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Fundamental rights and banking supervision

Author

Listed:
  • Chryssa Papathanassiou

    (External Lecturer)

Abstract

This paper examines the intersections of fundamental rights and European banking supervision. It contributes to a more nuanced and refined understanding of the importance of European Union (EU) fundamental rights for supervised banks in the absence of an EU-wide administrative code. Since 2014, the European Central Bank (ECB) has assumed prudential supervisory tasks for supervised entities. Fundamental rights set clear boundaries as to how the ECB may exercise supervisory discretion to adopt measures that may adversely affect a supervised bank. The Court of Justice of the European Union declares void any measure whose adoption infringes upon a person’s fundamental rights. Thus, fundamental rights are a powerful counterbalance to the standard of limited review established by the EU judiciary for European Banking Supervision activities. Every supervised entity may unequivocally enjoy the same rights of defence faced with any measure adversely affecting it, irrespective of whether the measure has been adopted under EU or national law.

Suggested Citation

  • Chryssa Papathanassiou, 2023. "Fundamental rights and banking supervision," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(4), pages 420-431, December.
    • Handle: RePEc:pal:jbkreg:v:24:y:2023:i:4:d:10.1057_s41261-022-00204-5
    DOI: 10.1057/s41261-022-00204-5
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    More about this item

    Keywords

    Banking supervision; Right to good administration; Right to a fair trial;
    All these keywords.

    JEL classification:

    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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