Next step towards the banking union
By Charles Krier and Michel Bulach
During the last plenary session of the current legislature on 15 April, the European Parliament approved three pieces of legislation considered as central for the establishment of a solid and efficient Banking Union, namely:
1. Bank Recovery and Resolution Directive (RRD)
After the Trilogue Agreement between the European Parliament, the EU member states and the European Commission on 11 December 2013, the text of the RRD has now been voted by the European Parliament.
The RRD constitutes the single rulebook for the resolution of banks and large investment firms in all 28 EU member states. It sets new binding rules in order to reduce the risk that resolution of bank defaults be made via public funding, therefore at the expense of taxpayers, especially by introducing the principle of bail-in so that shareholders and creditors will first be called to contribute to the resolution scheme in case of a bank failure…
Click on the link below to read the rest of the Wildgen briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.