ECB Fines Crédit Agricole CIB €48,000 for Money Market Statistical Reporting Failures

The European Central Bank sanctioned Crédit Agricole Corporate and Investment Bank with a €48,000 penalty for failure to comply with the Money Market Statistical Reporting Regulation, which requires the largest euro area banks to submit accurate daily data on their euro-denominated money market transactions to the central bank. The ECB fined CACIB for failing to transmit complete statistical information to Banque de France by the deadlines on three occasions (11, 12 and 18 April 2023). The sanction was published on the ECB's official sanctions register.

Crédit Agricole CIB is the investment banking arm of Crédit Agricole Group. Crédit Agricole CIB is an MMSR reporting agent and is required to report granular, transaction-level data covering overnight deposits, short-term securities, repurchase agreements, and foreign exchange swaps in the euro money market.

THE MMSR FRAMEWORK

The Money Market Statistical Reporting framework was introduced by the ECB to collect standardised, high-quality data on euro money market activity from the largest banks operating in the eurozone. The data are also used to calculate the euro short-term rate (€STR).

SANCTION DECISION

The ECB's Executive Board adopted the sanction decision on 28 October 2024, and it became final on 4 December 2024. The ECB noted that the infringement had a marginal impact on the calculation of the €STR and that further reporting failures had occurred outside the sanctioned period.