Home / Business and Economy / ECB Fines Crédit Agricole 7.55M Euros for Climate Risk Failures
ECB Fines Crédit Agricole 7.55M Euros for Climate Risk Failures
14 Feb
Summary
- European Central Bank fined Crédit Agricole 7.55 million euros.
- The penalty was for failing to meet climate-related risk assessments.
- The French lender missed the requirement for 75 days in 2024.
The European Central Bank (ECB) has imposed a significant fine of 7.55 million euros on French bank Crédit Agricole. This penalty stems from the bank's failure to adhere to the ECB's directives concerning climate-related and environmental risks.
According to the ECB, Crédit Agricole did not meet the required materiality assessment for a period of 75 days throughout 2024. This decision highlights the increasing scrutiny supervisors are placing on financial institutions' exposure to climate-related financial risks.
Supervisors at the ECB have been intensifying their examination of banks' climate risk management practices. Initially, banks were provided with expectations, but these have evolved into binding decisions regarding risk disclosure and management.
