Spain’s Banco Sabadell Fined by ECB Over Cap­i­tal Buy­back

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The Euro­pean Cen­tral Bank has fined Spain’s Banco Sabadell 1.6 mil­lion eu­ros for buy­ing back some of its cap­i­tal with­out the ECB’S per­mis­sion.

“The penalty has been im­posed in re­spect of the bank re­pur­chas­ing its CET1 (Core Eq­uity Tier 1) in­stru­ments from 1 Jan­uary, 2014 to 7 Novem­ber, 2016 with­out the prior per­mis­sion of the bank­ing su­per­vi­sion au­thor­ity,” the ECB said. “This con­sti­tutes a con­tin­u­ous breach of own fund re­quire­ments in that pe­riod.”

Sabadell has chal­lenged the fine be­fore the Court of Jus­tice of the Euro­pean Union, the ECB added.

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