EU court quashes Crédit Agricole fines

By David Freitas
10 Jul 2020

Crédit Agricole won an appeal against the European Central Bank on Wednesday against fines levied against the treatment of some of its instruments as common equity tier one (CET1) because the central bank had provided “inadequate reasons” for penalising the French lender.

Crédit Agricole endured a €4.8m fine over classifying ordinary shares issued in an equity raise as CET1.

In 2018, when the ECB’s Single Supervisory Mechanism fined Crédit Agricole, it recognised that the shares were eligible as CET1 but that the bank had failed to obtain permission to ...

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