Overview
- The ECB ordered Abanca on 1 December 2023 to perform a materiality assessment of climate-related and environmental risks by 31 March 2024.
- The bank failed to meet the requirement for 65 full days in 2024, triggering periodic penalty payments totaling €187,650.
- Periodic penalties accrue per day of infringement and are set with regard to the breach’s materiality, its duration, and the bank’s daily turnover.
- Abanca can challenge the decision before the Court of Justice of the European Union under Article 263 TFEU.
- The ECB cites Article 18(7) of Regulation 1024/2013 as the legal basis, following earlier steps such as the 2020 guide and the 2022 climate risk stress test.