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Anjum Shabbir
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11th February 2020
Banking & Finance

Advocate General: EU law compatibility with asset thresholds for cooperative banks and shareholders’ redemption rights

In his Opinion in Adusbef and Others (C-686/16), delivered this morning, Advocate General Hogan suggests a legal solution to the questions posed by the Italian Council of State (Consiglio di Stato) to the Court of Justice of the EU, concerning Italian rules regulating cooperative (‘people’s’) banks and shareholders’ redemption rights.

The questions arise from national proceedings between an association for the defence of users of banking, financial, postal and insurance services, and the national federation of consumers and users (and others), against Banca D’Italia (and others).

The issues centre around the compatibility of (i) Italian legislation imposing an 8 billion asset threshold on cooperative banks (beyond which poi

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