ECB fines Spanish bank for not complying with climate rules
Supervisor imposes first-ever financial penalty over environmental prudential requirements
The European Central Bank has fined Abanca, a Spanish lender, for not meeting the supervisor’s prudential requirements concerning climate-related and environmental risks.
The ECB announced today (November 10) that it would impose €187,650 ($217,241) of periodic penalty payments (PPPs – a kind of daily recurring charge) on Abanca.
“Abanca did not sufficiently assess and document materiality of its climate-related and environmental risks before deadline,” the central bank said.
The ECB said it had
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