When should a EU directive become a regulation? Some think
it's a question worth asking about the Bank Recovery and
Resolution Directive (BRRD). Attention has certainly been drawn
to the directive since Bank of Portugal's (BoP) December write
down of Novo Banco's senior bond tranches.
For those who missed it, on December 29 the Bank of Portugal
instructed Novo Banco's senior notes be moved into its bad bank
predecessor, Espirito Santo before it was...