August 20, 2018 / 4:23 PM / a month ago

ECB fines Crédit Agricole and subsidiaries

FRANKFURT, Aug 20 (Reuters) - The European Central Bank fined French lender Crédit Agricole and several subsidiaries for breaching its rules on how certain capital items should be classified, the ECB said on Monday.

An ECB statement said Crédit Agricole was fined 4.3 million euros ($4.92 million), Crédit Agricole Corporate and Investment Bank was fined 300,000 euros and CA Consumer Finance was fined 200,000 euros.

“The penalty has been imposed in respect of the bank classifying capital instruments as CET1 instruments during three consecutive quarterly reporting periods and two consecutive public disclosures in 2015 and 2016 without having obtained the prior permission of the competent authority,” the ECB said. ($1 = 0.8744 euros) (Reporting by Balazs Koranyi Editing by Mark Heinrich)

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