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ECB fines Credit Agricole and subsidiaries

ECB fines Credit Agricole and subsidiaries© Reuters. FILE PHOTO: The branch of Credit Agricole bank is seen in Warsaw

FRANKFURT (Reuters) – The European Central Bank has fined French lender Credit Agricole (PA:) and several subsidiaries for breaching its rules on how certain capital items should be classified, the ECB said on Monday.

An ECB statement said Credit Agricole was fined 4.3 million euros ($4.92 million), Credit Agricole Corporate and Investment Bank was fined 300,000 euros and CA Consumer Finance was fined 200,000 euros.

“The penalty has been imposed in respect of the bank classifying capital instruments as CET1 instruments during three consecutive quarterly reporting periods and two consecutive public disclosures in 2015 and 2016 without having obtained the prior permission of the competent authority,” the ECB said.

The French bank acknowledged it had been notified of the fines by the ECB and was weighing up the possibility of an appeal, a spokeswoman said on Monday.

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Source: Investing.com

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