Eurozone banks still behind on provisions standards – ECB’s Buch

Many eurozone banks are still falling short of meeting new accounting standards on provisions, despite some strides in addressing climate risks, the European Central Bank’s (ECB) top supervisor Claudia Buch noted on Tuesday, according to Reuters.

Speaking at an ECB conference, Buch highlighted that while there has been progress, particularly in the integration of climate and environmental risks, numerous banks remain significantly behind in complying with the requirements of IFRS 9, the latest International Financial Reporting Standard.