Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.9.1.1:4.9.1.1 Ex ante judicial approval

Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.9.1.1

4.9.1.1 Ex ante judicial approval

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

Member States may require that a decision of a national resolution authority to take a crisis prevention measure or a crisis management measure is subject to ex ante judicial approval, provided that in respect of a decision to take a crisis management measure, according to national law, the procedure relating to the application for approval and the court’s consideration are expeditious.1

A ‘crisis prevention measure’ means the exercise of powers to direct removal of deficiencies or impediments to recoverability under Article 6(6) BRRD, the exercise of powers to address or remove impediments to resolvability under Article 17 or 18 BRRD, the application of an early intervention measure under Article 27 BRRD, the appointment of a temporary administrator under Article 29 BRRD or the exercise of the PONV conversion powers under Article 59 BRRD.2 A ‘crisis management measure’ means a resolution action or the appointment of a special manager under Article 35 BRRD or a person under Article 51(2) BRRD – with the objective of drawing up and implementing the business reorganisation plan – or under Article 72(1) BRRD – to exercise control over the bank in resolution.3

Given the requirement for a crisis management measure to be taken urgently, the national court should give its decision within 24 hours and Member States should ensure that the relevant resolution authority can take its decision immediately after the court has given its approval. This is without prejudice to the right that interested parties might have in making an application to the national court to set aside the decision for a limited period after the resolution authority has taken the crisis management measure.4

Deze functie is alleen te gebruiken als je bent ingelogd.