Court of Justice 6 March 2025, C-4/24 P (BNP Paribas Public Sector SA v Single Resolution Board.)

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The Opinion of Advocate General Medina addresses the appeal by BNP Paribas Public Sector SA against the General Court's dismissal of its action for the return of collateral linked to irrevocable payment commitments made to the Single Resolution Board (SRB). The core legal dispute revolves around the interpretation of Regulation No 806/2014 and Implementing Regulation 2015/81, particularly whether the SRB's refusal to return the collateral without prior payment of the corresponding contributions constitutes unjust enrichment. The Advocate General suggests that the General Court's interpretation, which prioritizes a contextual understanding of the regulations over a strict textual analysis, may warrant further examination.AI