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MNI Brief: Biodiversity On Risk List For Banks- ECB Elderson

FRANKFURT (MNI)

Biodiversity loss could be an additional source of material financial risk to the banking system, European Central Bank Executive Board Member Frank Elderson said in a speech Thursday, urging banks to pay close attention to climate-related developments in their own risk assessments and disclosures.

Climate-related risks can be in the already existing risk categories - credit risk, market risk, liquidity risk and operational risk reflected in the Basel Framework - Elderson said, noting that they would be treated "with the same rigour, toughness and importance as we treat other material risks. And we expect banks to do the same. Urgent action is not an option; it is an imperative."

Next year's Supervisory Review and Evaluation Process (SREP) will incorporate climate-related risks, he said, adding that the ECB may impose qualitative or quantitative requirements on a case-by-case basis.

MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
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MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Central Bank NewsPolicy NewsHomepageEuropean Central BankRegionCEEMEAEurozoneBriefStoryRegulation
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