Judgment of the General Court of 15 November 2023 – PNB Banka and Others v SRB
(Case T-732/19) 1
(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)
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:
Dismisses the action;
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);
Orders the Republic of Latvia and the European Central Bank (ECB) to bear their own costs.
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1 OJ C 27, 27.1.2020.