BNP Paribas v CRU (Economic and Monetary Union - Banking Union - Single Resolution Mechanism for Credit Institutions and Certain Investment Firms (SRM) - Order) French Text [2024] EUECJ T-469/23_CO (06 August 2024)

BNP Paribas v CRU (Economic and Monetary Union - Banking Union - Single Resolution Mechanism for Credit Institutions and Certain Investment Firms (SRM) - Order) French Text [2024] EUECJ T-469/23_CO (06 August 2024)

The CRU violated Article 70(2) of Regulation (EU) No 806/2014 by setting ex ante contributions for 2023 above the 12.5% cap of the final target level. The cap is absolute and applies during the initial period. This legal error alone justifies annulment of the decision as it concerns BNP Paribas.

Citation
[2024] EUECJ T-469/23_CO
Parties
Applicant: BNP Paribas; Respondent: Conseil de résolution unique (CRU); Intervener: Parlement européen; Intervener: Conseil de l’Union européenne
Jurisdiction
European Union
Judgment Date
06 August 2024
Procedural Posture
Annulment Proceedings / Final Order
Outcome
decision annulled in part
Legal Topics
Single Resolution Mechanism, Ex Ante Contributions, Interpretation of Regulation (eu) No 806/2014, Limitation of Effects in Time
European Union Law Banking Law Administrative Law Single Resolution Mechanism Ex Ante Contributions Interpretation of Regulation (eu) No 806/2014 Limitation of Effects in Time

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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 Proceedings / Final Order

Legal Issues

  1. 1 Whether CRU violated Article 70(2) of Regulation (EU) No 806/2014 by exceeding the 12.5% cap on ex ante contributions
  2. 2 Applicability of the 12.5% cap during the initial period
  3. 3 Interpretation of Articles 69 and 70 of Regulation (EU) No 806/2014

Ratio Decidendi

The CRU violated Article 70(2) of Regulation (EU) No 806/2014 by setting ex ante contributions for 2023 above the 12.5% cap of the final target level. The cap is absolute and applies during the initial period. This legal error alone justifies annulment of the decision as it concerns BNP Paribas.

Court Disposition

decision annulled in part

Orders

  • The CRU decision SRB/ES/2023/23 of 2 May 2023 is annulled as it concerns BNP Paribas.
  • Effects of the annulled decision are maintained for BNP Paribas until CRU takes necessary measures, not exceeding six months from finality of this order.