of the aspects of that union will be a ‘bail-in’ of deposits when banks
fail in the future. Michael Noonan, Ireland’s Minister for Finance
confirmed yesterday that bail-ins or deposit confiscation will be used.
toolkit underpinning the Single Resolution Mechanism is provided for in
the bank recovery and resolution proposal (BRR) which was agreed last
June in Council under the Irish Presidency. The proposal provides a
common framework of rules and powers to help EU countries manage
arrangements to deal with failing banks at national level as well as
cross-border banks, whilst preserving essential bank operations and
minimising taxpayers’ exposure to losses.
Join us on our
Share this page with your friends
on your favorite social network: