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Case T-732/19: Judgment of the General Court of 15 November 2023 — PNB Banka and Others v SRB (Economic and monetary union — Banking union — Single resolution mechanism for credit institutions and certain investment firms (SRM) — Resolution procedure — Decision not to adopt a resolution scheme — Action for annulment — Annexes to the application — Legal interest in bringing proceedings — Locus standi — Competence of the author of the act — Right to be heard — Obligation to state reasons — Concept of whether an entity ‘is failing or is likely to fail’ — Manifest error of assessment — Proportionality — Equal treatment)
ECLI:EU:UNKNOWN:62019TA0732
62019TA0732
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Official Journal of the European Union
Series C
C/2024/719
22.1.2024
(Case T-732/19) (<span class="oj-super oj-note-tag">1</span>)
(Economic and monetary union - Banking union - Single resolution mechanism for credit institutions and certain investment firms (SRM) - Resolution procedure - Decision not to adopt a resolution scheme - Action for annulment - Annexes to the application - Legal interest in bringing proceedings - Locus standi - Competence of the author of the act - Right to be heard - Obligation to state reasons - Concept of whether an entity ‘is failing or is likely to fail’ - Manifest error of assessment - Proportionality - Equal treatment)
(C/2024/719)
Language of the case: English
Parties
Applicants: PNB Banka AS (Riga, Latvia), and the 10 other applicants whose names appear in the annex to the judgment (represented by: O. Behrends, lawyer)
Defendant: Single Resolution Board (SRB) (represented by: H. Ehlers, J. Kerlin and J. Rius Riu, Agents, and by H.-G. Kamann, F. Louis and L. Forestier, lawyers)
Interveners in support of the defendant: Republic of Latvia (represented by: K. Pommere and J. Davidoviča, Agents), European Central Bank (represented by: E. Koupepidou, A. Lefterov and F. Bonnard, Agents)
Re:
By their action based on Article 263 TFEU, the applicants seek the annulment of Decision SRB/EES/2019/131 of the Single Resolution Board (SRB) of 15 August 2019 not to adopt a resolution scheme in respect of the credit institution PNB Banka AS.
Operative part of the judgment
The Court:
1.Dismisses the action;
2.Orders PNB Banka AS and the other applicants whose names appear in the annex to bear their own costs and to pay those incurred by the Single Resolution Board (SRB);
3.Orders the Republic of Latvia and the European Central Bank (ECB) to bear their own costs.
Language of the case: English.
ELI: http://data.europa.eu/eli/C/2024/719/oj
ISSN 1977-091X (electronic edition)