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Has the Bank of England (BoE) taken the right approach towards the resolution of failed financial institutions? Andrew Wilkinson and Alexander Wood, partners, and Kate Stephenson, consultant, in the business finance and restructuring team at Weil, Gotshal & Manges LLP, consider the proposed framework of resolution measures.
The Bank Recovery and Resolution Directive 2014/59/EU (BRRD) has imposed a common approach to the recovery and resolution of banks and investment firms within the EU.
It is required to be implemented under national law from 1 January 2015. The BoE is responsible for the resolution of a failing bank, building society or investment firm under the (amended) Banking Act 2009 (BA 2009).
The Approach Document sets out the bank’s ‘toolkit’ or framework of resolution measures and sets out exactly how it would go about resolving a bank, building society or investment firm in practice once the BRRD becomes effective. The bank’s aim is to ensure that the adverse effects of any failure of a firm within the scope of the resolution regime are minimised.
The stated objective in publishing the Approach Document is to ensure that financial institutions, their owners, investors and customers understand the risks involved—and the protections in place—when a firm fails.
The aim of the resolution regime is to ensure losses arising from failure are borne by the shareholders and unsecured creditors of failed
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