Anglo Austrian AAB v ECB and Far East

Provisional text OPINION OF ADVOCATE GENERALĆAPETAdelivered on 11 April 2024 (1)Case C‑579/22 PAnglo Austrian AAB AG, in liquidation,v European Central Bank (ECB),Belegging-Maatschappij ‘Far-East’ BV(Appeal – Economic and monetary policy – Directive 2013/36/EU – Prudential supervision of credit institutions – Specific supervisory tasks assigned to the European Central Bank (ECB) – Decision to withdraw the authorisation of a credit institution – Interpretation of national law)I.      Introduction 1.        The Single Supervisory Mechanism (‘SSM’) (2) is the first pillar of the Banking Union, created in 2014 (3) in response to the financial crisis. Its purpose is ‘ensuring the safety and soundness of credit institutions and the stability of the financial system of the Union as well as of individual participating Member States and the unity and integrity of the internal market’. (4)2.        In a nutshell, prudential supervision is carried out by the European Central Bank (ECB), assisted by national competent authorities (5) according to the division of labour under Article 6 of the SSM Regulation. (6)3.        The SSM’s organisation is to a certain extent ‘special’, when compared with how most of the EU legal order works. (7) Under Article 4(3) of the SSM Regulation, the ECB ‘shall apply all relevant Union law, and where this Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and...