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Proposals for strengthening integrated risk management by removing possible uncertainties around supporting entities in distress within the same group have been set out for consultation by the European Banking Authority (EBA).
Views are sought on draft Regulatory Technical Standards (RTS) and Guidelines specifying the various conditions for the provision of group financial support, and on draft Implementing Technical Standards (ITS) on the disclosure of group financial support agreements. The standards and guidelines have been developed within the framework established by the Bank Recovery and Resolution Directive (BRRD). The consultation is open until 4 January 2015.
The draft RTS and Guidelines have been developed according to Directive 2014/59/EU (BRRD), which mandates the EBA to specify the conditions for the provision of group financial support.
The draft ITS are based on the BRRD, art 26 which mandates the EBA to specify the format and content of the disclosure of group financial support agreements.
Group financial support refers to one entity of a banking group providing support to another entity of the same group on the basis of a financial support agreement, provided the latter entity encounters financial difficulties and meets the conditions the BRRD requires for early intervention measures by the competent authority.
The EBA asserts the legal framework for financial support within a group is widely different across the EU countries, in particular if the group is in financial difficulties and with regard to support from a
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