The European Central Bank is set to take the unprecedented step of imposing fines on several lenders for their protracted failure to address the impact of climate change.
For a bank with annual revenue of €10 billion ($10.9 billion), for example, that would suggest daily penalties of as much as €1.4 million in the toughest scenario
Not much of a fine. Love the doomerism growing inside. :3
Not much of a fine. Love the doomerism growing inside. :3
That’s a bit over half a billion euros per year. That’s roughly comparable to the profits of a bank with revenue of 10 billion.
Uni Credit made 6.4billion profit from 20.3billion revenue in 2022. So we are talking 15% of profits.