Sparkasse Essen 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-474/23_CO (06 August 2024)

Sparkasse Essen 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-474/23_CO (06 August 2024)

The SRB exceeded the 12.5% cap on ex ante contributions set by Article 70(2) of Regulation (EU) No 806/2014 for 2023, which is an absolute and unambiguous limit applicable during the initial period. This legal error alone justifies annulment of the decision as it concerns Sparkasse Essen.

Citation
[2024] EUECJ T-474/23_CO
Parties
Applicant: Sparkasse Essen; Respondent: Single Resolution Board (SRB) / Conseil de résolution unique (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 Sparkasse Essen; effects maintained temporarily.
Legal Topics
Single Resolution Mechanism (srm), Banking Union, Calculation of Ex Ante Contributions, Article 70(2) Regulation (eu) No 806/2014, Limitation of Effects in Time
European Union Law Banking and Financial Regulation Single Resolution Mechanism (srm) Banking Union Calculation of Ex Ante Contributions Article 70(2) Regulation (eu) No 806/2014 Limitation of Effects in Time

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 13 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Sparkasse Essen

Applicant

Single Resolution Board (SRB) / Conseil de résolution unique (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 SRB violated Article 70(2) of Regulation (EU) No 806/2014 by exceeding the 12.5% cap on ex ante contributions for 2023
  2. 2 Whether the 12.5% cap applies during the initial period under the SRM Regulation
  3. 3 Whether the effects of the annulled decision should be maintained temporarily for financial stability

Ratio Decidendi

The SRB exceeded the 12.5% cap on ex ante contributions set by Article 70(2) of Regulation (EU) No 806/2014 for 2023, which is an absolute and unambiguous limit applicable during the initial period. This legal error alone justifies annulment of the decision as it concerns Sparkasse Essen.

Court Disposition

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

Orders

  • The SRB/ES/2023/23 decision of 2 May 2023 is annulled as it concerns Sparkasse Essen.
  • The effects of the annulled decision are maintained as regards Sparkasse Essen until the SRB takes necessary measures, for a period not exceeding six months from the date the order becomes definitive.