{"id":76881,"date":"2018-05-08T19:21:15","date_gmt":"2018-05-08T19:21:15","guid":{"rendered":"http:\/\/www.bnreport.com\/banco-de-sabadell-fined-over-unauthorised-capital-buyback\/"},"modified":"2018-05-08T19:21:15","modified_gmt":"2018-05-08T19:21:15","slug":"banco-de-sabadell-fined-over-unauthorised-capital-buyback","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/banco-de-sabadell-fined-over-unauthorised-capital-buyback\/","title":{"rendered":"Banco de Sabadell fined over unauthorised capital buyback"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/germany-eu-eurozone-banking-ecb-866631482-5af1e3bbb8a01.jpg\"\/><\/p>\n<p>The Spanish banking group Banco de Sabadell S.A. has been fined \u20ac1.6m (\u00a31.4m) by The European Central Bank (ECB) for buying back capital without permission, according to a ECB press release.<\/p>\n<p>In the period 1 January 2014 to 7 November 2017, Banco de Sabadell bought back some of its capital without the permission of the banking supervision authority.<\/p>\n<p>Banco de Sabadell has appealed the decision to impose financial penalty at the Court of Justice of the European Union, the ECB said.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/283892\/european-central-bank-bosses-express-fears-over-global\" rel=\"noreferrer\" target=\"_blank\">European Central Bank bosses express fears over global trade war<\/a><\/p>\n<p>The ECB said in its press release: \u201cThe penalty has been imposed in respect of the bank repurchasing its CET1 instruments from 1 January 2014 to 7 November 2016 without the prior permission of the banking supervision authority. This constitutes a continuous breach of own funds requirements in that period.\u201d<\/p>\n<p>The banking group bought the challenger bank <a href=\"http:\/\/www.cityam.com\/company\/tsb-banking-group\" rel=\"noreferrer\" target=\"_blank\">TSB<\/a> in 2015 from <a href=\"http:\/\/www.cityam.com\/company\/lloyds-banking-group\" rel=\"noreferrer\" target=\"_blank\">Lloyds<\/a> Banking Group in a takeover of \u00a31.7bn.<\/p>\n<p>The ECB is responsible for the stability of banking and the Euro currency within the European Union (EU) and was started in 1999 along with the introduction of the Euro.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/215954\/banco-sabadell-buy-tsb-european-commission-gives-deal-green-light\" rel=\"noreferrer\" target=\"_blank\">EC gives Sabadell-TSB deal green ligh<\/a>t<\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Spanish banking group Banco de Sabadell S.A. has been fi..<\/p>\n","protected":false},"author":1,"featured_media":76882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-76881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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