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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.
