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Tom Garske, associate partner at Citihub Consulting, discusses what the benefits of using schemes to abide by the provisions of the EU Bank Recovery and Resolution Directive (BRRD) are to banks.
Directive 2014/59/EU (BRRD) sets forth a common framework of recovery tools and crisis management planning for how banks need to cope in times of financial stress.
Banks have long been working on resolution and recovery planning, devising ways in which they can sustain themselves without the use of public funds or government bailouts should they need to proceed towards bankruptcy. These plans are very detailed and scrutinise all aspects of a bank’s business model—measuring risk, limiting investment of their own funds, restructuring business models, understanding how technology is inter-linked, and ultimately ensuring that banks would finally know their entire eco-system. The establishment of BRRD ultimately describes how to avoid failure in a crisis and how to mitigate systematic impact in the event of insolvency.
Some key areas on which banks have focused include:
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