ECONOMY - FINANCE - BUSINESS / Banks

European regulators recall EU hierarchy of affected creditors in event of a bank resolution

Brussels, 20/03/2023 (Agence Europe)

The European authorities responsible for supervising and regulating the European banking sector - the ECB’s Single Supervision Mechanism (SSM), the European Banking Authority and the Single Resolution Board (SRB) - welcomed, on Monday 20 March, the decision of the Swiss authorities to bring about a forced marriage between the two main Swiss banks, UBS and Credit Suisse, in order to avoid financial contagion.

The three regulators also recall that following the 2008 financial crisis,...