On 6 July 2023, the European Central Bank (ECB) published an Opinion on amendments to the EU crisis management and deposit insurance framework.

The European Commission has proposed that the ECB be consulted in the proposed amendments to the Single Resolution Mechanism Regulation (SRMR), the proposed amendments to the Bank Recovery and Resolution Directive (BRRD) and the proposed amendments to the Deposit Guarantee Schemes Directive (DGSD). Furthermore, on 23 June and 3 July, the ECB received requests from the Council of the EU and from the European Parliament, respectively, for an opinion on the proposed amendments regarding daisy chains.

The ECB’s Opinion sets forth general observations under two headings: (i) A necessary update of the Union crisis management and deposit insurance framework; and (ii) Completing the Banking Union. It also sets out a series of specific observations including those on early intervention measures and precautionary recapitalisation and government liquidity support.

The ECB also includes a technical working document which sets out proposed amendments to the legislative texts proposed by the Commission.