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CORRECTED-EU court rules German bank must be supervised by ECB
May 16, 2017 / 7:58 AM / 7 months ago

CORRECTED-EU court rules German bank must be supervised by ECB

(Corrects abbreviation to L-Bank, paragraph 2)

BRUSSELS, May 16 (Reuters) - An EU court ruled on Tuesday that a bank owned by a German state should be subject to supervision by the European Central Bank, rejecting a rare challenge to the EU central bank’s authority.

The Landeskreditbank Baden-Wuerttemberg-Foerderbank (L-Bank) challenged the ECB’s decision to classify it as a “significant entity”, meaning it should be subject to ECB supervision. The ECB argument was based partly on the fact L-Bank’s assets exceed 30 billion euros.

L-Bank had argued it should be considered a “less significant” entity, meaning it could be supervised by national authorities. (Reporting by Philip Blenkinsop; Editing by Alastair Macdonald)

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