB hiring over 1,000 staff to monitor banks

In order to supervise the eurozone's banking sector, the European Central Bank will hire over 1,000 new employees.

Senior policymaker Yves Mersch said the new staff members would be taken from national authorities and the private sector, Reuters reports.

Mr Mersch claims the figure would be much lower than the 2,000 originally cited in a consultants report but is bigger than the 800 reported by the media in May.

The ECB will use joint teams of its own staff and officials from other national authorities to supervise the largest European banks instead of hiring a larger team.

"We will start with nothing less than 1,000, maybe a little more. The consensus is emerging now. It will be less than 2,000, maybe a little more than 1,000," he said.

This include supervisors and support staff, the majority of which will drawn from national authorities.

By Claire Archer