COURT OF JUSTICE OF THE EU / Banks

Single supervision – Court rejects Crédit mutuel Arkéa's appeal

Brussels, 13/12/2017 (Agence Europe

In a judgment returned on Wednesday 13 December (cases T-712/15 and T-52/16), the General Court of the European Union found that the European Central Bank (ECB) was entitled directly to supervise the group Crédit mutuel in the framework of Banking Union in the Eurozone.

Crédit mutuel is a non-centralised French banking group, made up of a network of local branches with the status of cooperatives. Each local branch must be a member of a regional federation and each federation must be a...