Introduction On 8 May 2013, the EU Council published a note regarding the “state of play” of on the proposed Recovery and Resolution Directive (RRD). The design of the bail-in tool has been identified as a central issue with three main approaches (all of which adopt preferential treatment for insured depositors and provide for a […]

On 25 April 2013, the EU Parliament published an update to its procedure file confirming that its consideration of the Recovery and Resolution Directive (RRD) will now take place at the plenary session scheduled for 21 to 24 October 2013.  Previously it had been indicated that the RRD would be discussed at the plenary session […]

On 19 April 2013, pursuant to a request from the Austrian Ministry of Finance, the European Central Bank (“ECB”) published an opinion (dated 11 April 2013) on certain draft Austrian recovery and resolution planning (“RRP”) legislation – the draft Banking Intervention and Restructuring Act and associated amendments to the Federal Banking Act and the Financial […]

On 11 April 2013, Michel Barnier, European Commissioner for Internal Market and Services, gave a speech on the EU’s long-term financing needs, during which he touched upon the current status of the Recovery and Resolution Directive (RRD) and EU banking reform. M Barnier remains open to the introduction of the EU bail-in regime before 2018, […]

Here is a link to an interesting FT article regarding recent developments on the subject of bail-in. As the dust settles on the bail-out of Cypriot banks, attention is returning to the way in which bail-in will operate in the future.  Investors are rightly looking at factoring bail-in risk into the price of bank debt, […]

On 15 March 2013, the EU Council published the conclusions of its meeting held on 14 to 15 March.  Among the many issues discussed, the following are particularly relevant to the banking sector: finalisation of the legislative process on the Single Supervisory Mechanism within the coming weeks is a priority; agreement of the Bank Recovery […]

The EU Parliament has updated its procedure file on the RRD.  It now appears that the first reading of the RRD proposals will take place at the plenary session due to be held between 9 to 12 September 2013. Previously, it had been indicated that the Parliament would consider the RRD at is plenary session scheduled […]

Introduction On 11 March 2013, the European Banking Authority (EBA) published a consultation paper concerning “Draft Regulatory Technical Standards (RTS) on the content of recovery plans under the draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms” (RRD). The draft RTS have been developed pursuant to Articles 5(7) […]

The opinion of the European Central Bank (“ECB”) (dated 29 November 2012) on the proposed directive establishing a framework for recovery and resolution of credit institutions and investment firms (the “RRD”) was recently published in the Official Journal of the EU.  The opinion addressed a number of issues under the RRD and suggested various amendments […]