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Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014
Establishing a framework for the recovery and resolution of credit institutions and investment firms
and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (Text with EEA relevance)Bank Recovery and Resolution Directive – BRRD
- Recitals
TITLE I — SCOPE, DEFINITIONS AND AUTHORITIES- TITLE II — PREPARATION
- CHAPTER I — Recovery and resolution planning
- Section 1 — General provisions
- Section 2 — Recovery planning
- Section 3 — Resolution planning
- Article 10 — Resolution plans
- Article 11 — Information for the purpose of resolution plans and cooperation from the institution
- Article 12 — Group resolution plans
- Article 13 — Requirement and procedure for group resolution plans
- Article 14 — Transmission of resolution plans to the competent authorities
- CHAPTER II — Resolvability
- Article 15 — Assessment of resolvability for institutions
- Article 16 — Assessment of resolvability for groups
- Article 16a — Power to prohibit certain distributions
- Article 17 — Powers to address or remove impediments to resolvability
- Article 18 — Powers to address or remove impediments to resolvability: group treatment
- CHAPTER III — Intra group financial support
- Article 19 — Group financial support agreement
- Article 20 — Review of proposed agreement by competent authorities and mediation
- Article 21 — Approval of proposed agreement by shareholders
- Article 22 — Transmission of the group financial support agreements to resolution authorities
- Article 23 — Conditions for group financial support
- Article 24 — Decision to provide financial support
- Article 25 — Right of opposition of competent authorities
- Article 26 — Disclosure
- TITLE III — EARLY INTERVENTION
- TITLE IV — RESOLUTION
- CHAPTER I — Objectives, conditions and general principles
- Article 31 — Resolution objectives
- Article 32 — Conditions for resolution
- Article 32a — Conditions for resolution with regard to a central body and credit institutions permanently affiliated to a central body
- Article 32b — Insolvency proceedings in respect of institutions and entities that are not subject to resolution action
- Article 33 — Conditions for resolution with regard to financial institutions and holding companies
- Article 33a — Power to suspend certain obligations
- Article 34 — General principles governing resolution
- CHAPTER II — Special management
- CHAPTER III — Valuation
- CHAPTER IV — Resolution tools
- Section 1 — General principles
- Section 2 — The sale of business tool
- Section 3 — The bridge institution tool
- Section 4 — The asset separation tool
- Section 5 — The bail-in tool
- Subsection 1 — Objective and scope of the bail-in tool
- Subsection 2 — Minimum requirement for own funds and eligible liabilities
- Article 45 — Application and calculation of the minimum requirement for own funds and eligible liabilities
- Article 45a — Exemption from the minimum requirement for own funds and eligible liabilities
- Article 45b — Eligible liabilities for resolution entities
- Article 45c — Determination of the minimum requirement for own funds and eligible liabilities
- Article 45d — Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs
- Article 45e — Application of the minimum requirement for own funds and eligible liabilities to resolution entities
- Article 45f — Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities
- Article 45g — Waiver for a central body and credit institutions permanently affiliated to a central body
- Article 45h — Procedure for determining the minimum requirement for own funds and eligible liabilities
- Article 45i — Supervisory reporting and public disclosure of the requirement
- Article 45j — Reporting to EBA
- Article 45k — Breaches of the minimum requirement for own funds and eligible liabilities
- Article 45l — Reports
- Article 45m — Transitional and post-resolution arrangements
- Subsection 3 — Implementation of the bail-in tool
- Article 46 — Assessment of amount of bail-in
- Article 47 — Treatment of shareholders in bail-in or write down or conversion of capital instruments
- Article 48 — Sequence of write down and conversion
- Article 49 — Derivatives
- Article 50 — Rate of conversion of debt to equity
