ECB tells banks to buckle up as Ukraine war hits economy
The European Central Bank has told banks to buckle up and prepare for a bumpy road ahead as the Ukraine war hits the economy and a sudden surge in interest rates makes markets more volatile, the ECB top supervisor Andrea Enria said on Wednesday. Euro zone banks were just coming out of emergency measures imposed at the height of the coronavirus pandemic, including a cap on dividend payouts, when the conflict broke out in February and the economic outlook darkened again. Enria said supervisors had now told banks to “reassess” their expectations, including on how much capital they will have at their disposal.
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