Link: https://curia.europa.eu/jcms/upload/docs/application/pdf/2021-06/cp210116en.pdf

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General Court of the European Union

PRESS RELEASE No 116/21

Luxembourg, 30 June 2021

Judgment in Case T-635/19 Fondazione Cassa di Risparmio di Pesaro and Others v Commission

The resolution of Banca delle Marche by the Italian authorities was in essence determined by that bank’s failure

The Commission cannot be held responsible for having prevented its rescue

The applicants were shareholders and subordinated creditors of the Banca delle Marche, which was the main banking institution in the Regione Marche (Marche region, Italy). On 9 January 2012, the Banca d’Italia (Bank of Italy) stated that the checks carried out within the Banca delle Marche had revealed serious shortcomings in the internal control systems which led to inevitable knock-on effects on its ‘significant exposure … to credit and financial risks’. On 15 October 2013, Banca delle Marche was placed under extraordinary administration on account, inter alia, of ‘serious … deficiencies and irregularities’.  (...)