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Bank Recovery and Resolution Directive (BRRD)
The Bank Recovery and Resolution Directive established a common framework for the recovery and resolution of banks and investment firms in the European Union, entering into force in January 2015. The rules allow resolution authorities to maintain the critical functions of a large failed bank by forcing creditors and shareholders to bail in the bank’s debt, rather than resorting to a taxpayer bailout. They also require banks to draft a recovery plan that would enable the bank’s turnaround in a stress situation, and a resolution plan to address potential impediments to resolution if the bank fails.
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