In an order issued on Friday 7 February (Case T-797/19), the President of the General Court of the European Union has dismissed the application by the Austrian private bank Anglo Austrian AAB Bank for temporary suspension of the withdrawal of its banking authorisation.
In November 2019, the European Central Bank, acting as the euro area banking union’s sole supervisor, withdrew the Austrian bank’s banking authorisation on the advice of the Austrian regulatory authority and in accordance with Regulation (1024/2013), which entrusts the ECB with specific tasks concerning banking supervision.
Even prior to the withdrawal of the banking authorisation, AAB Bank had announced, in October 2019, that it would cease its banking activities and give up its licence after liquidating its banking activities.
By today's order, the President of the Court finds that the requirement of urgency has not been met and dismisses the application for suspension, but does not give a decision regarding the merits of the case. In his view, the Austrian bank was not threatened with serious and irreparable harm as a result of the subsequent withdrawal of its banking authorisation. (Original version in French by Mathieu Bion)