The Single Resolution Board welcomes today’s judgments of the General Court of the European Union with regard to the Banco Popular resolution.

The General Court has confirmed the legality of the SRB’s decision to resolve Banco Popular Español and the European Commission’s endorsement of that resolution scheme, both of which implement the resolution legal framework. In addition, the action for damages has been dismissed and the applicants have been ordered to pay costs.

“I welcome the decision of the Court today, which vindicated the action the SRB took. We worked in a timely manner and within the law in order to maintain financial stability, while protecting the taxpayer from having to bail out the bank. I am pleased the Court agrees with the SRB’s position on our resolution decision,” – SRB Chair Elke König.