It has been announced that the European Central Bank will fine up to four lenders for "failing to meet deadlines set by the ECB to assess their exposure to climate risks". The ECB regulations specifically require that \u201cbanks assess whether they are or will be exposed to significant risks and reflect this in their capital buffers\u201d and \u201c[t]he ECB has . . . [included] climate and environmental risks' in this assessment. Banks subject to these fines have not yet met these requirements.<\/p>\n
However, it seems that the ECB - despite the planned imposition of these fines - is taking a relatively gentle approach to enforcement. The ECB said it initially threatened to punish eighteen banks, but now only four face punishment. This suggests that the vast majority of banks with which the ECB cooperated \u2013 more than 75 % \u2013 adapted their behavior to ECB pressure and avoided sanctions. Furthermore, until the amount of the fines is announced, it is not clear whether the penalties will be assessed at a significant amount to promote deterrence, or will be symbolic rather than punitive. (More on lexology.com<\/span><\/a>)<\/em><\/p>","protected":false},"excerpt":{"rendered":" It was announced that the European Central Bank would impose fines on up to four lenders for \u201cfailing to meet the deadlines set by the ECB for assessing their exposure to climate risks.\u201d The ECB regulations specifically require \u201cbanks to assess whether they are or will be exposed to significant risks and to reflect this in their capital buffers\u201d and \u201c[t]he ECB has . . . [included] climate and environmental [\u2026]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27913","post","type-post","status-publish","format-standard","hentry","category-klimaticka-zmena"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/27913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/comments?post=27913"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/27913\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/media?parent=27913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/categories?post=27913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/tags?post=27913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}