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The penalty has been imposed in respect of breaches of the large exposure requirements laid down in Article 395(1) of the Capital Requirements Regulation by exceeding the large exposure limit within two consecutive quarterly reporting periods in 2015 on an individual and on a consolidated basis.
The ECB’s power to impose sanctions stems from Article 18(1) of Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.
The Decision imposing a sanction may be challenged before the Court of Justice of the European Union under the conditions and within the time limits provided for in Article 263 of the Treaty on the Functioning of the European Union.