Portigon AG v. Single Resolution Board


Hengeler Mueller represented Portigon AG before the General Court of the European Union against the Single Resolution Board.

The General Court of the European Union (EGC) has annulled two decisions of the Single Resolution Board (SRB) on the 2016 annual ex ante contributions to the Single Resolution Fund commonly known as the bank levy, to the extent they affect Portigon AG (Portigon). These decisions were the basis of orders by the German Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung) requesting payment of the bank levy from Portigon.

In its judgement, the General Court decided in favour of Portigon based on significant violations of form and procedural rules.

Further proceedings against the bank levies for the years 2017, 2018 and 2019 are pending.

Portigon AG provides financial services. The Company offers structured finance products, equity, asset management, real estate finance, and transaction services. Portigon serves customers worldwide.

Hengeler Mueller represents Portigon in these proceedings. The team includes partners Dirk Bliesener (Picture) and Vera Jungkind well as associate Frederic Geber (both Public Law, Düsseldorf).

Involved fees earner: Dirk Bliesener – Hengeler Mueller; Frederic Geber – Hengeler Mueller; Vera Jungkind – Hengeler Mueller;

Law Firms: Hengeler Mueller;

Clients: Portigon AG;