Exclusive: Energy firms' multi-trillion derivative bets under ECB scrutiny

Two of the people said the inquiry was prompted by Germany's rescue of top gas importer Uniper, which like other energy firms hedged its exposures with derivatives worth tens of billions of euros, far outstripping the value of the energy it sold.

So the ECB has widened its scrutiny to examine potential domino effects, including on the banks which it supervises. However, central banks could, indirectly, be left on the hook as they act as a lender of last resort, said one person, meaning they could extend credit to banks, who would then lend on to energy companies to cover trades.

Policymakers in Brussels are also concerned and circulated a paper this week suggesting extending tough rules applied to banks to energy firms that trade derivatives.

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