She is one of three new ECB representatives on the Single Supervisory Board, which oversees the euro zone's 114 largest banks.

McCaul will join the ECB from Promontory Financial Group, a prominent U.S. consultancy firm which agreed to pay $15 million to New York’s banking regulator in 2015 to settle accusations of whitewashing a report on Standard Chartered.

At Promontory, now owned by IBM, McCaul helped audit the Vatican's bank during a clean-up ordered by Pope Francis in 2013 and also did consultancy work for the ECB during the set-up of the Single Supervisory Mechanism.

Before that, McCaul was Superintendent of Banks for the State of New York, having joined that department after a decade as a banker at Goldman Sachs.

A mother of seven, McCaul is married to former Goldman Sachs partner Frank Ingrassia.

She will be joined on the Single Supervisory Board by Edouard Fernandez-Bollo, who currently works for the French banking watchdog, and Kerstin af Jochnick, until Thursday the first deputy governor of the Swedish central bank.

(Reporting by Francesco Canepa; Editing by Gareth Jones)