Add UK Bonds To Resolution Fund After Brexit, EU Says
Law360, London (April 1, 2019, 3:09 PM BST) -- European banks issuing instruments from Britain should ensure that these can be converted into loss-absorbing holdings under the bloc's resolution rules after Brexit, Europe's authority for handling failing banks has said.
The Single Resolution Board said in guidance published on Friday that it expects EU banks to write into their contracts that bonds and other financial instruments being issued in the U.K. can be converted into buffers under the bloc's minimum requirement for own funds and eligible liabilities, known as MREL.
The SRB, which steps in when one of the bloc's banks is identified as likely to fail, said EU banks...
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