ECB Executive Board member Frank Elderson: Bank regulation can be simplified, but financial resilience cannot be weakened

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ECB Executive Board member Frank Elderson said bank regulation can be simplified and made more proportionate, but this must not turn into regulatory easing, as financial resilience remains the foundation for stable growth and competitiveness. He suggested raising the simplified regulatory threshold for small, non-complex banks from €5 billion to €10 billion, which is expected to bring around 150 banks under the simplified regime. Regarding artificial intelligence risks, banks need to reassess their cybersecurity measures and submit relevant action plans by the end of October.