Eurozone banks that drag their feet and fail to comply with requests from supervisors to fix vulnerabilities will face tougher enforcement action including more fines, a top European Central Bank official has warned.
Frank Elderson, vice-chair of the ECB’s supervisory board, said in a speech on Thursday that it is shifting to a more aggressive approach for banks that do not respond fast enough to supervisory pressure.
The turmoil in banking markets this year, which led to the collapse of several US banks and the forced rescue of Credit Suisse in March, “was a clear reminder of what can happen if issues are detected but not acted upon”, Elderson said. “This episode confirms that intrusive and effective supervision is needed more than ever.”
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