United Kingdom (and EU regulation)

PRA Policy Statement 28/20: Bank Recovery and Resolution Directive II

By Jochen Vester (UK) and Simon Lovegrove (UK) on December 22, 2020 Posted in Banking, United Kingdom

On 21 December 2020, the PRA published Policy Statement 28/20: Bank Recovery and Resolution Directive II (PS28/20).

In PS28/20 the PRA provides feedback to the responses received on Consultation Paper 18/20: Bank Recovery and Resolution Directive II (CP18/20). It also contains the PRA’s final policy being amended:

Contractual Recognition of Bail-in (CROB) Part of the PRA Rulebook (Appendix 1).
Stay in Resolution (Stays) Part of the PRA Rulebook (Appendix 2).

The PRA received one response to CP18/20. The respondent requested clarification regarding the PRA’s proposal to amend the definition of ‘crisis management measure’ in the Stays Part. Details of the response and the PRA’s feedback are set out in Chapter 2 of PS28/20. The PRA has considered that request and decided to publish final policy as consulted on.