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SRB Statement on General Court judgment on Banco Popular decision not to compensate affected shareholders and creditors

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The Single Resolution Board welcomes today’s judgments of the General Court of the European Union that confirm the legality of the SRB’s decision not to compensate shareholders and creditors affected by the 2017 resolution of Banco Popular. 

The General Court found that the shareholders and creditors affected by the resolution of Banco Popular were not entitled to compensation from the Single Resolution Board, confirming the legality of the post-resolution decision , known as the ‘Valuation 3 Decision’. This decision assessed whether shareholders and creditors affected by the resolution of Banco Popular would have received better treatment had the bank entered normal insolvency. 

The Court has dismissed the actions, and in particular in relation to the valuer’s independence and the right to be heard process.

SRB Chair Dominique Laboureix said: “I welcome the decision of the General Court today, which confirms our decision that affected shareholders and creditors would not have been better off if Banco Popular had gone into normal insolvency. Ultimately, the resolution protected financial stability and Spanish taxpayers, and I am glad that the General Court agrees with our position.”

Contact our communications team

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Spokesperson & Communications Team Leader
Name
Susan Carroll
Email
Susan.Carroll [a] srb.europa.eu
Phone:
+ 32 2 490 3439
Mobile:
+32 470 96 48 01
Seán De Búrca
Speechwriter & Communications Expert
Name
Seán De Búrca
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Sean.de-Burca [a] srb.europa.eu
Phone:
+32 2 490 3710
Mobile:
+32 477 02 87 10
Camille De Rede
Communications Expert
Name
Camille De Rede
Email
Camille.de-Rede [a] srb.europa.eu
Phone:
+32 2 490 3530
Mobile:
+32 477 028 530

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