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ECB fines Banca Popolare di Vicenza for reporting breaches
September 15, 2017 / 1:50 PM / a month ago

ECB fines Banca Popolare di Vicenza for reporting breaches

FRANKFURT, Sept 15 (Reuters) - The European Central Bank fined Italy’s Banca Popolare di Vicenza 11.2 million euros ($13.41 million) for breaching its reporting and disclosure requirements between 2014 and 2016, it said in a statement on Friday.

Although the ECB determined in June that the bank was failing or likely to fail and subsequently withdrew its licence, the sanction is based on a decision adopted in May, predating its failure.

“A penalty of 8.7 million was imposed for breaches of quarterly reporting requirements in Q4 2014 and Q1 2015, and for breaches of annual public disclosure requirements in 2014,” the ECB, the euro zone’s top bank supervisor, said.

“A penalty of 2.5 million was imposed for a breach of the large exposures limit from 4 December 2015 to 31 March 2016,” it added. ($1 = 0.8352 euros) (Reporting by Balazs Koranyi; Editing by Alison Williams)

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