Judgment_paragraph 34 · Banco de Portugal and Others v VR (C-504/19)

34Under Article 3(2) of that directive, reorganisation measures are, in principle, applied in accordance with the law of the home Member State. Furthermore, it follows, first, from the second subparagraph of that provision, that such measures produce their effects in accordance with the legislation of that Member State throughout the Union without any further formalities, including as against third parties in other Member States, even where the rules of the host Member State applicable to them do not provide for such measures or make their implementation subject to conditions which are not fulfilled. Second, in accordance with the third subparagraph of that provision, reorganisation measures produce their effects throughout the Union as soon as those measures produce their effects in the home Member State. Those provisions thus provide that, in principle, the lex concursus governs the reorganisation measures of credit institutions and their effects (judgment of 24 October 2013, LBI, C‑85/12, EU:C:2013:697, paragraph 49).