BRRDBattle River Regional Division (school district; Canada)
References in periodicals archive ?
A bail-in of senior creditors would be the first under BRRD in Europe only two months after Austria implemented the new regime.
The BRRD contains several "escape clauses" linked to concerns over financial stability and contagion.
However, according to the BRRD, before the fund takes any action, at least 8 per cent of the required cash must come from a bail-in, or haircut, on creditors' holdings.
The EU BRRD came into force on July 2, 2014 and was required to be implemented in member states by January 1, 2015.
Future exposure of the government's balance sheet to bank failures has been reduced by the adoption of the BRRD, which explicitly provides for burden-sharing the cost of supporting distressed banks with unsecured creditors.
The BRRD provides uniform rules for the entire single market while the SRM provides the institutional and funding architecture for applying those rules in member states participating in the EU's banking union.
The BRRD is designed to provide a common set of tools and powers for dealing with failing banks and it is scheduld to come into effect at the end of this year.
At the time of going to press, the Presidency was set to propose a new text to the member states' finance ministers, meeting on 10 December, with a view to three-way talks, on 11 December, on this directive on the recovery and resolution of banks in difficulty, called the BRRD directive.
The remaining authorities did not apply simplified obligations or waivers because they had chosen not to exercise this discretion or because of delays in the transposition of the BRRD into their national legal frameworks.
The BRRD was intended to provide tools for handling future cross-border bank failures, and to reduce the potential public cost of future financial crises.
At the same time, Moody's says that the introduction of the BRRD has
The new BRRD rules equip national authorities with the necessary tools and powers to mitigate and manage the distress or failure of banks or large investment firms in all EU Member States.