BRRDBattle River Regional Division (School District; Canda)
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Together with the provisions on preferential treatment for depositors set out in the BRRD rules, the recast Directive on Deposit Guarantee schemes, strengthens even further the protection of depositors: with pre-funded guarantee schemes in each Member State, depositors can rest assured that whatever happens to the bank they deposit money in, their savings up to EUR 100,000 remain fully protected from any loss.
Despite nearly half of EU states not having implemented it into national law, the EBA said the BRRD is now the manual for coordinating action on bank failures.
There is concern that countries should have moved faster to implement BRRD but our reading is that you can and should go a long way to using it," the EBA spokesman said.
Ensuring full cooperation according the rules set out in the BRRD has been the most important focus of the EBA efforts so far, and the authority reported a good reaction to its pressure in that direction," the spokesman added.
A key component of the BRRD was to ensure that, once a jurisdictional firm entered resolution, its counterparties in derivatives and other financial contracts could not terminate their positions solely as a result of the firm s (or affiliate s) entry into resolution.
Although the BRRD ensures that the UK temporary stay would be recognized throughout the EU, there is no similar guaranty that any other jurisdiction would enforce the UK stay in favor of contractual terms, unless the law of that jurisdiction expressly recognized foreign resolution actions.
The BRRD contains several "escape clauses" linked to concerns over financial stability and contagion.
The Commission sent a reasoned opinion to 11 EU Member States on 28 May 2015 (IP/15/5057), asking them to transpose the BRRD.
For member states participating in the banking union, the national resolution funds set up under the BRRD as of 1 January 2015 will be replaced by the SRF as of 1 January 2016.
This leads to changes in the contributions banks have to pay under the SRM versus the BRRD.