The Governing Council of the European Central Bank (ECB) has submitted a proposal to the European Parliament to extend Frank Elderson’s term as Vice-Chair of the ECB’s Supervisory Board, with the extension intended to run until the end of his mandate as an ECB Executive Board member. The extension requires approval by the European Parliament, with final confirmation to follow through a Council of the EU implementing decision. Under the ECB Rules of Procedure, the Vice-Chair’s term may be extended but not beyond the end of the Executive Board member’s eight-year mandate. In line with Article 26(3) of the Single Supervisory Mechanism (SSM) Regulation, the Vice-Chair must be an ECB Executive Board member. Mr Elderson is expected to appear before the European Parliament’s Committee on Economic and Monetary Affairs (ECON) at a hearing on a date yet to be confirmed. Following the parliamentary approval, the Council will adopt the implementing decision to extend the Vice-Chair’s term.
European Central Bank - Banking Supervision 2025-12-17
European Central Bank proposes to extend Frank Elderson’s term as Supervisory Board Vice-Chair to the end of his Executive Board mandate
The European Central Bank Governing Council has proposed extending Frank Elderson's term as Vice-Chair of the ECB Supervisory Board until the end of his mandate as an Executive Board member. The extension requires approval from the European Parliament and a subsequent Council of the EU implementing decision. Elderson will appear before the European Parliament's Committee on Economic and Monetary Affairs for a hearing.