On Wednesday 12 February, the European Commission decided to take seven EU Member States – Austria, Bulgaria, Finland, Hungary, the Netherlands, Portugal and Spain – to the Court of Justice of the European Union for failing to transpose the directive (2021/2167) aimed at fostering the development of a secondary market for non-performing loans (NPLs).
This directive, which had to be transposed into Member States’ domestic law by the end of 2023 at the latest, introduces a European passport for credit managers. These service providers act on behalf of financial companies that have acquired a bank loan that is more than 90 days overdue (see EUROPE 12735/16).
BRRD. The European Commission will also send reasoned opinions to five Member States – Austria, Bulgaria, Spain, Portugal and Slovakia – for failure to transpose the so-called ‘Daisy Chain’ Regulation (2022/2036) that amends the BRRD Directive governing the resolution of failing banking groups in the EU (see EUROPE 12941/25). (Original version in French by Mathieu Bion)