“A European resolution scheme to be primarily funded by contributions of banks could provide assistance in the application of resolution measures to banks overseen by the European supervision with the aim of orderly winding-down non-viable institutions and thereby protect tax payer funds.” Source: HvR June 2012 Report
Bank Recovery and Resolution Directive
The draft directive proposed by the Commission in June 2012 would introduce EU-wide rules for the recovery and resolution of credit institutions and investment firms. It is aimed at providing national authorities with common tools and powers to tackle bank crises pre-emptively and to resolve any financial institution in an orderly manner in the event of insolvency, thereby minimising taxpayers' exposure to losses. The proposal is aimed at transposing into EU law commitments made at the G20 Washington summit in November 2008, when leaders called for a review of resolution regimes and bankruptcy laws, and is also drawing inspiration from standards set by the Financial Stability Board.
Rapporteur: Gunnar Hökmark Report, 4.6.13
Rapporteurs for opinion:
Compromise proposal, 16.7.13 - As detailed in Annex 2 to the document, the main changes address issues such as the scope of the bail-in tool and resolution financing arrangements.
On 22.12.13, the Council of the EU published a note attaching the final compromise text of the proposed BRRD agreed with the EP. Agreement in trialogue had previously been reached on 11.12.13.