62022TJ0188_INF
Judgment of the General Court (Third Chamber, Extended Composition) of 5 June 2024 – Crédit agricole and Others v ECB
(Case T‑188/22) (
1
)
(Economic and monetary policy – Supervision of credit institutions – Specific supervisory tasks conferred on the ECB – Setting of prudential requirements – Irrevocable payment commitments – Force of res judicata – Misuse of powers – Manifest error of assessment – Principle of sound administration – Proportionality)
1.
Action for annulment – Judgment annulling a measure – Scope – Absolute authority of res judicata – Scope – Both operative part and grounds to be taken into account – Obligation to comply with the terms of the judgment in future decisions similar to the one annulled
(Art. 266 TFEU)
(see paragraphs 27-29, 32)
2.
Economic and monetary policy – Economic policy – Supervision of the EU financial sector – Single supervisory mechanism – Prudential supervision of credit institutions – Capital requirements – Scope of the review and evaluation carried out by the European Central Bank (ECB) – Obligation to carry out an individual supervisory review – Included
(Council Regulation No 1024/2013, Arts 4(1)(f) and 16(1)(c) and (2)(d))
(see paragraphs 34, 38-42)
3.
Economic and monetary policy – Economic policy – Supervision of the EU financial sector – Single supervisory mechanism – Prudential supervision of credit institutions – Capital requirements – Individual examination carried out by the European Central Bank (ECB) – Identification of a risk on the basis of reasoning also applicable to other institutions – Infringement of the principle of sound administration – None
(see paragraphs 71, 81)
4.
Economic and monetary policy – Economic policy – Supervision of the EU financial sector – Single supervisory mechanism – Prudential supervision of credit institutions – Capital requirements – Individual examination carried out by the European Central Bank (ECB) – Accounting and prudential treatment of irrevocable payment commitments (IPCs) – Prudential risk of overstating Common Equity Tier 1 (CET 1) capital – Corrective measure of the ECB deducting IPCs from CET 1 – Undermining of the effectiveness of the IPCs – None
(European Parliament and Council Regulations No 575/2013 and No 806/2014, Art. 70(3); Council Regulation No 1024/2013; European Parliament and Council Directives 2014/49, Art. 10(3), and 2014/59, Art. 103(3))
(see paragraphs 91, 92, 94, 97, 105)
Operative part
The Court:
1.
Dismisses the action;
2.
Orders Crédit agricole SA and the other applicants whose names are listed in the annex to pay the costs.
(
1
)	OJ C 213, 30.5.2022.