The EU banking package—CRD V, CRR II, BRRD II and SRMR II

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • The EU banking package—CRD V, CRR II, BRRD II and SRMR II
  • Background to the banking package
  • The Capital Requirements Directive V (EU CRD V)
  • EU intermediate parent undertaking
  • Pillar 2 clarifications
  • Updates to the macro-prudential toolbox
  • Entities exempted from scope
  • Enhanced prudential rules on AML
  • Authorisation as a credit institution
  • Technical standards under EU CRD V
  • More...

The EU banking package—CRD V, CRR II, BRRD II and SRMR II

A package of legislation intended to reduce risks in the EU banking sector, known as the ‘banking package’, was published in the Official Journal of the EU on 7 June 2019. The package sets out revised rules on capital requirements (Directive (EU) 2019/878 (OJ L 150/253) (EU CRD V) which amends the fourth Capital Requirements Directive 2013/36/EU and Regulation (EU) 2019/876 (EU CRR II) which amends the Capital Requirements Regulation (EU) 575/2013 as well as revised rules on resolution (Directive (EU) 2019/879) (OJ L 150/296) (EU BRRD II) which amends the Bank Recovery and Resolution Directive 2014/59/EU, and Regulation (EU) 2019/877 (OJ L 150/226) (EU SRMR II) which amends the Single Resolution Mechanism Regulation (EU) 806/2014. This Practice Note looks at each of the new measures in turn, as well as the background to the banking package and when the provisions start to apply.

Background to the banking package

In November 2016, the European Commission published a series of legislative proposals for amendments to Directive 2013/36/EU (EU CRD IV), Regulation (EU) 575/2013 (EU CRR), Directive 2014/59/EU (EU BRRD) and Regulation (EU) 806/2014 (EU SRMR), known collectively as the ‘banking package’. The package was seen as an important step towards completion of the European post-crisis regulatory reforms, with its risk-reduction measures allowing further progress in completing

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