EU Banks Win Legal Fight Against Funding Contributions

Law360, London (November 29, 2019, 1:45 PM GMT) -- Three financial institutions have won their legal challenge against the European Union’s central resolution authority over the size of their contributions to the bloc’s fund for helping failing banks in 2016.

The General Court of the EU has annulled three decisions by the Single Resolution Board, the European agency responsible for restructuring major failing credit institutions. The rulings were over “ex-ante” contributions to the 2016 Single Resolution Fund by Banco Cooperativo Español SA, Portigon — a German bank — and Hypo Vorarlberg Bank in Austria.

The judgments, which were published on the court’s website on Thursday, are connected only to the...

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