Draft of a new regime for the rescuing of banks in Germany

The German bank restructuring and resolution regime is approaching its ‘home stretch’. As early as 2008, as a response to the financial crisis, the German legislator started amending bank regulatory provisions to foster the stability of the financial system and to rescue banks in crisis. The legislative framework has been repeatedly readjusted since then.

As the most recent development, the German federal government published a legislative package on 9 July 2014 that, among other things, aims to implement Directive 2014/59/EC (Bank Resolution and Recovery Directive, or BRRD) and shall — according to the draft act — for the most part enter into force on 1 January 2015.

Through this, the bank rescue regime applicable today will be amended. Like the BRRD, German law already provides for rules on preparation and planning, on early intervention and on resolution. Furthermore, Germany has enacted a split-bank regime (Trennbankenregime), which will enter into force in the middle of next year. The draft legislation amends parts of these provisions substantively. A summary of the effects is set out below…

Click on the link below to read the rest of the Allen & Overy briefing.

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