This briefing explains why the completion of the Banking Union may need to be underpinned by further progress in harmonising Member States’ insolvency law, from a ‘banking resolution’ perspective.
Further to recent resolution and liquidation cases experienced in the Banking Union, both the Single Resolution Mechanism (SRM) and the Single Supervision Mechanism (SSM) have called for further harmonisation of insolvency law.
In April 2018, the SRB stressed that “the divergence of national insolvency laws is a major obstacle towards a fully-fledged Banking Union”.
As part of the SRM review due by 31 December 2018, the Commission shall “evaluate the necessity of taking steps order to harmonise insolvency proceedings for failed institution”.
Full briefing
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