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Unicredit, Portigon, others seek nixing of bank bailout fund contributions in EU court

( August 24, 2020, 14:19 GMT | Official Statement) -- MLex Summary: Unicredit, Portigon, Deutsche Hypothekenbank and Deutsche Kreditbank have sought to cancel their 2020 contributions to the EU's Single Resolution Fund, which provides resources for restructuring failing lenders. In documents published by the EU's General Court, the banks argued that the demand for money failed to take account of low-risk financial instruments or institutions and misstated the importance of local networks that protect banks, and that the Single Resolution Board failed to provide reasons for, or opportunities, to challenge its calculations. Private bank Sutor also argued that client funds had incorrectly been included within the calculation. The move follows a slew of cases taken by German banks that were published last week.Documents attached. ...

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