Article 33 Motivation of ECB supervisory decisions

1.   Subject to paragraph 2, an ECB supervisory decision shall be accompanied by a statement of the reasons for that decision.

2.   The statement of reasons shall contain the material facts and legal reasons on which the ECB supervisory decision is based.

3.   Subject to Article 31(4), the ECB shall base an ECB supervisory decision only on facts and objections on which a party has been able to comment.