July 13, 2018 / 8:19 AM / 4 months ago

EU court grants French banks capital reprieve against ECB decision

FRANKFURT, July 13 (Reuters) - The European Union’s top court on Friday granted six French banks an exemption from holding capital against deposits parked with a state-owned fund, overturning a decision by the European Central Bank.

“The General Court annuls the decisions of the ECB refusing to allow six French credit institutions to exclude from the calculation of the leverage ratio certain exposure connected to French savings accounts,” the court said.

It was a landmark victory for the lenders, BNP Paribas , Societe Generale, Credit Agricole , Credit Mutuel, Groupe BPCE and La Banque Postale, in the first court case brought against the ECB by major banks on its watch. (Reporting By Francesco Canepa Editing by Balazs Koranyi)

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