Order of the General Court (Fourth Chamber) of 25 June 2014 —
Accorinti and Others v ECB

(Case T‑224/12)

Action for annulment — Economic and monetary policy — ECB — National central banks — Restructuring of the Greek Government debt — Eligibility of marketable debt instruments issued or fully guaranteed by Greece for the purposes of Eurosystem monetary policy operations — Sufficient maintenance of the credit quality threshold in order to remain eligible — Collateral enhancement in the form of a buy-back scheme for debt instruments for the benefit of the national central banks — Private creditors — Whether certain legal effects may be attributed to the contested measure — No legal interest in bringing proceedings — Lack of direct concern — Inadmissibility

1.                     Actions for annulment — Interest in bringing proceedings — Interest to be assessed at the time at which an action is brought — Action brought against a measure producing binding legal effects on the applicant — Repeal of the contested measure in the course of the proceedings — Declaration that no need to adjudicate — Not permissible — Maintenance of the applicant’s interest in obtaining recognition of the unlawfulness of the contested measure (Arts 263 TFEU and 266 TFEU) (see paras 68, 69)

2.                     Actions for annulment — Natural or legal persons — Measures of direct and individual concern to them — Whether directly concerned — Criteria — Decision of the European Central Bank holding Greek debt instruments not meeting the minimum requirements of the Eurosystem in regard to the credit quality threshold eligible in exchange for a buy-back scheme in favour of national central banks — Action brought by private creditors holding Greek debt instruments — Not directly concerned — Inadmissibility (Art. 263, fourth para., TFEU; Decision of the European Central Bank 2012/153, Art. 1(1)) (see paras 72, 81, 82, 88, 89)

Re:

APPLICATION for annulment of Decision 2012/153/EU of the European Central Bank of 5 March 2012 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic in the context of the Hellenic Republic’s debt exchange offer (ECB/2012/3) (OJ 2012 L 77, p. 19).

Operative part

1. The action is dismissed as inadmissible.

2. Mr Alessandro Accorinti and the other applicants whose names are set out in the annex are ordered to pay the costs.