The European Central Bank's Single Supervisory Mechanism (SSM) recorded a 19% increase in formal enforcement proceedings in 2024, according to the SSM's 2024 Annual Report on Sanctioning Activities published this year. The total number of proceedings reached 441, driven by 293 new proceedings opened during the year, while 182 administrative penalties were imposed and 220 proceedings remained ongoing at year end.
Pecuniary penalties — that is, cash fines — totalled €27.905 million across 140 pecuniary penalties.
BREAKDOWN OF PROCEEDINGS
Internal governance deficiencies accounted for 55% of all proceedings handled in 2024. The report says the focus on internal governance, mainly risk management and internal controls, is in line with the SSM supervisory priorities for 2024-26, notably the objective of accelerating the remediation of governance shortcomings.
Proceedings also covered reporting breaches and large exposure violations.
The report also highlighted the proportion of proceedings directed at natural persons: individuals — typically executives or members of management bodies — accounted for 54% of all proceedings. Some 95% of these individuals were officials at less significant institutions.
FINES AND ONGOING PROCEEDINGS
The €27.905 million in pecuniary penalties imposed during 2024 was spread across 140 penalties, implying an average fine of approximately €199,000.
The report notes that most of these proceedings were at an advanced procedural stage and that governance is likely to remain a focal point of SSM sanctioning activity, in line with the supervisory priorities for 2025-27.
The annual report was published by the ECB on 8 May 2025.
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