Brussels, 23/01/2013 (Agence Europe) -On Wednesday 23 January 2013, the European Banking Authority (EBA) asked 39 too-big-to-fail European banks to draw up living wills and submit them to the regulatory authorities in their country. The living wills are to be based on international standards devised by the Financial Stability Board at the IMF.
The plans are intended to fill the interim period before a comprehensive legislative framework for the recovery and resolution of credit institutions is implemented at EU level following the proposal by the European Commission presented in June 2012 and currently being examined by the European Parliament. They must include general but comprehensive information on the institution and its governance structure; the list and description of options available in a crisis situation and an assessment of their execution and impact; the measures that the institution plans to implement to facilitate, in the future, the update of the recovery plan or its implementation in crisis times. For further information, see: http://eba.europa.eu/cebs/media/Publications/Recommendations/EBA_Recommendation-on-Recovery-Plans.pdf (MB/transl.fl)