Category: BRRD
EU Council Meeting: Economic and Financial Affairs
The Council of the EU has published a press release regarding the meeting of the EU Economic and Financial Affairs Council (ECOFIN) comprising EU member states’ Ministers for Finance convened in Brussels on 10 July 2012. Top of the agenda were the subjects of European banking union and bank recovery and resolution. Single European Banking […]
Seminar on Preparing a Recovery and Resolution Plan
On 13 July 2012, DRS, together with SNR Denton, will be presenting a half-day workshop on the law and practice relating to Living Wills at the British Bankers’ Association headquarters in London. The latest regulatory guidance on RRP will be discussed, including: The FSB’s “Key Attributes of Effective Resolution Regimes for Financial Institutions” Discussion Paper; […]
Support Grows for a Central EU Bank Resolution Authority
EU Commission President, Jose Manuel Barroso has joined the growing call for all banks within the 27 Members States of the EU to be subject to a single cross-border supervisor, a single EU-wide deposit guarantee scheme and a single rescue fund. According to Mr Barroso, legislation could be in place as soon as 2013. The […]
EU Commission to Publish Proposals for Bank Recovery and Resolution Today
Today, the EU Commission will publish its proposals for Bank Recovery and Resolution. According to the FT, this initiative which will be presented as an “embryonic version of the much vaunted banking union”, ultimately involving the possible creation of a single EU supervisor, deposit guarantee scheme and resolution authority. The article can be viewed here: […]
EU Commission to Propose New Framework for Bank Recovery and Resolution on 6 June 2012
On 25 May 2012, the EU Commission released an agenda document detailing its proposal for bank recovery and resolution, to be published on 6 June 2012. The key elements of the proposal are: The proposal will be based on prevention and reducing the risk of bank failure, a key aspect of which will be the […]
EU Retreats from Minimum Bail-In Debt Requirement
Below is a link to an interesting article which appeared in the Financial Times last week. The suggestion is that the latest version of the EU Directive on establishing a framework for the recovery and resolution of credit institutions and investment firms (the “RRP Directive”) will not set a minimum level of “bail-in” debt to […]
FSA Publishes Feedback Statement FS12/1 on Recovery and Resolution Plans
Introduction On 10 May 2012, the FSA published Feedback Statement FS12/1 on Recovery and Resolution Plans. The main purpose of FS12/1 is to provide an update to the market on the current state of the RRP process. Proposed Date of Final RRP Rules A Policy Statement with final RRP rules will be published by the […]
European Update on RRP
On 4 May 2012, the EU Commission published an updated document setting out its regulatory agenda and timetable for the period between 30 April 2012 and 31 December 2012. The document confirms that June 2012 is the anticipated month for both the legislative initiative on a framework for bank recovery and resolution, and for the […]
Update on EU Commission Proposal for Bank Recovery and Resolution
The EU Commission has updated the Crisis Management section of it website to note the fact that it is currently undertaking final technical discussions with key stakeholders prior to the publication of its proposal for a European framework for bank recovery and resolution. The Commission states that the discussions will take place over the next four […]