Eurozone banks’ exposure to Russia contained-Enria (ECB) | Photo credits: Andrzej Barabasz (Own work), via Wikimedia Commons
FRANKFURT, March 15 (Reuters) – The economic crisis caused in Russia by the sanctions imposed on it is likely to result in credit defaults but the exposure of banks in the euro zone to this risk is contained, Andrea Enria said on Tuesday , the head of banking supervision at the European Central Bank (ECB).
“Eurozone banks’ exposures to credit, securities and derivatives appear contained,” he told an online conference hosted by Morgan Stanley.
He added that even if banks break with their subsidiaries in Russia, the impact should be “manageable given the current strong capital situation”.
(Report Francesco Canepa, French version Marc Angrand)