On 24 June 2021 the Single Resolution Board published guidelines on reporting debt agreements within the meaning of Article 55 of the bank recovery and resolution directive (BRRD) for credit institutions directly within their jurisdiction. In practice, the reporting process relates to certain debt agreements subject to the laws of a country outside the EU, in which a credit institution believes it is not possible to include a bail-in recognition clause.
The reporting process is based on the European Banking Authority’s (EBA’s) regulatory and implementing technical standards now being finalised and which are expected to be endorsed in the Commission’s delegated regulation in the early autumn.
The (Finnish) Financial Stability Authority will inform the credit institutions directly within its jurisdiction this autumn more precisely concerning how reports are to be drawn up.
SRB publishes approach for notifying impracticability to include bail-in recognition clauses in contracts.
Further information: Head of Unit Reima Letto (reima.letto(at)rvv.fi)
