Bawag overturns ECB’s large-exposure decision at EU court
( February 28, 2024, 10:54 GMT | Official Statement) -- MLex Summary: Austrian bank Bawag PSK today won its legal challenge against a decision made by the European Central Bank. The decision had found that the lender breached a limit on overexposure to individual counterparties. The bank was arguing that supervisors had exceeded their powers and had miscalculated interest. In a judgment delivered today, the bloc’s first-tier court annulled the 2021 decision, finding that the ECB relied on a premise which is legally incorrect when it held that absorption interest was being levied automatically.The judgment is attached. Case reference is T-667/21. ...
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