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Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic (ICSID)

Why it matters

This case is significant as one of the first ICSID awards to address the Achmea objection in an intra-EU BIT context, upholding jurisdiction despite the EU Member States' declaration. It also clarifies the standard for composite breaches and creeping expropriation, requiring a systematic policy rather than isolated acts.

Summary

Cyprus Popular Bank (Laiki), a Cypriot bank, brought an ICSID claim against Greece under the Greece-Cyprus BIT, alleging that Greece's actions during its financial crisis violated fair and equitable treatment, full protection and security, and amounted to expropriation. The Tribunal bifurcated proceedings. In the 2019 Decision on Jurisdiction and Liability, it upheld jurisdiction over most claims, rejecting Greece's objections based on EU law incompatibility (including the Achmea judgment) and other grounds. It found Greece liable for breaching Articles 2(2) and 3(1) of the BIT through a specific discriminatory measure, but dismissed claims of creeping expropriation and composite breach for lack of evidence of a systematic policy. The quantum phase determined compensation, but the excerpt does not disclose the final amount. The case illustrates the ongoing tension between EU law and intra-EU BITs, and the high bar for establishing composite breaches.

The detail

Parties: Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic

Case number: ICSID Case No. ARB/14/16

Outcome: The Tribunal found Greece violated Articles 2(2) and 3(1) of the Greece-Cyprus BIT. The quantum phase determined compensation, but the excerpt does not state the final amount awarded.

Applicable law: Greece-Cyprus BIT (1992), ICSID Convention, ILC Articles on State Responsibility

Issues in play: The case involved the interaction between investment treaty protections (FET, full protection and security, expropriation) and EU law, with Greece arguing that intra-EU BITs are incompatible with EU law following the Achmea judgment.

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