The administrative punishment has been awarded for miscalculations that allegedly went on for seven trimesters. The punishment is €3.7 million. The case began in 2017 when the bank failed to correctly indicate risk expositions.
The ECB concluded that the mistake came about due to a flawed internal check. Spuerkees officials realised for the first time that a miscalculation took place in 2019 and corrected the mistake themselves. Furthermore, the bank revised its internal mechanisms and has therefore decided not to appeal the decision.
