For 31 quarters between 2014 and 2021, BNP Paribas Fortis undervalued the risk-weighted assets of "its subsidiary in Belgium", the assets used to determine the minimum amount of capital required within a bank depending on the level of risk.

According to the ECB, the bank relied on the use of internal models to calculate these risk-weighted assets, even though it identified serious shortcomings. It knowingly communicated incorrectly calculated figures to the competent authorities, which did not provide a complete picture of its risk profile. The bank only informed the ECB after new models had been developed, seven years after the shortcomings had been identified.

In a reaction, the bank stresses that this administrative fine relates to the reporting of BNP Paribas Fortis's factoring activities and therefore in no way to client files. It has also stated that it will review its reporting model in 2021.

BNP Paribas Fortis may challenge the ECB fine before the European Court of Justice in Luxembourg.