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Dolores Utrilla
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7th February 2020
Banking & Finance Justice & Litigation

Withdrawal of Anglo Austrian AAB Bank banking authorisation now enforceable

Today, the President of the General Court (GC) issued an Order in Anglo Austrian AAB Bank and Belegging-Maatschappij ‘Far-East’ v ECB (T-797/19 R), dismissing the application for interim measures made by Anglo Austrian AAB Bank (AAA Bank) and setting aside the President’s earlier order of 20 November 2019 that temporarily granted the requested interim measures. The application for temporary suspension concerned the decision of the European Central Bank (ECB) of 14 November 2019 that was the subject of dispute in the main proceedings before the GC, and by which the banking authorisation of AAA Bank was withdrawn.

By his order made public today, the President dismisses the application for interim measures because, in its view, the enforcement of the contested ECB decision creates no risk of causing serious and irreparable harm to AAA Bank. The order takes into account the fact that, prior to the withdrawal of the banking authorisation, the applicant had already decided to cease operation of its banking business and had focused its activities on the liquidation of that banking business.

As a result of today’s order, the ECB’s decision of 14 November 2019 withdrawing AAB Bank’s banking authorisation may once again be enforced.

The order is available here (in German).

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