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ECB fines Greece's Piraeus Bank for funding share buys

ECB fines Greece's Piraeus Bank for funding share buys
FILE PHOTO: People make transactions at an ATM outside a Piraeus Bank branch in Athens February 14, 2015. REUTERS/Alkis Konstantinidis -
Alkis Konstantinidis(Reuters)
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FRANKFURT (Reuters) – Greece’s Piraeus Bank <BOPr.AT> was given a 5.15 million euro (4.55 million pounds)fine by the European Central Bank for funding the purchase of its own shares by borrowers in arrears, the ECB said on Monday.

“Among other funding actions, Piraeus Bank S.A. released collateral that it had to secure the repayment of loans granted to certain non-performing obligors who used the funds obtained with the released collateral to purchase shares of Piraeus Bank S.A,” the ECB said.

It added the rule breach took place under Piraeus’ previous management between 2015 and 2017.

(Reporting By Francesco Canepa)

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