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The General Court of the European Union (EGC) has annulled two decisions of the Single Resolution Board (SRB) on the 2016 annual ex ante contributions to the Single Resolution Fund commonly known as the bank levy, to the extent they affect Portigon AG (Portigon). These decisions were the basis of orders by the German Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung) requesting payment of the bank levy from Portigon.
In its judgement, the General Court decided in favour of Portigon based on significant violations of form and procedural rules.
Further proceedings against the bank levies for the years 2017, 2018 and 2019 are pending.
Hengeler Mueller represents Portigon in these proceedings. The team includes partners Dirk Bliesener (Banking, Frankfurt) and Vera Jungkind well as associate Frederic Geber (both Public Law, Düsseldorf).