Introduction As a firm, do you know the detailed contents of your portfolios of derivatives and securities financing contracts?  The Bank of England[1] wants to know, and will soon have the power to compel you to provide this information. The Bank Recovery and Resolution Directive (“BRRD”) mandates competent authorities of Member States to require an […]

The EBA has released the draft RTS on the content of resolution plans and resolvability assessment and a draft set of guidelines on measures to reduce impediments to resolution. Articles 10, 12 and 15 BRRD (Directive 2014/59/EU) mandate the EBA to draft RTS that impose common European standards, facilitating harmonisation between resolution authorities.  The draft […]

On 24 April 2014, the EU Council published information notes regarding the outcome of the EU Parliament’s vote on 15 April 2014 on MiFID II, the Single Resolution Mechanism and the Bank Recovery and Resolution Directive. In all cases, the Council has concluded that the Parliament’s position reflects what has previously been agreed with the […]

On 8 April 2014, just days before its final plenary session (scheduled for 14-17 April) the EU Parliament has published a revised text of the Bank Recovery and Resolution Directive (BRRD). The text appears to confirm the Parliament’s broad support of the requests made by various Member States for clarity that the extension of liquidity […]

The FT is reporting that a stand-off has developed over the EU bank recovery and resolution directive. The issue relates to the degree of support that a state can provide to an ailing bank before triggering the bail-in provisions of the directive.