ECB Fines Greek Bank €5M For Violating Capital Buffer Rules
Law360, London (September 24, 2019, 1:12 PM BST) -- Europe’s central bank has hit a Greek bank with a €5.15 million ($5.66 million) fine for releasing collateral, which the lender should have retained to protect it from unpaid loans, to allow borrowers to buy shares as it sought to raise capital.
The European Central Bank said on Monday that Greece’s Piraeus Bank SA breached rules set out in the Capital Requirements Regulation, which compel lenders to maintain sufficient reserves to allow them to withstand market shocks. Former managers of the Athens-based company had allowed borrowers to buy shares in the bank by releasing capital meant to cover non-repayment of loans,...
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