Judgment of the General Court of 8 July 2020 — Crédit agricole v ECB

(Case T-576/18) (1)

(Economic and monetary policy - Prudential supervision of credit institutions - Article 18(1) of Regulation (EU) No 1024/2013 - Administrative pecuniary penalty imposed by the ECB on a credit institution - First subparagraph of Article 26(3) of Regulation (EU) No 575/2013 - Continued breach of capital requirements - Negligent breach - Retroactive application of less severe enforcement legislation - Absence - Rights of defence - Amount of the penalty - Obligation to state reasons)

(2020/C 313/34)

Language of the case: French

Parties

Applicant: Crédit agricole SA (Montrouge, France) (represented by: A. Champsaur and A. Delors, lawyers)

Defendant: European Central Bank (represented by: C. Hernández Saseta, A. Pizzolla and D. Segoin, acting as Agents)

Re:

Application under Article 263 TFEU for annulment of Decision ECB/SSM/2018-FRCAG-75 of the ECB of 16 July 2018, taken pursuant to Article 18(1) of Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions (OJ 2013 L 287, p. 63) and imposing on the applicant an administrative pecuniary penalty of EUR 4 300 000 for continued breach of the capital requirements laid down in Article 26(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ 2013 L 176, p. 1, and corrigenda OJ 2013 L 208, p. 68, and OJ 2013 L 321, p. 6).

Operative part of the judgment

The Court:

1.	Annuls Decision ECB/SSM/2018-FRCAG-75 of the European Central Bank (ECB) of 16 July 2018 in so far as it imposes on Crédit Agricole SA an administrative pecuniary penalty of EUR 4 300 000;

2.	Dismisses the action as to the remainder;

3.	Orders Crédit Agricole to bear its own costs;

4.	Orders the ECB to bear its own costs.

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(1)  OJ C 436, 3.12.2018.