62018TJ0144_INF
Judgment of the General Court (Second Chamber, Extended Composition) of 9 September 2020 – Crédit agricole and Others v ECB
(Case T‑144/18)
(Economic and monetary policy – Prudential supervision of credit institutions – Contribution to the deposit guarantee system or to the single resolution fund by means of irrevocable payment commitments – Tasks entrusted to the ECB – Specific supervision powers of the ECB – Article 4(1)(f) and Article 16(1)(c) and (2)(d) of Regulation (EU) No 1024/2013 – Measure requiring the deduction of the cumulative amount of irrevocable payment commitments outstanding from Tier 1 capital – Absence of individual examination)
1.
Economic and monetary policy – Economic policy – Supervision of the EU financial sector – Single supervisory mechanism – Prudential supervision of groups of credit institutions on a consolidated basis – Capital requirements – Scope of the control and evaluation carried out by the European Central Bank
(European Parliament and Council Regulation No 575/2013, Arts 26(1), first subpara., (a) to (f) and 36; Council Regulation No 1024/2013, Art 4(1)(f))
(see paras 45-50)
2.
Economic and monetary policy – Economic policy – Supervision of the EU financial sector – Single supervisory mechanism – Prudential supervision of groups of credit institutions on a consolidated basis – Capital requirements – Scope of the control and evaluation carried out by the European Central Bank – Obligation to carry out an individual prudential examination
(European Parliament and Council Regulation No 575/2013, Art. 92(3); Council Regulation No 1024/2013, Arts 4(1)(f) and 16(1)(c) and (2)(d))
(see paras 51, 65-72)
3.
Economic and monetary policy – Economic policy – Supervision of the EU financial sector – Single supervisory mechanism – Prudential supervision of groups of credit institutions on a consolidated basis – Capital requirements – Scope of the control and evaluation carried out by the European Central Bank – Funds that may be subject to a measure requiring the implementation of a policy or special treatment – Concept – Irrevocable payment commitments (IPCs) – Included
(Council Regulation No 1024/2013, Arts 4(1)(f) and 16(1)(c) and (2)(d))
(see paras 59, 60)
Re:
Application based on Article 263 TFEU for partial annulment, first, of ECB Decision ECB/SSM/2017-969500TJ5KRTCJQWXH05/380 of 19 December 2017, and, second, of ECB Decision ECB-SSM-2019-FRCAG-17 of 14 February 2019.
Operative part
The Court:
1.
Annuls paragraph 9 of Decision ECB/SSM/2017-969500TJ5KRTCJQWXH05/380 of the European Central Bank (ECB) of 19 December 2017 and Article 3 of Annex A thereto as well as paragraph 9 of Decision ECB-SSM-2019-FRCAG-17 of the ECB of 14 February 2019 and Article 3 of the annex thereto;
2.
Orders the ECB to pay the costs.