The fine was issued by the European Central Bank (ECB) and it looks as though Spuerkees does not intend to appeal the decision.

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.