General Court 6 July 2022, T-280/18 (ABLV Bank AS v Single Resolution Board.)

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In proceedings under Article 263 TFEU challenging the Single Resolution Board's decisions of 23 February 2018 not to adopt resolution schemes in respect of ABLV Bank AS and its Luxembourg subsidiary pursuant to Article 18 of Regulation (EU) No 806/2014, the General Court held that the applicant had standing to challenge only the decision concerning itself (SRB/EES/2018/09), as the decision concerning ABLV Luxembourg did not directly affect the applicant's legal situation in its capacity as sole shareholder. On the merits, the Court rejected all pleas, finding that the SRB was entitled to rely on the ECB's 'failing or likely to fail' (FOLTF) assessment without conducting an independent examination, that the ECB committed no manifest error of assessment in concluding that the applicant lacked sufficient counterbalancing capacity to meet anticipated deposit withdrawals, and that the applicant's right to be heard was not infringed given that it had been heard by the ECB at the earlier stage of the same complex administrative procedure. The action was accordingly dismissed in its entirety.AI