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    EU Issues Corrigendum to Second Bank Recovery and Resolution Directive

    August 31, 2020

    EU published, in the Official Journal of the European Union, a corrigendum to the revised Bank Recovery and Resolution Directive, or BRRD 2 (2019/879). The corrigendum contains correction to the article on procedure for determining the minimum requirement for own funds and eligible liabilities (MREL). BRRD 2 amends BRRD (Directive 2014/59/EU) regarding the loss-absorbing and recapitalization capacity of credit institutions and investment firms. BRRD 2 entered into force on the twentieth day following that of its publication in the Official Journal of the European Union.

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    Keywords: Europe, EU, Banking, Corrigendum, BRRD2, MREL, TLAC, Resolution Framework, Recovery and Resolution, Basel, European Parliament, European Council

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