Banco Credibom v SRB (Economic and Monetary Union - Banking Union - Single Resolution Mechanism for Credit Institutions and Certain Investment Firms (SRM) - Order) [2024] EUECJ T-481/23_CO (06 August 2024)

Banco Credibom v SRB (Economic and Monetary Union - Banking Union - Single Resolution Mechanism for Credit Institutions and Certain Investment Firms (SRM) - Order) [2024] EUECJ T-481/23_CO (06 August 2024)

The SRB infringed the first and fourth subparagraphs of Article 70(2) of Regulation No 806/2014 by setting ex ante contributions for 2023 above the 12.5% cap, which is mandatory even during the initial period. This legal error justifies annulment of the decision as it concerns the applicant.

Citation
[2024] EUECJ T-481/23_CO
Parties
Applicant: Banco Credibom, SA; Defendant: Single Resolution Board (SRB); Intervener: European Commission
Jurisdiction
European Union
Judgment Date
06 August 2024
Procedural Posture
Action for Annulment / Order on Manifestly Well Founded Action
Outcome
Application granted; contested decision annulled in so far as it concerns Banco Credibom, SA.
Legal Topics
Single Resolution Mechanism, Ex Ante Contributions, Regulation (eu) No 806/2014, Article 70(2), Temporal Limitation of Effects
European Union Law Banking and Finance Law Single Resolution Mechanism Ex Ante Contributions Regulation (eu) No 806/2014 Article 70(2) Temporal Limitation of Effects

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Parties

Banco Credibom, SA

Applicant

Single Resolution Board (SRB)

Defendant

European Commission

Intervener

Procedural Posture

Action for Annulment / Order on Manifestly Well Founded Action

Legal Issues

  1. 1 Whether the SRB infringed Article 70(2) of Regulation (EU) No 806/2014 by exceeding the 12.5% cap on ex ante contributions during the initial period for the Single Resolution Fund.

Ratio Decidendi

The SRB infringed the first and fourth subparagraphs of Article 70(2) of Regulation No 806/2014 by setting ex ante contributions for 2023 above the 12.5% cap, which is mandatory even during the initial period. This legal error justifies annulment of the decision as it concerns the applicant.

Court Disposition

Application granted; contested decision annulled in so far as it concerns Banco Credibom, SA.

Orders

  • Decision SRB/ES/2023/23 of 2 May 2023 is annulled in so far as it concerns Banco Credibom, SA.
  • The effects of the decision are maintained until the SRB implements this order, within a period not exceeding six months from the date the order becomes final.