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Lateral supervision by ECB for bank sanctions

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& Epsilon; & pi; & omicron; & pi; & tau; & epsilon; ί & alpha; & delta; & siga & et; ; & pi; & lambda; & alpha; & gamma; ί & alpha; & sigmaf; & alpha; & pi; ό & Epsilon; & Kappa; & Tau; & gamma; & iota; & alpha; & tau; & rho; & alpha; & pi; & epsilon; & zeta; & iota; & kappa; ka & sigmaf; & upsilon; & rho; ώ & sigma; & epsilon; & iota; & sigmaf;

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EXCLUSIVE COOPERATION

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TOGETHER WITH

& Epsilon; & pi; & omicron; & pi; & tau; & epsilon; ί & alpha; & delta; & siga & et; ; & pi; & lambda; & alpha; & gamma; ί & alpha; & sigmaf; & alpha; & pi; ό & Epsilon; & Kappa; & Tau; & gamma; & iota; & alpha; & tau; & rho; & alpha; & pi; & epsilon; & zeta; & iota; & kappa; ka & sigmaf; & upsilon; & rho; ώ & sigma; & epsilon; & iota; & sigmaf;

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& Epsilon; & pi; & omicron; & pi; & tau; & epsilon; ί & alpha; & delta; & iota; ά & tau; & eta; & sigmaf; & pi; & lambda; & alpha; & gamma; ί & alpha; & sigmaf; & alpha; & pi; ό & Epsilon; & Kappa; & iota; & alpha; & tau; & rho; & alpha; & pi; & epsilon; & zeta; & iota; & kappa; έ & sigmaf; & kappa; & upsilon; & rho; ώ & sigma; & epsilon; & iota; & sigmaf;

& Epsilon; & pi; & omicron; & pi; & tau; & epsilon; ί & alpha; & delta; & ά; ; & pi; & lambda; & alpha; & gamma; ί & alpha; & sigmaf; & alpha; & pi; ό & Epsilon; & Kappa; & Tau; & gamma; & iota; & alpha; & tau; & rho; & alpha; & pi; & epsilon; & zeta; & iota; & kappa; ka & sigmaf; & upsilon; & rho; ώ & sigma; & epsilon; & iota; & sigmaf;

Next Previous ECB side-by-side supervision for banking sanctions HOME • INSIDER • CYPRUS • ECB side-by-side supervision for bank sanctions

& Epsilon; & pi; & omicron; & pi; & tau; & epsilon; ί & alpha; & delta; & iota; ά & tau; & eta; & sigmaf; & pi; & lambda; & alpha; & alpha; & alpha; & gam; & Epsilon; & Kappa; & Tau; & gamma; & iota; & alpha; & tau; & rho; & alpha; & pi; & epsilon; & zeta; & iota; & kappa; έ & sigmaf; & kappa; & upsilon; & rho; ώ & sigma; & epsilon; & iota;> p > <i style = 'color: black' class = 'fa fa-user' aria-hidden = 'true'> </i>& nbsp & nbspTheano Theiopoulou & nbsp; & nbsp; </p> <p> <b>An information guide on the Russo-Ukrainian war through nine questions and answers was issued yesterday by the European Central Bank, defining the framework in which banks should move, on the occasion of the existing sanctions, while the war continues. The ECB clarifies that it does not impose sanctions itself, nor does it monitor banks' compliance with them. He explains that sanctions can have an impact on supervision, for example, if a bank is fined for violating the sanctions regime, it could reduce its capital and damage its reputation. </b> </p> <p>It is explained that what the ECB is examining is the governance and internal control systems of banks, as they play a critical role in monitoring a bank's compliance with sanctions. In practice, it is reported, this means that it is controlled & nbsp; a bank if it is well equipped to comply with sanctions. This includes strong oversight by the board and senior management of the impact of sanctions on the entire group. </p> <p> <b> READ ALSO: & nbsp; </b> </p> <p> <b > Stabilizing trends in oil after the dive </b> <b> Guide to the sanctuary of Russian oligarchs </b> <b> Blockade of new Russian trusts after sanctions </b> </p> <p>Asked “what should a bank do if it is unsure about what is prohibited under sanctions”, the ECB notes that the European Commission provides clarifications and answers to questions about the scope and implementation of these measures in the European Union. The European Banking Authority assists the Commission in collecting and filtering questions from banks, which can be sent to eba.sanctions.qa@eba.europa.eu. </p> <p>What will happen if banks do not comply with financial sanctions? The ECB clarifies that the national central banks have the power to determine whether the sanctions imposed have been violated and to use their powers in cases of infringement to impose fines. In addition, it is explained that the violation of sanctions could also provoke criminal investigations and possible legal actions, along with important issues of reputation for banks. The national central bank could also play a role in assessing the suitability of managers. The ECB will always consider any supervisory measures from the precautionary perspective and not from the perspective of sanctions. </p> <p> In relation to the exposures of European banks in Russia and Ukraine, the ECB states that these are At the end of 2021 it was € 70 billion. In total, the ECB notes, the capital positions of the euro area banks operating in Russia are stable. Thus, even in “escape” scenarios, where a bank decides to leave the Russian market altogether, the potential losses will be manageable. </p> <p>He also says that it is difficult to quantify the possible secondary effects on the banking sector. These effects can result from increased uncertainty, financial market volatility or the revaluation of certain assets. In particular, the appreciation of commodities will affect the macroeconomic outlook. And precisely because the side effects are difficult to detect, the supervisory authorities remain vigilant and are in constant dialogue with the banks about them, the ECB reports. </p> <p> banking services due to cyber attacks. However, it is stressed that the threat exists and the banks must remain vigilant and make sure that they are well prepared. “And it is just as important for banks to ensure that they can recover quickly from a cyber attack, it is just as important for them to be protected from such attacks,” the ECB concludes. </p> <p><noindex></p> <div class=Source: www.philenews.com

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