EU Court backs banks suing Single Resolution Board over fund contributions
The General Court of the European Union has annulled three decisions of the Single Resolution Board on contributions banks have to make to the EU Resolution Fund. It said the Board had an "inherently opaque" process for calculating these fees.
The ruling affects the ex-ante 2017 contributions of LBBW and Portigon in Germany, as well as Hypo Vorarlberg in Austria.
All three banks sued the SRB after being told how much they needed to pay into the Single Resolution Fund for that year.They claimed they ...