This would “literally torment” the banks with their requirements for sustainability and the energy transition, said Schaller yesterday in the Economic Journalists’ Club in Vienna.
“Where does a supervisory authority get the mandate to deal with this issue so much?” asked Schaller. The ECB has the mandate to take care of price stability, but not “environmental changes”. The banks are ready to help implement the energy transition, “but you can’t burden the financial sector with the responsibility that this actually happens,” said Schaller. The banks are “not a police authority”. But it is demanded and action is taken in this direction.
With the stricter allocation rules for real estate loans that came into force last summer, Schaller expects that the “sharpest teeth” of this regulation will be pulled out again. One is with the supervisor in intensive talks.
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