The ECB again imposes a fine of 4.8 million euros on Crédit Agricole

The European Central Bank on Tuesday again fined French bank Crédit Agricole and two of its subsidiaries a total of 4.8 million euros for a breach of capital reporting rules, after the cancellation of a first sanction by European justice.

In addition to a fine of 4.3 million euros for the parent company, Crédit Agricole SA (CASA, listed on the stock exchange), the subsidiaries Crédit Agricole Consumer Finance (190,000 euros) and Credit Agricole Corporate and Investment Bank (300,000 euros) have also been sanctioned.

Crédit Agricole can challenge the decision

This is a measure already taken by the European banking policeman in 2018, but which Crédit Agricole had contested.

In 2020, European justice canceled the fines, considering them "

".

While the Court did not question the legality of the ECB's decisions, it considered that they "

" to "

".

"

," the institution said in a statement.

In detail, the bank and its subsidiaries are accused of having "

”, indicated the Francortoise institution in a press release.

The breaches noted by the ECB relate to five quarterly statements of results between 2015 and 2016 and capital ratios, which measure the solvency of a bank.

Since the 2008 financial crisis and the tightening of ECB regulations, banks in the euro zone must hold a certain capital ratio to limit losses in the event of a new crisis.

The ECB has ensured since 2014 that the responsibility of single supervisor of the banks of the euro zone but has only rarely used its sanctioning power on private establishments.

Crédit Agricole once again has the possibility of appealing this decision before the Court of Justice of the European Union (CJEU), specifies the ECB.