April 23
2021
Anjum Shabbir
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24th February 2021
Banking & Finance Competition & State Aid Justice & Litigation

FRESH bond holders with interdependent contractual relationships connected to Bank can challenge Commission State aid compatibility Decision concerning that Bank before EU Courts

The General Court has ruled today on the admissibility of an annulment action against a Commission State aid Decision: it finds that applicants Mr Braesch (representative of FRESH bond holders), and the companies Trinity Investments, Bybrook Capital Master Fund, Bybrook Capital Hazelton Master Fund, and Bybrook Capital Badminton Fund (FRESH bond holders) are interested parties, do have an interest in bringing proceedings, and have standing to commence legal proceedings against the European Commission (Breasch v Commission, T‑161/18).

The measure at issue is Decision C(2017) 4690 final of 4 July 2017 on State Aid SA.47677 (2017/N): it declares that State aid granted by Italy to Banca Monte dei Paschi di Siena (the Bank) for liquidi

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