December 02
2021
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Emilija Berzanskaite
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15th October 2021
Banking & Finance

AG Pitruzzella: Portuguese law on the resolution of credit institutions partially transposing Bank Recovery and Resolution Directive does not breach EU law

Advocate General (AG) Pitruzzella issued his Opinion in BPC Lux 2 and Others (C-83/20), considering that Portuguese legislation on the resolution of credit institutions, which partially transposed the Bank Recovery and Resolution Directive (2014/59/EU) before the deadline for its transposition, however, without adapting to the provisions on the valuation and compensation to the shareholders, does not breach EU law.

The case originates in the framework of a lawsuit filed before the Portuguese administrative courts by various shareholders and holders of other capital instruments of Banco Espírito Santo (‘BES’) requesting the annulment of the BES resolution decision adopted by the Bank of Portugal in 2014. The said decision was adopt

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