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Sanctions imposed by the ECB

In accordance with Regulation (EC) No 2157/1999 (ECB/1999/4), information on sanctions imposed by the ECB as of 26 June 2023 are published below. The institution on which the sanction was imposed may institute proceedings at the Court of Justice of the European Union to review the legality of the final decision imposing such sanction within the deadline set out in Article 263 TFEU. Where a decision imposing a sanction is under review before the Court of Justice of the European Union, the ECB shall, without undue delay, also include in the publication information on the status of the appeal in question and the outcome thereof.

Sanctions for breaches of Banknotes rules

Date of ECB decision

Undertaking concerned

Amount
(in EUR)

Areas of infringement

Publication

Decision status

-

-

-

-

-

-

In accordance with Article 19 of Decision (EU) 2020/637 of the European Central Bank (ECB/2020/24), the ECB may impose sanctions in the event of discrepancies in the quantities of euro banknotes or euro banknote paper. In accordance with Article 9(1) of European Central Bank Regulation (EC) No 2157/1999 (ECB/1999/4), the ECB must publish any decision imposing sanctions in case of a breach of an ECB regulation or decision on its official website without undue delay, once the decision has become final in accordance with Article 3(8) of Council Regulation (EC) No 2532/98.

Pursuant to Article 3(4) of Regulation (EC) No 2532/98, the Executive Board of the ECB must adopt a reasoned decision as to whether an undertaking has committed an infringement together with the sanction, if any, to be imposed.

Sanctions for breaches of financial market infrastructure oversight requirements

Date of ECB decision

Undertaking concerned

Amount
(in EUR)

Areas of infringement

Publication

Decision status

-

-

-

-

-

-

In accordance with Article 23 of Regulation of the European Central Bank (EU) No 795/2014 (ECB/2014/28), in case of an infringement of Regulation (EU) No 795/2014 (ECB/2014/28) the ECB must impose sanctions in accordance with Council Regulation (EC) No 2532/98 and European Central Bank Regulation (EC) No 2157/99 (ECB/1999/4). In accordance with Article 9(1) of Regulation (EC) No 2157/1999 (ECB/1999/4), the ECB must publish any decision imposing sanctions in case of a breach of an ECB regulation or decision on its official website without undue delay, once the decision has become final in accordance with Article 3(8) of Regulation (EC) No 2532/98.

Pursuant to Article 3(4) of Regulation (EC) No 2532/98, the Executive Board of the ECB must adopt a reasoned decision as to whether an undertaking has committed an infringement together with the sanction, if any, to be imposed.

Sanctions for breaches of statistical reporting requirements

Date of ECB decision

Undertaking concerned

Amount
(in EUR)

Areas of infringement

Publication

Decision status

-

-

-

-

-

-

In accordance with Article 7(1) of Council Regulation (EC) No 2533/98, the ECB has the power to impose sanctions on reporting agents which are subject to reporting requirements and residing in a participating Member State and which fail to comply with the obligations resulting from Regulation (EC) No 2533/98 or from ECB regulations or decisions defining and imposing the ECB’s statistical reporting requirements.

In accordance with Article 9(1) of European Central Bank Regulation (EC) No 2157/1999 (ECB/1999/4), the ECB must publish any decision imposing sanctions in case of a breach of an ECB regulation or decision on its official website without undue delay, once the decision has become final in accordance with Article 3(8) of Council Regulation (EC) No 2532/98.

Pursuant to Article 3(4) of Regulation (EC) No 2532/98, the Executive Board of the ECB must adopt a reasoned decision as to whether an undertaking has committed an infringement together with the sanction, if any, to be imposed.

Sanctions for minimum reserve related matters

Date of ECB decision*

Undertaking concerned

Amount
(in EUR)

Type and nature of the breach

Publication
(if any)**

Decision status

31 October 2023

CACEIS Bank

4125.81

Failure to hold required level of minimum reserves in MP5 2023

-

Final

31 October 2023

BNP Paribas Réunion

4863.14

Failure to hold required level of minimum reserves in MP5 2023

-

Final

19 September 2023

Intesa Sanpaolo Wealth Management – Belgium Branch

2095.92

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

BMW Bank GmbH

331378.34

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

UBS Europe SE

4682.39

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

TARTU HOIU-LAENUÜHISTU

572.73

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

AXA Banque

8377.67

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

BPCE

50553.78

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

Mega International Commercial Bank Co, Ltd

5669.97

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

ICCREA BANCA S.P.A. - ISTITUTO CENTRALE DEL CREDITO COOPERATIVO (IN FORMA ABBREVIATA: ICCREA BANCA S.P.A.)

1844.51

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

BANCO BILBAO VIZCAYA ARGENTARIA S.A. (BBVA)

5545.47

Failure to hold required level of minimum reserves in MP4 2023

-

Final

19 September 2023

OP Corporate Bank Plc filiāle Latvijā

9642.22

Failure to hold required level of minimum reserves in MP4 2023

-

Final

In accordance with Article 9(1) of Regulation (EC) No 2157/1999 (ECB/1999/4), the ECB shall publish any decision imposing sanctions in case of a breach of an ECB Regulation or Decision on the ECB's official website without undue delay, once the decision has become final in accordance with Article 3(8) of Regulation (EC) No 2532/98 in conjunction with Article 7(2) or (3) respectively of Regulation (EC) No 2531/98.
Pursuant to Article 3 of Council Regulation (EC) No 2532/98 and Article 7(1) of Council Regulation (EC) No 2531/98, concerning the sanctions in case of non-compliance with the application of minimum reserves, a sanction is applied by the relevant National Central Bank on behalf of the Executive Board of the ECB. These sanctions arise from the institutions breaching their obligation to hold the required level of minimum reserves. As such, the sanction amount is calculated in accordance with the formula set out in Annex I of Decision (EU) 2021/1815 (ECB/2021/45), whereby the amount of the sanction is directly determined by the amount which a concerned institution failed to hold as minimum reserves during a given maintenance period.
*The date of decision refers to the last day of the Maintenance Period in which the decision imposing sanctions for the non-compliance with minimum reserve requirements became final.

**In case of sanctions imposed pursuant to Article 3 of Council Regulation (EC) No 2532/98 and Article 7(3) of Council Regulation (EC) No 2531/98, further information will be provided in an accompanying document linked in this column.

What are minimum reserve requirements and when does the ECB impose a sanction?

See also

Looking for supervisory sanctions?

Supervisory sanctions

Looking for penalties imposed by the ECB within the remit of its supervisory tasks? These are published on our banking supervision website at the link below.

Supervisory sanctions

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