62021TJ0412_INF
Judgment of the General Court (Eighth Chamber, Extended Composition) of 17 July 2024 – Norddeutsche Landesbank – Girozentrale v SRB
(Case T‑412/21) (
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)
(Economic and monetary union – Banking union – Single Resolution Mechanism for credit institutions and certain investment firms (SRM) – Single Resolution Fund (SRF) – Decision of the SRB on the calculation of the 2021 ex ante contributions – Duty to state reasons – Equal treatment – Proportionality – SRB’s discretion – Manifest error of assessment – Plea of illegality – Commission’s discretion – Limitation of the temporal effects of the judgment)
1.
EU institutions – Exercise of powers – Power conferred on the Commission to adopt delegated acts – Scope – Complex assessments and evaluations – Broad discretion – Determination of the methodology for calculating the ex ante contributions to the Single Resolution Fund (SRF) – Establishment of the criteria for adjusting those contributions – Judicial review – Limits
(Art. 290 TFEU; European Parliament and Council Regulation No 806/2014, recital 41; Commission Regulation 2015/63; European Parliament and Council Directive 2014/59)
(see paragraphs 46-48)
2.
Acts of the institutions – Statement of reasons – Obligation – Scope – Explanations regarding the reasons for the measure provided by the author during the proceedings before the EU judicature – Conditions – There must be no contradictions and the explanations must be consistent with those reasons
(see paragraphs 87, 88)
3.
Acts of the institutions – Statement of reasons – Obligation – Scope – Decision of the Single Resolution Board (SRB) establishing the ex ante contributions to the Single Resolution Fund (SRF) – Obligation for the SRB to disclose to the institutions concerned the methodology for calculating those contributions and the methodology for setting the amount of the annual target level
(European Parliament and Council Regulation No 806/2014; Council Regulation 2015/81, Art. 4; Commission Regulation 2015/63, Art. 4(2) and Annex I)
(see paragraphs 89, 90)
4.
Acts of the institutions – Statement of reasons – Obligation – Scope – Decision of the Single Resolution Board (SRB) establishing the ex ante contributions to the Single Resolution Fund (SRF) – Not necessary to include, in that decision, all figures necessary for verifying the accuracy of the calculation of the contribution – Weighing the obligation to state reasons against the general principle of protection of the business secrets of the institutions concerned – Legality of the provisions concerning the methodology for calculating the ex ante contributions to the SRF – Principle of non-disclosure of business secrets – Obligation for the SRB to publish or disclose to the institutions concerned, in collective and anonymised form, the information relating to the institutions that was used to calculate the ex ante contribution
(Art. 296, second para., TFEU; European Parliament and Council Regulation No 806/2014; Commission Regulation 2015/63, Arts 4 to 7 and 9 and Annex I; European Parliament and Council Directive 2014/59)
(see paragraphs 102-113, 155)
5.
EU law – Principles – Rights of the defence – Right to be heard – Scope – Online form inviting the credit institutions concerned to submit their observations on the calculation of the ex ante contributions payable to the Single Resolution Fund (SRF) – Whether permissible – Infringement of the right to be heard – None
(Charter of Fundamental Rights of the European Union, Art. 41(2)(a))
(see paragraphs 192, 202)
6.
EU institutions – Exercise of powers – Power conferred on the Commission to adopt delegated acts – Scope – Complex assessments and evaluations – Broad discretion – Determination of the methodology for calculating the ex ante contributions to the Single Resolution Fund (SRF) – Application and weighting of the Institutional Protection Scheme (IPS) risk indicator – Judicial review – Limits
(Commission Regulation 2015/63, Art. 7(4))
(see paragraphs 226, 227)
7.
Economic and monetary policy – Economic policy – Single resolution mechanism for credit institutions and certain investment firms – Ex ante contributions to the Single Resolution Fund (SRF) – Calculation of the adjusting multiplier of the contributions according to the risk profile of the credit institutions – Risk indicator regarding the minimum requirement for own funds and eligible liabilities (MREL) not included in the text of the annex to the regulation concerned – Taking that indicator into account because it is indispensable for that calculation – Whether permissible
(Commission Regulation 2015/63, Arts 6(2)(a) and 20(1) and Annex II)
(see paragraphs 287, 288, 300)
8.
Economic and monetary policy – Economic policy – Single resolution mechanism for credit institutions and certain investment firms – Ex ante contributions to the Single Resolution Fund (SRF) – Calculation of the adjusting multiplier of the contributions according to the risk profile of the credit institutions – Infringement of the freedom to conduct a business – None
(Charter of Fundamental Rights of the European Union, Art. 16; Commission Regulation 2015/63, Art. 7(4) and recital 1)
(see paragraphs 319-322)
Operative part
The Court:
1.
Annuls Decision SRB/ES/2021/22 of the Single Resolution Board (SRB) of 14 April 2021 on the calculation of the 2021 ex ante contributions to the Single Resolution Fund, in so far as it concerns Norddeutsche Landesbank – Girozentrale;
2.
Maintains the effects of Decision SRB/ES/2021/22, in so far as it concerns Norddeutsche Landesbank – Girozentrale, until the entry into force, within a reasonable period which cannot exceed six months from the date of delivery of the present judgment, of a new decision of the SRB fixing the 2021 ex ante contribution to the Single Resolution Fund of that institution;
3.
Orders the SRB to bear its own costs and to pay those incurred by Norddeutsche Landesbank – Girozentrale;
4.
Orders the European Commission to bear its own costs.
(
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)	OJ C 368, 13.9.2021.