On 22 April 2024, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2024/1174 amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The Directive is sometimes known as the ‘daisy-chain proposal’.

On 13 March 2024, the Council of the EU published the draft Directive, with provisional political agreement being reached last December. Furthermore, the European Parliament adopted the text of the draft Directive in February 2024.

Next steps

The Directive enters into force on the twentieth day following its publication in the OJ. Member States will then adopt and publish measures implementing the Directive six months from the date of entry into force and apply those measures the following day.