EC approved, under the EU bank recovery and resolution rules, the resolution scheme of Banco Popular Español, S.A. based on a proposed resolution scheme by the Single Resolution Board (SRB). This is the first resolution action taken by SRB under the Bank Recovery and Resolution Directive (BRRD), with EC approval. SRB has transferred all shares and capital instruments of Banco Popular to Banco Santander S.A. This means that Banco Popular will operate under normal business conditions as a solvent and liquid member of the Santander Group. The resolution scheme entered into force on June 07, 2017.
Keywords: Europe, EC, Banking, BRRD, SRB, Resolution Framework
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