On Wednesday 24 January, the General Court of the European Union annulled the decisions of the Single Resolution Board (SRB) relating to the ex ante contribution for 2021 to the ‘Single Resolution Fund’ (SRF), the financial arm of the 'resolution' strand of the banking union, concerning the Austrian banks Hypo Vorarlberg Bank (case T-347/21) and Volkskreditbank (case T-348/21) and the French bank Dexia Crédit Local (case T-405/21).
In all three cases, the General Court found that the...