Royal Decree Law 24/2012 addresses restructuring and termination of Spanish credit entities

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The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 , for the restructuring and termination of Spanish credit entities. This RDL entered into force on 31 August 2012. The approval of the RDL 24/2012 is the result of implementing the recapitalization plan of the Spanish financial system, which the Spanish government agreed to in its Memorandum of Understanding with the Eurozone (the Memorandum of Understanding). With this law, it also anticipated that Spain has implemented the major requirements of the EU Crisis Management Directive regarding the recovery and resolution of credit institutions.

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