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The EU Proposal for Bank Recovery and Resolution

There is no substantive harmonization of bank insolvency rules at the EU level with the result that member states apply different rules and procedures to deal with bank failures. Under the current EU bank insolvency regime, the home country substantive law governs the insolvency proceedings of a parent bank with branches. However, some member states do not have necessary tools and powers to effectively manage bank failures. The inconsistencies and deficiencies in the member states’ bank insolvency regimes were exemplified during the recent financial crisis. In order to address these deficiencies, the Commission has proposed the Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EC and Regulation (EU) No 1093/2010. The aim of this paper is to provide an overview of the proposed Directive.