In the Summer 2014 edition of eurofenix (in an article entitled “A New
Regime for Bank Crisis Management”), we reported on the EU Bank Recovery and Resolution Directive 2014/59/EU (the “BRRD”), a minimum harmonisation directive which aims to establish a common framework for the recovery and resolution of failing credit institutions and larger investment firms in the European Economic Area (EEA).
The BRRD complements the EC Directive on the Reorganisation and Winding-Up of Credit Institutions (2001/24/EC), the “Directive”, implemented in the UK in 2004, which is broadly aimed at determining the state within the EEA that should oversee insolvency proceedings for certain financial entities and determining the extent to which that state’s laws govern the administration of
the financial entity's interests in other EEA states.
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