Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR) Review (2019)

Published 29.03.2021

State of play

Level 1

European Parliament

  • 22 February 2018, the ECON Committee held a debate on the proposed amendments to the draft reports.
  • 19 June 2018, the ECON Committee adopted the final reports amending the BRRD and the SRMR.
  • 28 June 2018, the Parliament adopted the reports of the ECON Committee and the negotiations mandate.

Council

  • 25 May 2018, the ECOFIN Council agreed on a common position on the remaining parts of the RRM package.
  • 4 December 2018, the ECOFIN Council endorsed the political parts of the RRM package including the BRRD and SRMR.

Trilogue negotiations

  • 15 February 2019, the Coreper endorsed the final agreement on the banking reform package, containing the BRRDS and SRMR.
  • 26 February 2019, the ECON Committee approved the final agreement.
  • 16 April 2019, the Parliament adopted the proposals in plenary.
  • 14 May 2019, the Council formally adopted the proposals

Level 2

  • 22 November 2019, the EBA launched a public consultation on the draft Implementing Technical Standard (ITS) on disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC).
  • 15 May 2020, the EBA launched a public consultation on its draft RTS for contractual recognition of stay powers laid down in the BRRD.

Level 3

  • 17 February 2020, the EBA published its first quantitative report on minimum requirements for own funds and eligible liabilities (MREL) under a new methodology.
  • 25 March 2020, ESMA published a statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the Covid-19 outbreak.
  • 20 May 2020, the Single Resolution Board published its final report on Minimum Requirements for Own Funds and Eligible Liabilities (MREL) Policy under the Banking Package,
  • 20 May 2020, the EBA published a report assessing interlinkages between recovery and resolution planning under the BRRD, with the aim of enhancing synergies between the two phases and ensuring consistency in their potential implementation.
  • 26 June 2020, the EBA published a discussion paper exploring ways on how to enhance the BRRD framework on early intervention measures.
  • 24 July 2020, the EBA launched a consultation on draft ITS on reporting of MREL decisions.
  • 24 July 2020, the EBA launched a consultation on draft RTS on estimation of Pillar 2 and combined buffer requirements for the purpose of setting MREL.
  • 24 July 2020, the EBA launched a consultation on RTS and ITS on the impracticability of contractual recognition of bail-in under BRRD.
  • 23 December 2020, the EBA published final technical standards on estimation of Pillar 2 and combined buffer requirements for setting MREL.
  • 23 December 2020, the EBA published final technical standards of MREL decision from authorities to EBA.
  • 23 December 2020, the EBS published final draft technical standards on the impracticability of contractual recognition under the BRRD framework.
  • 27 May 2021, the EBA published its second quantitative Report on minimum requirements for own funds and eligible liabilities (MREL) under the new methodology.
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