On Thursday 28 November, the General Court of the European Union annulled three decisions of the Single Resolution Board, the European agency responsible for resolving major failing banks in the euro area, concerning the ex ante contributions for 2016 to the Single Resolution Fund, the financial arm of the 'resolution' component of the banking union, in accordance with the regulation (806/2014) establishing the single resolution mechanism.
These decisions concern the ex ante contributions of Banco Cooperativo Español (Case T-323/16), Portigon AG (formerly WestLB AG) (Case T-365/16) and Hypo Vorarlberg Bank AG (formerly Vorarlberger Landes-und Hypothekenbank AG) (Case T-377/16).
The day before, the European Court of Auditors had indicated that the Single Resolution Board had published €90 million in potential contingent liabilities related to legal proceedings at Member State and EU level by banks challenging their initial ex ante contributions to the Single Resolution Fund (see EUROPE 12378/16).
See the judgment in Case T-323/16 (in French): http://bit.ly/37NqmgE
See the judgment in Case T-365/16 (in French): http://bit.ly/2OtKm0i
See the judgment in Case T-377/16 (in French): http://bit.ly/37O1N3d (Original version in French by Mathieu Bion)