Banking crisis management mechanisms as a guarantee of financial stability in the European Union. The General Court dismisses the appeals against the Banco Popular’s resolution
DOI:
https://doi.org/10.18042/cepc/rdce.73.08Abstract
The purpose of the banking union is to ensure the proper functioning of the financial system in the European Union. The regulation of banking crisis management mechanisms is one of the essential elements of the banking union, guaranteeing financial stability in bank restructuring and resolution processes. The resolution of Banco Popular is the first banking crisis managed directly by the Single Resolution Mechanism, applying the new instruments of European regulations. The activation of the resolution procedure allowed the continuity of the entity’s essential functions and ensured the protection of depositors. In June 2022, the General Court has resolved five appeals for annulment, confirming the legality of Banco Popular’s resolution and its sale to Banco Santander. In these judgments, the General Court considers that the resolution procedure has guaranteed financial stability and that the imposition of losses on shareholders and creditors has not entailed, in accordance with European Union law, a violation of their rights.
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