Judgment_paragraph 39 · La Banque postale v European Central Bank (T-733/16)

39As regards the literal interpretation of Article 429(14) of Regulation No 575/2013, it must be stated that the words ‘competent authorities may permit an institution to exclude from the exposure measure exposures that meet all of the following conditions’ necessarily mean that that provision, in part, imposes a strict obligation on the competent authorities and, in part, delegates a discretion to them.