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Italy—Bank’s Shareholder challenges Temporary Administration (Corneli v European Central Bank)

EU Law analysis: The European General Court (EGC) annulled a decision by the European Central Bank (ECB) to place Banca Carige SpA in temporary administration. The ECB raised a plea of inadmissibility alleging that as a minority shareholder the applicant did not have the requisite standing to bring proceedings because the decision was not of direct or individual concern. The court held that the applicant was directly and individually concerned and had an interest in seeking annulment of the decision. The court also held that the ECB had infringed Article 70 of Italy’s Consolidated Law on Banking (Legislative Decree No 385) by relying on fulfilment of a condition that there was a significant deterioration in the situation of the bank in order to dissolve the bank’s management and supervisory bodies and set up a temporary administration, even though this was not provided for in Article 70. 

 

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