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Banks Warn They’re Not Ready for ECB’s Historic Climate Tests
A milestone moment for European regulators risks ending as a flop as banks warn they won’t have the client data they need in time for climate stress tests next year, according to a survey of the industry conducted by Bloomberg. The European Central Bank has already voiced concern that lenders appear unprepared for the upheaval that’s ahead as extreme weather becomes more frequent and carbon emissions grow increasingly costly. Behind the scenes, the ECB is ratcheting up pressure on the finance industry to adjust, according to people familiar with the process. The stakes are high, and banks that fall behind risk ... (full story)
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every Saint has a past. Every Sinner has a Future
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