Procedura nakładania sankcji przez Europejski Bank Centralny na instytucje kredytowe państw członkowskich Unii Europejskiej za nieprzestrzeganie obowiązku utrzymywania rezerw obowiązkowych. Wybrane zagadnienia

• Authors: Magdalena Fedorowicz

Title variants

EN

THE PROCEDURE IN THE EVENT OF NON-COMPLIANCE WITH MINIMUM RESERVE REQUIREMENT - PRINCIPAL PROBLEMS

• Languages of publication: PL

Abstracts

EN

A Council Regulation has established limits and conditions under which the European Central Bank (ECB) is entitled to impose fines or periodic penalty payments on undertakings for failure to comply with obligations resulting from its decisions and regulations. Another important thing is that the ECB, while carrying out the procedure to determine the applicable sanction, must ensure as broad as possible respect of the rights of defense of third parties, in accordance with general principles of law and the case law of the Court of Justice of the European Communities on the matter, in particular existing case law concerning the inquiry powers of the European Commission in the field of competition. The article discusses the procedure in the event of non-compliance with minimum reserve requirements and the principles applying in the event of non-compliance with minimum reserve requirement. For example, before any sanction is imposed, the Executive Board of the ECB or a competent national central bank on its behalf notifies the undertaking concerned of the alleged non-compliance and of the corresponding sanction. The notification contains all the relevant facts of the alleged non-compliance and informs the addressee that, unless it submits objections, the sanction shall be deemed imposed by decision of the Executive Board of the ECB. This article also considers competences of the ECB to impose sanctions in the event of non-compliance with minimum reserve requirements. The analysis underlines and explains the principles and rules of that procedure that were construed on the basis of the entire regulation of EU banking law. The catalogue of principles and rules in that procedure is also taken into account. It is crucial to recognize problems concerning that procedure regarding Poland’s future access to the European Monetary Union. Finally, the question of legitimization of competences to impose sanctions applied under that procedure described and analysed, as well.

Keywords

EN

EUROPEAN CENTRAL BANK; PENALTY PAYMENTS; FINANCIAL SANCTIONS; EU BANKING LAW; MINIMUM RESERVE REQUIREMENT

• Publisher: Centre for Europe, University of Warsaw
• Journal: Studia Europejskie-Studies in European Affairs
• Year: 2010
• Issue: 2
• Pages: 117-134

Contributors

author

Magdalena Fedorowicz

• Katedra Prawa Finansowego, Uniwersytet Szczeciński, ul. Narutowicza 17A, 71-017 Szczecin, Poland