Commission takes Italy and Poland to court for incomplete transposition of the Third Directive on Capital Requirements

24 November 2011

The European Commission has decided to bring Italy and Poland before the Court of Justice for failure to transpose the provisions of the Third Directive on Capital Requirements (2010/76/EU), and to ask the Court to impose penalty payments on those two Member States.

The Third Directive on Capital Requirements concerns the provisions of the Directive on remuneration policies and other provisions regarding the extension of certain minimum capital requirements for credit institutions.

The Commission has made use of the new possibility provided by the Lisbon Treaty of asking the Court on first referral to impose daily penalty payments on Member States that have not transposed the Directive in full by the date of its judgement establishing non‑compliance. The payments requested are €96,446.70/day for Italy and €37,396.80/day for Poland. The amounts have been set in the light of the situations in the respective countries and hence the gravity of the infringement. The financial penalties requested are daily fines payable with effect from the day on which the Court hands down its judgement (and hence unless the situation has been rectified in the meantime) and for as long as transposition remains incomplete.

Press release