On 15 April 2024, the Council of the EU published the text of the proposed Directive 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 draft Directive is sometimes known as the ‘daisy-chain proposal’.

The Council of the EU and the European Parliament reached provisional political agreement on the draft Directive last December. The European Parliament adopted the text of the draft Directive in February 2024. The Council of the EU adopted the draft Directive in March 2024.

Once published in the Official Journal of the EU, the draft Directive enters into force 20 days later. 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.