FRANKFURT (GERMANY) – Europe’s second highest court gave a ruling on Wednesday that the European Central Bank was right to impose a fine on Crédit Agricole for flouting rules on how certain capital items should be classified, but gave inadequate reasons for its decision.
“The Court finds that the applicants have not demonstrated that the ECB’s decisions were unlawful,” the General Court said about the case brought by Crédit Agricole and several subsidiaries.
“However, the Court has annulled the contested decisions in so far as they imposed pecuniary penalties of 4,300,000 euros ($4.85 million), 300,000 euros and 200,000 euros, respectively, on the basis that inadequate reasons were given for those decisions.”
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field
