On 28 May 2015, the European Commission sent a reasoned opinion to 11 Member States asking them to transpose the Bank Recovery and Resolution Directive (BRRD). The deadline for the transposition of the BRRD was 31 December 2014.
The Commission has now decided to refer six Member States to the European Court of Justice (ECJ) over their failure to transpose the BRRD. The member states are: the Czech Republic, Luxembourg, the Netherlands, Poland, Romania and Sweden.
Referrals to the ECJ imply the imposition of, at least, a daily penalty payment until full transposition has taken place. The amount of such penalties are calculated in a way that takes into account the payment capacity, the duration and degree of seriousness of the infringement of the Member State concerned. The Commission can decide to withdraw the case in the event that a Member State implements the EU rules in question.
View Commission refers six Member States to the Court of Justice of the EU for failing to transpose EU rules on Bank Recovery and Resolution Directive, 22 October 2015