ECB Proposes Aligning Upper Limit for Fines Imposed on Banks
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The European Central Bank wants to align the maximum penalties it can impose on lenders for breaches of its rules as it prepares to oversee Europe’s banks.
The ECB says the upper limit for fines that has been in place since the central bank was created in 1998 should match that applicable to the lenders it will start supervising in November. The proposed changes to European law were posted on the ECB’s website yesterday along with the framework regulations for the Single Supervisory Mechanism.