January 27
2020
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Anjum Shabbir
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14th January 2020
Banking & Finance Justice & Litigation

General Court: Action against ECB’s revocation of AAB Bank’s licence challenged and suspended

On 14 November 2019, the European Central Bank (ECB) revoked the banking licence of Anglo Austrian AAB Bank AG (previously Meinl Bank AG), a medium-sized Austrian private bank. The ECB’s decision was immediately effective, but on 20 November 2019 it was suspended by Order of the President of the General Court, as a result of the request for interim relief brought by the Austrian bank and its main shareholder, Belegging-Maatschappij ‘Far-East’.

The application has now been published in the Official Journal under case number T-797/19.

The applicants have presented five grounds of review to challenge the ECB’s decision, based, in essence, on the breach of the relevant Austrian law, as well as procedural and property rights of the bank.

The Austrian authority’s press release announcing the ECB’s decision to revoke the licence is available here.

The Order of the President of the General Court suspending the ECB’s decision is available here.

The publication in the Official Journal of the application is available here.

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