Exclusive - Germany to propose Bundesbank deputy for ECB board seat

BERLIN (Reuters) - Germany will propose Sabine Lautenschlaeger, a vice president at the German Bundesbank, to take the board seat at the European Central Bank (ECB) that is being vacated by Joerg Asmussen, according to a source familiar with the matter.

Asmussen announced on Sunday that he would be returning to Berlin, after just two years on the ECB's six-member executive board, to become state secretary in the labour ministry.

Lautenschlaeger, 49, worked at German financial supervisor Bafin before joining the Bundesbank in 2011.

(Reporting by Andreas Rinke; Writing by Noah Barkin; Editing by Madeline Chambers)