Recital 10

(10)In accordance with Article 5(2) of Regulation (EU) No 1092/2010, the first Vice-Chair of the ESRB has until now been elected by and from the members of the General Council of the ECB, with regard to the need for a balanced representation of Member States overall and between those whose currency is the euro and those whose currency is not the euro. Following the creation of the banking union, it is appropriate to replace the reference to Member States whose currency is the euro and those whose currency is not the euro with a reference to Member States which are participating Member States as defined in Council Regulation (EU) No 1024/2013 ⁸ and those which are not. The first Vice-Chair should be elected by and from the national members of the General Board with voting rights, reflecting the greater flexibility as regards membership of the General Board.