The European Central Bank (ECB) has imposed a fine of €11.2m on Italian lender Banca Popolare di Vicenza, for flouting supervisory requirements.
The lender was fined €8.7m for violating quarterly reporting requirements in the final quarter of 2014 and the first quarter of 2015, as well as for breaching annual public disclosure requirements in 2014.
The bank was fined €2.5m for violating a limit on large exposures from 4 December 2015 to 31 March 2016.
In June 2017, the Italian government committed €17bn to clean up the country’s two struggling lenders Banca Popolare di Vicenza and Veneto Banca. As part of this process, the good assets of the two banks were acquired by the country’s retail lender Intesa Sanpaolo.
“Although the banking license of Banca Popolare di Vicenza S.p.A. in L.C.A was subsequently withdrawn, the penalties imposed take into account the severity of the breaches and the degree of responsibility of the entity,” ECB said in a statement.