Order of the General Court (First Chamber) of 8 November 2021

Data

Court: General Court

Case date: 8 november 2021

Verdict

Order of the General Court (First Chamber) of 8 November 2021 –
Satabank v ECB

(Case T‑494/20)^(*)

"(Economic and monetary policy - Prudential supervision of less significant credit institutions - Regulation (EU) No 1024/2013 - Specific tasks of the ECB - Refusal to carry out direct prudential supervision - Refusal to give instructions to the competent person - Action manifestly lacking any foundation in law)"

Judicial proceedingsAction before the General CourtPossibility to dismiss an action on the merits without ruling beforehand on the objections of inadmissibility raised by the defendant

(see paras 17, 18)

Economic and monetary policyEconomic policySupervision of the EU financial sectorSingle supervisory mechanismPowers of the European Central Bank (ECB)Decentralised implementation by the national authoritiesLess significant institutions subject to direct prudential supervision by the national authoritiesPossibility for the ECB to exercise direct prudential supervision of those entitiesCondition

(Council Regulation No 1024/2013, Arts 4(1) and 6; Regulation of the European Central Bank No 468/2014, Art. 67)

(see paras 24-29, 33-37)

Operative part

The action is dismissed.

Satabank plc shall pay, in addition to its own costs, those incurred by the European Central Bank (ECB).