EU launches public consultation on Credit Institutions Directive
The European Union has announced that it is inviting stakeholders to comment on the Directive on reorganisation and winding-up of credit institutions (2001/24/EC) , with a deadline of September 30. The EU wants to ensure the Directive is completely fulfilling its objectives, and is looking to decide whether its provisions should be extended to cover cross-border banking groups.
The EU will also look at obstacles that come about from asset transferability within groups. Thus, stakeholders are particularly invited to give opinions on the problems of cross-border reorganisation and winding-up of banking groups and the obstacles to the transferability of assets in a crisis situation, as well as any gaps or ambiguities that they perceive in the current Directive.
The Directive aims to ensure that credit institutions and any of its branches within member states get
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