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Chief banking watchdog warns banks of new major crises

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Chief banking watchdog warns banks of new major crises

From the perspective of the top ECB banking supervisor, Claudia Buch, financial institutions in the euro area must prepare for greater economic, climate and geopolitical risks. Interest rates and energy prices have already risen, Buch said in her first major speech as the new ECB chief banking watchdog on Monday in Brussels, according to the text of the speech. The growth forecasts have already been lowered, climate-related risks are becoming increasingly visible and the number of cyber attacks has increased. “Many of these changes are structural rather than temporary and require adjustments at the company and industry level,” she continued. Corporate bankruptcies and credit risks could increase, and heavily indebted borrowers with weak business models could come under pressure, she warned.

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