On Friday 17 November, the ambassadors of the Member States of the European Union (Coreper) adopted the EU Council’s position on a legislative proposal for a targeted revision of the rules on the resolution of major European banks (see EUROPE B13287A26, B13164A7).
This proposal introduces provisions for the treatment of ‘MREL’ own funds eligible in the event of resolution, which would be issued by a ‘subsidiary’ of a group and recognised at the level of the parent company. It...