Banco Popular - The SRB Appeal Panel adopts further decisions on access to SRB documents

The SRB welcomes clarifications and guidance provided by the SRB Appeal Panel in its new decisions. The SRB is currently analysing these decisions and assessing the steps that need to be taken to implement them.

On 19 June 2018, the SRB Appeal Panel released its decisions in the cases 44/17-54/17, 56/17, 1/18 and 7/18. These cases related to the review of the amended decisions of the SRB on access to a wide range of SRB documents with respect to the Banco Popular case, taking into account also the Appeal Panel’s decisions of 28 November 2017 and the disclosure of additional elements by the SRB in February 2018.

The documents assessed by the SRB Appeal Panel include documents previously assessed in its decisions of 28 November 2017, such as the SRB Decision concerning the adoption of a resolution scheme in respect of Banco Popular, the related Valuation Reports and the 2016 Resolution Plan. The SRB Appeal Panel also assessed other documents, including the offer submitted by Banco Santander, the sale purchase agreement, the 2017 Liability Data report and the 2017 Critical Functions Report.

The SRB Appeal Panel, after balancing the interests involved, has upheld the stance of the SRB with respect to most of the requested documents, confirming that the SRB assessment was “done in compliance with the applicable procedural rules, that the duty to state reasons has been complied with and there has not been a manifest error of assessment or misuse of power”. However, for certain documents, such as the Valuation Reports, the 2016 Resolution Plan and the 2017 Critical Functions Report, the SRB Appeal Panel has remitted the decisions to the Board to ensure compliance with the findings provided in its decisions regarding the respective documents.

 

Background:

More about the Appeal Panel

The SRB Appeal Panel decisions of 28 November 2017

Banco Popular Resolution

 

Media Contact details:

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E-mail:  Sean.DE-BURCA@srb.europa.eu

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Switchboard: +32 2 490 3000

Mobile phone: +32477028710

 

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