- Article 51 — Recovery and reorganisation measures to accompany bail-in
- Article 52 — Business reorganisation plan
- Subsection 4 — Bail-in tool: ancillary provisions
- CHAPTER V — Write down or conversion of capital instruments and eligible liabilities
- Article 59 — Requirement to write down or convert relevant capital instruments and eligible liabilities
- Article 60 — Provisions concerning the write down or conversion of relevant capital instruments and eligible liabilities
- Article 61 — Authorities responsible for determination
- Article 62 — Consolidated application: procedure for determination
- CHAPTER VI — Resolution powers
- Article 63 — General powers
- Article 64 — Ancillary powers
- Article 65 — Power to require the provision of services and facilities
- Article 66 — Power to enforce crisis management measures or crisis prevention measures by other Member States
- Article 67 — Power in respect of assets, rights, liabilities, shares and other instruments of ownership located in third countries
- Article 68 — Exclusion of certain contractual terms in early intervention and resolution
- Article 69 — Power to suspend certain obligations
- Article 70 — Power to restrict the enforcement of security interests
- Article 71 — Power to temporarily suspend termination rights
- Article 71a — Contractual recognition of resolution stay powers
- Article 72 — Exercise of the resolution powers
- CHAPTER VII — Safeguards
- Article 73 — Treatment of shareholders and creditors in the case of partial transfers and application of the bail-in tool
- Article 74 — Valuation of difference in treatment
- Article 75 — Safeguard for shareholders and creditors
- Article 76 — Safeguard for counterparties in partial transfers
- Article 77 — Protection for financial collateral, set off and netting agreements
- Article 78 — Protection for security arrangements
- Article 79 — Protection for structured finance arrangements and covered bonds
- Article 80 — Partial transfers: protection of trading, clearing and settlement systems
- CHAPTER VIII — Procedural obligations
- CHAPTER IX — Right of appeal and exclusion of other actions
- TITLE V — CROSS-BORDER GROUP RESOLUTION
- TITLE VI — RELATIONS WITH THIRD COUNTRIES
- Article 93 — Agreements with third countries
- Article 94 — Recognition and enforcement of third-country resolution proceedings
- Article 95 — Right to refuse recognition or enforcement of third-country resolution proceedings
- Article 96 — Resolution of Union branches
- Article 97 — Cooperation with third-country authorities
- Article 98 — Exchange of confidential information
- TITLE VII — FINANCING ARRANGEMENTS
- Article 99 — European system of financing arrangements
- Article 100 — Requirement to establish resolution financing arrangements
- Article 101 — Use of the resolution financing arrangements
- Article 102 — Target level
- Article 103 — Ex-ante contributions
- Article 104 — Extraordinary ex-post contributions
- Article 105 — Alternative funding means
- Article 106 — Borrowing between financing arrangements
- Article 107 — Mutualisation of national financing arrangements in the case of a group resolution
- Article 108 — Ranking in insolvency hierarchy
- Article 109 — Use of deposit guarantee schemes in the context of resolution
- TITLE VIII — PENALTIES
- Article 110 — Administrative penalties and other administrative measures
- Article 111 — Specific provisions
- Article 112 — Publication of administrative penalties
- Article 113 — Maintenance of central database by EBA
- Article 114 — Effective application of penalties and exercise of powers to impose penalties by competent authorities and resolution authorities
- TITLE IX — POWERS OF EXECUTION
- TITLE X — AMENDMENTS TO DIRECTIVES 82/891/EEC, 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU AND 2013/36/EU AND TO REGULATIONS (EU) NO 1093/2010 AND (EU) NO 648/2012
- Article 117 — Amendments to Directive 2001/24/EC
- Article 118 — Amendment to Directive 2002/47/EC
- Article 119 — Amendment to Directive 2004/25/EC
- Article 121 — Amendments to Directive 2007/36/EC
- Article 124 — Amendment to Directive 2013/36/EU
- Article 125 — Amendment to Regulation (EU) No 1093/2010
- Article 126 — Amendment to Regulation (EU) No 648/2012
- TITLE XI — FINAL PROVISIONS
- ANNEX — SECTION A