Brussels sets the stage for senior debt haircuts

European commission

Senior bondholders will face write-downs when it is time to resolve a floundering bank, according to one of two proposals in a European Commission consultation document, published Thursday.

The proposals were embedded in a consultation document launched by the Commission's directorate of the internal market and services, with a view to putting forth a legislative proposal for a framework to deal with bank resolutions. "Although our first objective is better prevention, banks will fail in the

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