EU court grants French banks capital reprieve against ECB decision

FRANKFURT (Reuters) – The European Union’s top court on Friday granted six French banks an exemption from holding capital against deposits parked with a state-owned fund, overturning a decision by the European Central Bank.

“The General Court annuls the decisions of the ECB refusing to allow six French credit institutions to exclude from the calculation of the leverage ratio certain exposure connected to French savings accounts,” the court said.

It was a landmark victory for the lenders, BNP Paribas (PA:), Societe Generale (PA:), Credit Agricole (PA:), Credit Mutuel, Groupe BPCE and La Banque Postale, in the first court case brought against the ECB by major banks on its watch.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.