La Bce sanziona la Banque et Caisse d’Epargne de l’Etat e il Lussemburgo per aver riportato erroneamente i requisiti patrimoniali

Note : this is the second time Spuerkess was fined by the ECB for misreporting capital requirements and the ECB has issued only 23 fines in total for all of the EU since it was given the power to do so.

The first fine issued in 2022 :

https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220311~e9f01ac46b.en.html

The list of fines :

https://www.bankingsupervision.europa.eu/banking/sanctions/html/index.en.html

This is shameful for a government owned institution.

That’s the problem when you hire only if you speak Luxembourgish French German

I read the following statement from the bank «Ainsi, même après correction des deux erreurs dans les calculs prudentiels, Spuerkeess affichait pour la période en question (mars 2018 à mars 2023) un CET 1 d’au moins 20,79% par rapport à une exigence réglementaire de fonds propres globale pour le CET 1 de 8,81% sur la période donnée »… think this is survivable…

The problem with financial regulatory compliance these days is that there’s just an overload. Just look at the fund sector, it used to be quite rare for the cssf to issue fines but these days it’s become the norm and you could probably say that most entities have some sort of immaterial compliance gap if you dig deep enough.

I’ve been dealing with financial regulation text my whole career (lucky me I know) and I can tell you that these texts are filled with inconsistencies and lack crucial information especially in terms of cross-dependencies of documents, so entities are ultimately forced to work with assumptions which can backfire.

If the person is that crazy outstandingly good that they can single-handedly save the bank, then it should take no time to learn some languages…