The Bank Recovery and Resolution Directive in Spain

Author: | Published: 23 Jul 2015

By Yolanda Azanza, partner at Clifford Chance, Madrid

Law 11/2015 of June 18 on the recovery and resolution of credit institutions and investment firms partially implemented the Bank Recovery and Resolution Directive (BRRD) into Spanish law.

In 2012 the Spanish government had already anticipated some of the measures to be implemented by the BRRD through Law 9/2012 on the restructuring and resolution of credit entities. This law established a new regime in Spain for the restructuring and resolution of credit institutions and a statutory loss absorbency regime applicable within the framework of restructuring and resolution processes.

Law 11/2015 follows the path set by Law 9/2012, although completing it for the purposes of implementing the BRRD. In this regard, the main new aspects addressed by Law 11/2015 are:

a prevention phase by obliging individual firms and groups to prepare recovery plans, and the authority in charge of...



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