BNP Paribas v SRB (Contributions ex ante 2022) (Economic and monetary union - Banking union - Single Resolution Mechanism for credit institutions and certain investment firms (SRM) - Judgment) French Text [2024] EUECJ T-420/22 (17 July 2024)

BNP Paribas v SRB (Contributions ex ante 2022) (Economic and monetary union - Banking union - Single Resolution Mechanism for credit institutions and certain investment firms (SRM) - Judgment) French Text [2024] EUECJ T-420/22 (17 July 2024)

The SRB breached Article 70(2) of Regulation (EU) No 806/2014 by setting the 2022 ex ante contributions above the 12.5% cap of the forecast final target level; this error of law alone justifies annulment of the decision as it concerns BNP Paribas.

Citation
[2024] EUECJ T-420/22
Parties
Applicant: BNP Paribas; Respondent: Conseil de résolution unique (CRU); Intervener: Parlement européen; Intervener: Conseil de l’Union européenne
Jurisdiction
European Union
Judgment Date
17 July 2024
Procedural Posture
Annulment Action (recours En Annulation) / Final Judgment
Outcome
Application granted in part; SRB decision annulled as regards BNP Paribas, with temporary maintenance of effects.
Legal Topics
Single Resolution Mechanism, Banking Union, Ex Ante Contributions, SRB Decision, Regulation (eu) No 806/2014, Financial Stability
European Union Law Banking and Finance Law Single Resolution Mechanism Banking Union Ex Ante Contributions SRB Decision Regulation (eu) No 806/2014 Financial Stability

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Parties

BNP Paribas

Applicant

Conseil de résolution unique (CRU)

Respondent

Parlement européen

Intervener

Conseil de l’Union européenne

Intervener

Procedural Posture

Annulment Action (recours En Annulation) / Final Judgment

Legal Issues

  1. 1 Whether the SRB exceeded the 12.5% cap on annual ex ante contributions under Article 70(2) of Regulation (EU) No 806/2014
  2. 2 Whether the SRB's calculation method for 2022 ex ante contributions was lawful

Ratio Decidendi

The SRB breached Article 70(2) of Regulation (EU) No 806/2014 by setting the 2022 ex ante contributions above the 12.5% cap of the forecast final target level; this error of law alone justifies annulment of the decision as it concerns BNP Paribas.

Court Disposition

Application granted in part; SRB decision annulled as regards BNP Paribas, with temporary maintenance of effects.

Orders

  • The SRB decision SRB/ES/2022/18 of 11 April 2022 is annulled as it concerns BNP Paribas.
  • The effects of the annulled decision are maintained as regards BNP Paribas until the SRB takes necessary measures to comply with the judgment, for a period not exceeding six months from the date the judgment becomes final.