On Thursday 30 November, the European Parliament enshrined new rules bringing in a new category in the hierarchy of creditors to be mobilised in the event of the resolution of a failing bank, as introduced in 2016 with the 'BRRD' directive (see EUROPE 11892).
The new rules will introduce a new category of assets made up of senior, but not privileged, bank credits. This category will be eligible to acquire the international prudential standard TLAC for banks active on a global scale....