On Friday 29 September, the European Banking Authority (EBA) concluded an agreement to set in place a cooperation framework governing agreements between European and American authorities on banking resolution, in line with the mandate granted to it by the 'BRRD' directive on the resolution and recovery of banking groups.
The framework agreement, to which five American financial regulatory agencies have signed up, is non-binding and goes no further than to lay down basic principles for any future cooperation arrangement (memorandums of understanding, cooperation declarations and cooperation agreements) between a European and an American authority on banking resolution and the cross-border management of banking crises. In particular, it covers cooperation agreements on early intervention, resolution planning, resolvability evaluation and bank resolution.
The American signatory agencies are the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the New York State Department of Financial Services. (Original version in French by Marion Fontana)