# C_2021513EN.01003202.xml

| 20.12.2021 | EN | Official Journal of the European Union | C 513/32 |
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20.12.2021

EN

Official Journal of the European Union

C 513/32

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Action brought on 25 October 2021 — BNP Paribas Public Sector v SRB

(Case T-688/21)

(2021/C 513/47)

Language of the case: French

Parties

Applicant: BNP Paribas Public Sector SA (Paris, France) (represented by: A. Champsaur and A. Delors, lawyers)

Defendant: Single Resolution Board (SRB)

Form of order sought

The applicant claims that the Court should:

| — | annul, on the basis of Articles 256 and 263 TFEU, the SRB’s decision of 13 August 2021 bearing the reference srb.e.e4.co(2021)570897, in so far as it refused to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2015 to 2021, in breach of Article 7(3) of Implementing Regulation 2015/81; |
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annul, on the basis of Articles 256 and 263 TFEU, the SRB’s decision of 13 August 2021 bearing the reference srb.e.e4.co(2021)570897, in so far as it refused to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2015 to 2021, in breach of Article 7(3) of Implementing Regulation 2015/81;

| — | under the 2016-2021 contracts and on the basis of Articles 272 and 340 TFEU:






  — | declare that the SRB has, by refusing to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2016 (inclusive) to 2021 (inclusive), breached its restitution obligation under Clause 12.5 of the Contracts for the contribution periods 2016 to 2021, which expressly provides for applying Article 7(3) of Implementing Regulation 2015/81, and |
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under the 2016-2021 contracts and on the basis of Articles 272 and 340 TFEU:

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declare that the SRB has, by refusing to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2016 (inclusive) to 2021 (inclusive), breached its restitution obligation under Clause 12.5 of the Contracts for the contribution periods 2016 to 2021, which expressly provides for applying Article 7(3) of Implementing Regulation 2015/81, and

| — | order the SRB to return to the applicant the sums corresponding to the cash collateral retained by the SRB in breach of its contractual obligations, together with all costs, default interest and incidental expenses of any kind (or, in the alternative, to pay the applicant such sums by way of damages for breach of those contracts); |
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order the SRB to return to the applicant the sums corresponding to the cash collateral retained by the SRB in breach of its contractual obligations, together with all costs, default interest and incidental expenses of any kind (or, in the alternative, to pay the applicant such sums by way of damages for breach of those contracts);

| — | principally, in respect of the 2015 contract and, in the alternative, in respect of the 2016-2021 contracts, on the basis of the SRB’s non-contractual liability and Article 340 TFEU:






  — | declare that the SRB’s refusal to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2015 to 2021 (inclusive) constitutes unjust enrichment, and |
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principally, in respect of the 2015 contract and, in the alternative, in respect of the 2016-2021 contracts, on the basis of the SRB’s non-contractual liability and Article 340 TFEU:

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declare that the SRB’s refusal to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2015 to 2021 (inclusive) constitutes unjust enrichment, and

| — | order the SRB to return to the applicant those sums, unlawfully retained by the SRB, together with all related costs, default interest and incidental expenses; |
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order the SRB to return to the applicant those sums, unlawfully retained by the SRB, together with all related costs, default interest and incidental expenses;

| — | order the SRB to pay all the costs. |
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order the SRB to pay all the costs.

Pleas in law and main arguments

In support of the action, the applicant relies, principally, on three pleas in law.

| 1. | First plea in law, alleging infringement of Article 7(3) of Implementing Regulation No 2015/81 (1) and the SRM Regulation, on the ground that the SRB’s decision infringes Article 7(3) of Implementing Regulation No 2015/81, which expressly provides that the irrevocable payment commitments of institutions that no longer fall within the scope of Regulation (EU) No 806/2014 (2) are cancelled and collateral backing those commitments is returned. |
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1.

First plea in law, alleging infringement of Article 7(3) of Implementing Regulation No 2015/81 (1) and the SRM Regulation, on the ground that the SRB’s decision infringes Article 7(3) of Implementing Regulation No 2015/81, which expressly provides that the irrevocable payment commitments of institutions that no longer fall within the scope of Regulation (EU) No 806/2014 (2) are cancelled and collateral backing those commitments is returned.

| 2. | Second plea in law, alleging that the SRB erred in law by purporting to apply Article 70(4) of the MRU Regulation to irrevocable payment commitments, even though that article relates solely to ex ante cash contributions, and that the SRB confuses cash contributions with cash collateral relating to irrevocable payment commitments. |
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2.

Second plea in law, alleging that the SRB erred in law by purporting to apply Article 70(4) of the MRU Regulation to irrevocable payment commitments, even though that article relates solely to ex ante cash contributions, and that the SRB confuses cash contributions with cash collateral relating to irrevocable payment commitments.

| 3. | Third plea in law, alleging infringement of the contractual provisions binding the applicant to the SRB, which renders the latter contractually liable. The applicant submits that the SRB’s refusal to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2016 to 2021 constitutes a breach of that contract.
  The applicant also raises a plea in law in the alternative in respect of the 2016-2021 contracts. In that regard, it submits that the SRB’s refusal to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2015 to 2021 constitutes unjust enrichment of the SRB. |
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3.

Third plea in law, alleging infringement of the contractual provisions binding the applicant to the SRB, which renders the latter contractually liable. The applicant submits that the SRB’s refusal to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2016 to 2021 constitutes a breach of that contract.

The applicant also raises a plea in law in the alternative in respect of the 2016-2021 contracts. In that regard, it submits that the SRB’s refusal to return the sums corresponding to the cash collateral relating to the irrevocable payment commitments for the years 2015 to 2021 constitutes unjust enrichment of the SRB.

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(1)  Council Implementing Regulation (EU) 2015/81 of 19 December 2014 specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex ante contributions to the Single Resolution Fund (OJ 2015 L 15, p. 1).

(2)  Regulation EU No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ 2014 L 225, p. 1).

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