Hamburger Sparkasse v SRB (Economic and Monetary Union - Banking Union - Single Resolution Mechanism for Credit Institutions and Certain Investment Firms (SRM) - Order) French Text [2024] EUECJ T-468/23_CO (06 August 2024)

Hamburger Sparkasse v SRB (Economic and Monetary Union - Banking Union - Single Resolution Mechanism for Credit Institutions and Certain Investment Firms (SRM) - Order) French Text [2024] EUECJ T-468/23_CO (06 August 2024)

The Tribunal found that the CRU set the ex ante contributions for 2023 above the 12.5% cap of the target level, in violation of Article 70(2) of Regulation (EU) No 806/2014, and that this cap applies during the initial period. The legal error alone justifies annulment of the decision as it concerns the applicant.

Citation
[2024] EUECJ T-468/23_CO
Parties
Applicant: Hamburger Sparkasse AG; Respondent: Single Resolution Board (CRU); Intervener: European Parliament; Intervener: Council of the European Union
Jurisdiction
European Union
Judgment Date
06 August 2024
Procedural Posture
Annulment Action (recours En Annulation) / Final Order (ordonnance)
Outcome
Application granted in part; decision annulled as regards applicant; effects maintained temporarily.
Legal Topics
Single Resolution Mechanism, Banking Union, Ex Ante Contributions, Article 70(2) Regulation (eu) No 806/2014, Annulment of Administrative Decision
European Union Law Banking and Financial Regulation Single Resolution Mechanism Banking Union Ex Ante Contributions Article 70(2) Regulation (eu) No 806/2014 Annulment of Administrative Decision

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Parties

Hamburger Sparkasse AG

Applicant

Single Resolution Board (CRU)

Respondent

European Parliament

Intervener

Council of the European Union

Intervener

Procedural Posture

Annulment Action (recours En Annulation) / Final Order (ordonnance)

Legal Issues

  1. 1 Whether the Single Resolution Board (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 target level during the initial period.

Ratio Decidendi

The Tribunal found that the CRU set the ex ante contributions for 2023 above the 12.5% cap of the target level, in violation of Article 70(2) of Regulation (EU) No 806/2014, and that this cap applies during the initial period. The legal error alone justifies annulment of the decision as it concerns the applicant.

Court Disposition

Application granted in part; decision annulled as regards applicant; effects maintained temporarily.

Orders

  • The decision SRB/ES/2023/23 of the Single Resolution Board of 2 May 2023 is annulled in so far as it concerns Hamburger Sparkasse AG.
  • The effects of the annulled decision are maintained as regards Hamburger Sparkasse AG until the CRU takes the necessary measures to comply with this order, within a period not exceeding six months from the date the order becomes final.