ECB v Espirito Santo Financial (Portugal) (Refusal to grant access to decisions of the Governing Council of the European Central Bank (ECB) - Judgment) [2019] EUECJ C-442/18P (19 December 2019)

ECB v Espirito Santo Financial (Portugal) (Refusal to grant access to decisions of the Governing Council of the European Central Bank (ECB) - Judgment) [2019] EUECJ C-442/18P (19 December 2019)

The Court held that the confidentiality of the outcome of the Governing Council’s deliberations is absolute unless the Governing Council decides otherwise, and the ECB is not required to provide detailed reasons or demonstrate specific harm to the public interest when refusing access to such information under Article 4(1)(a) of Decision 2004/258. The General Court erred in requiring the ECB to provide such reasoning.

Citation
[2019] EUECJ C-442/18P
Parties
Appellant/respondent: European Central Bank (ECB); Respondent/applicant: Espírito Santo Financial (Portugal), SGPS, SA (ESF)
Jurisdiction
European Union
Judgment Date
19 December 2019
Procedural Posture
Appeal / Final Judgment by Court of Justice of the European Union
Outcome
Appeal partially upheld; General Court judgment set aside in part; action by ESF dismissed in part; costs apportioned.
Legal Topics
Public Access to Documents, Confidentiality of Central Bank Proceedings, Judicial Review of Administrative Decisions
European Union Law Administrative Law Banking Law Public Access to Documents Confidentiality of Central Bank Proceedings Judicial Review of Administrative Decisions

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 12 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

European Central Bank (ECB)

Appellant/respondent

Espírito Santo Financial (Portugal), SGPS, SA (ESF)

Respondent/applicant

Procedural Posture

Appeal / Final Judgment by Court of Justice of the European Union

Legal Issues

  1. 1 Whether the ECB was required to provide detailed reasons for refusing access to the amount of credit in question under Article 4(1)(a) of Decision 2004/258
  2. 2 Whether the confidentiality of the Governing Council's deliberations is absolute or subject to review under Decision 2004/258
  3. 3 Whether the General Court erred in law in its interpretation of the ECB's obligations under Article 10.4 of the Protocol on the ESCB and the ECB

Ratio Decidendi

The Court held that the confidentiality of the outcome of the Governing Council’s deliberations is absolute unless the Governing Council decides otherwise, and the ECB is not required to provide detailed reasons or demonstrate specific harm to the public interest when refusing access to such information under Article 4(1)(a) of Decision 2004/258. The General Court erred in requiring the ECB to provide such reasoning.

Court Disposition

Appeal partially upheld; General Court judgment set aside in part; action by ESF dismissed in part; costs apportioned.

Orders

  • Sets aside point 1 of the operative part of the General Court judgment of 26 April 2018 in so far as it annulled the ECB's decision refusing to disclose the amount of credit in question.
  • Dismisses the appeal as to the remainder.