Overview
- Crédit Agricole was found non‑compliant for 75 full days in 2024 after failing to complete a required materiality assessment by 31 May under an ECB decision issued on 8 February 2024.
- Periodic penalty payments accrue for each day of infringement, with the overall amount set by the materiality of the breach, its duration and the bank’s daily turnover.
- The action is part of a stepped supervisory escalation that began with the ECB’s 2020 guide on climate and environmental risks and a 2022 stress test and thematic review.
- The ECB’s power to impose these enforcement measures is based on Article 18(7) of Council Regulation (EU) No 1024/2013.
- Crédit Agricole expressed “incomprehension,” saying the lapse concerned a small part of its climate‑risk work, and it can challenge the decision before the Court of Justice of the European Union.