Yes. Which is why I am suggesting that pressure be brought to bear via moral suasion. The ECB is 14 people with fuckall formal oversight at all. Pressure them. Personally. People do not resist explicit moral censure from large groups very well.
This will either work, or inspire sufficient panic among the mighty once they grasp the magnitude of the vulnerability they have created that the board gets reformed quickly. So, either we win, or austerity looses.