The ECB has asked eurozone banks to be prepared for the possible impact of tensions between the West and Russia over Moscow’s actions on the border with Ukraine.
“When there is tension, when there is a possibility of sanctions, this is of course a matter of concern and we need banks to be prepared,” said Andrea Enria, the ECB’s head of banking supervision, according to Bloomberg.
Mr Enria pointed out that the exposures of European banks to Russia and Ukraine were “totally limited”, but explained that “from a supervisory point of view, the concerns concern possible sanctions and the role that banks will play in ensuring their proper implementation.” but also in a possibly wider financial market turmoil. ”
A tough measure that could be taken against Russia would be to block Swift’s banking system, but sources familiar with the matter, citing Bloomberg, told the agency that this was virtually impossible.
For his part, Mr. Enria said on the issue today that “this would be an extreme measure.”
It is noted that the European authorities have also warned the banks about the possibility of cyber attacks.
On this issue, Mr. Enria commented that the ability of banks to respond to cyber attacks “is something we will focus more on this year.”
He added that it was “something we also drew attention to in the event of a worsening of global tensions that could actually trigger more attacks”, but did not name any country.
Source: Capital
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