Judgment of the General Court of 25 October 2023 — BNP Paribas Public Sector v SRB

(Case T-688/21) (1)

(Arbitration clause - Single resolution mechanism for credit institutions and certain investment firms (SRM) - Single Resolution Fund (SRF) - Contracts concerning the irrevocable payment commitment and the collateral arrangements - Rejection of the request for return of collateral linked to ex ante contributions provided in the form of irrevocable payment commitments - Institution whose authorisation has been withdrawn - Article 7(3) of Implementing Regulation (EU) 2015/81 - Non-contractual liability - Unjust enrichment)

(C/2023/1298)

Language of the case: French

Parties

Applicant: BNP Paribas Public Sector SA (Paris, France) (represented by: A. Champsaur and A. Delors, lawyers)

Defendant: Single Resolution Board (represented by: C. De Falco, C. Flynn and J. Kerlin, acting as Agents, and by H.-G. Kamann, F. Louis, P. Gey, É. Bruc and A. Vallery, lawyers)

Interveners in support of the applicant: French Republic (represented by: A.-L. Desjonquères and E. Leclerc, acting as Agents) and the Fédération bancaire française (Paris) (represented by: A. Gosset-Grainville and M. Trabucchi, lawyers)

Re:

By its action, the applicant seeks, in essence, in the first place, on the basis of Article 272 TFEU and the first paragraph of Article 340 TFEU, (i) a declaration that the Single Resolution Board (SRB) infringed its restitution obligation pursuant to Clause 12.5 of the irrevocable payment commitments entered into by it for the contribution periods from 2016 to 2021 and (ii) the return of the sums which the SRB is alleged to have retained in breach of that contractual obligation, as well as all costs, default interest and incidental expenses of any kind relating thereto, and, in the alternative, on the basis of the second paragraph of Article 340 TFEU, compensation for the harm which it is alleged to have suffered as a result of the SRB’s conduct in relation to irrevocable payment commitments entered into for the contribution periods from 2016 to 2021, and, in the second place, on the basis of the second paragraph of Article 340 TFEU, compensation for the harm which it is alleged to have suffered as a result of the SRB’s refusal to return to it the collateral backing the irrevocable payment commitment which it entered into for the 2015 contribution period.

Operative part of the judgment

The Court:

1.	Dismisses the action;

2.	Orders BNP Paribas Public Sector SA to bear its own costs and to pay the costs of the Single Resolution Board (SRB);

3.	Orders the French Republic and the Fédération bancaire française (FBF) to bear their own costs.

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(1)   OJ C 513, 20.12.2021.