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 decisions were vitiated by a breach of essential procedural requirements due to an inadequate statement of reasons. However, following the example of its decision at the end of 2023 concerning the contributions of seven banks to the SRF Fund (see EUROPE 13318/22), it considered that, in order to guarantee legal certainty, the effects of the contested decisions are maintained for a maximum of six months from the date of delivery of each judgment until the entry into force of new specific decisions of the SRB.
See the General Court’s judgments: https://aeur.eu/f/ajm (Original version in French by Mathieu Bion)