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BAFT Submits Letter to European Banking Authority on Article 55 of the BRRD

by Patrick Devilbiss | Oct 02, 2016
On September 30, BAFT submitted a letter to the European Banking Authority urging amendment of Article 55 of the BRRD. Read the Full Letter

On Tuesday, September 30th, BAFT submitted a letter to the European Banking Authority (EBA) in response to their interim report on minimum requirement for own funds and eligible liabilities (MREL).  In the report, the EBA recognized the serious problems implementation of Article 55 presents for trade finance and offers a number of policy approaches for the European Commission to consider.  BAFT thanked the EBA for its work and urged them to adopt a blended approach, limiting the scope of Article 55 while at the same time providing national authorities the power to offer waivers where necessary. 

BAFT Letter to EBA re MREL Report Aug 30 2016