Norddeutsche Landesbank – Girozentrale v SRB

Action brought on 9 January 2025 – Norddeutsche Landesbank – Girozentrale v SRB(Case T-12/25)Language of the case: German Parties Applicant: Norddeutsche Landesbank – Girozentrale (represented by: J. Seitz and C. Marx, lawyers)Defendant: Single Resolution Board Form of order sought The applicant claims that the Court should:–    annul the defendant’s decision of 25 October 2024 (reference: SRB/ES/2024/44) including the annexes thereto, in so far as they are relevant to the applicant, and–    order the defendant to pay the costs of the proceedings. Pleas in law and main arguments In support of the action, the applicant relies on seven pleas in law. First plea in law, alleging infringement of Article 70(2) of Regulation (EU) No 806/2014 1 In breach of Article 70(2) of Regulation (EU) No 806/2014, the defendant set the annual target level at more than 1/8 of the final target level. Second plea in law, alleging that the application of the IPS 1 indicator infringes Delegated Regulation (EU) No 2015/63, 2 which is to be interpreted in the light of higher-ranking law In the context of the second subparagraph of Article 7(4) of Delegated Regulation (EU) 2015/63, the defendant should have taken into account that the applicant holds derivatives primarily for hedging and risk management purposes. When applying the IPS indicator, the significance of the applicant’s membership in the institutional protection scheme of the Sparkassen-Finanzgruppe was disregarded. According to the second...