Brussels, 22/10/2015 (Agence Europe) - Six member states - Luxembourg, the Netherlands, Poland, the Czech Republic, Romania and Sweden - must explain to the Court of Justice of the EU why they have not fully transposed the 'BRRD' directive (2014/59), which harmonises banking resolution procedures.
These countries will be obliged to pay a daily fine over the period from 1 January 2015 - the date on which the implementation of the rules began - until the day on which they have fully transposed the provisions of the directive into their internal legislations. The level of this fine will be calculated by a minimum level of €670, modulated on the basis of the gravity of the infringement and the ability of the country to pay.
Of the other 22 countries, 16 have fully transposed the 'BRRD' directive and Italy and Lithuania will have done so by the end of October. Belgium, Cyprus, Spain and Slovenia have partially transposed the directive, with a certain amount of technical work to be completed.
Single resolution fund. It is worth noting that eight countries - Germany, Cyprus, Spain, Finland, France, Italy, Latvia and Slovakia - have ratified the inter-governmental treaty on which the Single Resolution Fund, the financial arm of banking union in the eurozone to be up and running in 2016, is based. (Original version in French by Mathieu Bion)