Resolution Framework | Central Bank of Ireland

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class="mobile-menu-wrapper"> <nav aria-labelledby="mobile-nav"> <h3 class="sr-only" id="mobile-nav">In this Section</h3> <div class="sidebar-mobile-menu visible-xs"> <a href="#">Resolution Framework</a> <ul> <li class=""><a href="/regulation/how-we-regulate/resolution-framework/legislation" target="_self">Legislation for Resolution Framework</a></li> <li class=""><a href="/regulation/how-we-regulate/resolution-framework/resolution-planning" target="_self">Resolution Planning</a></li> <li class=""><a href="/regulation/how-we-regulate/resolution-framework/resolution-funds" target="_self">Resolution Funds</a></li> </ul> </div> </nav> </div> <div class="container standard-content"> <div class="sf_cols row"> <div class="col-sm-8 main-content"> <article id="MainContentPlaceholder_T225F410C003_Col00" class="sf_colsIn" data-placeholder-label="Main Content"><h1>Resolution Framework</h1> <p>On 15 May 2014, the <a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0059&from=EN" title="This link will open in a new tab or window" target="_blank" rel="noopener">Bank Recovery and Resolution Directive</a> (BRRD) was adopted by the EU in order to provide national resolution authorities with comprehensive and effective powers for dealing with failing banks and in-scope investment firms ('institutions'). The BRRD was transposed into Irish law via the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. 289 of 2015).</p> <p>This framework and related <a href="/regulation/how-we-regulate/resolution-framework/legislation">legislation</a> enhances both the resilience and the resolvability of institutions, which will be better prepared to deal with, and recover from, a crisis situation. Moreover, in the event that an institution does fail, the impact associated with that failure should be minimised. </p> <p>Specifically, the framework introduced the following key elements: </p> <ul> <li>Credit institutions and in-scope investment firms are required to prepare recovery plans, which identify appropriate options that can be executed in the event of a significant financial deterioration of the institution, thereby reducing the likelihood of failure.</li> <li>In addition, the BRRD grants a new set of early intervention powers to supervisors. These powers include the requirement for institutions to execute recovery options, the removal of management, and changing the structure of the institution.</li> <li><a href="/regulation/how-we-regulate/resolution-framework/resolution-planning">Resolution planning activity</a> is undertaken by the Central Bank, or the Single Resolution Board (SRB), in advance of failure to ensure this process is managed effectively. </li> <li>If required, the Central Bank and the SRB have at their disposal a set of resolution tools that can be used to resolve failing institutions in order to minimise the impact of failure on the financial system, the real economy, depositors and taxpayers.</li> <li>Both a national and a European <a href="/regulation/how-we-regulate/resolution-framework/resolution-funds">resolution fund</a> have been established to help finance the cost of resolution in the future.</li> <li>The Central Bank of Ireland has established <a href="/docs/default-source/regulation/how-we-regulate/resolution/srf/internal-rules-of-the-central-bank-of-ireland-as-resolution-authority.pdf?sfvrsn=330faf1d_6" title="National Resolution Authority Internal Rules">National Resolution Authority Internal Rules</a>.</li> </ul> <p>This framework works in conjunction with a number of other related legislative texts, including the <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R0806&from=EN" title="This link will open in a new tab or window" target="_blank" rel="noopener">Single Resolution Mechanism Regulation</a> (SRMR).</p> <h2>Bank Creditor Hierarchy Directive</h2> <p>On 7 December 2017, the EU Member States (the Council of the EU) adopted the <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017L2399&from=EN" title="This link will open in a new tab or window" target="_blank" rel="noopener">Bank Creditor Hierarchy Directive</a> (BCHD), which amended the BRRD to introduce greater harmonisation of the creditor hierarchy amongst EU Member States. This was necessary in order to achieve effective absorption of losses by institutions entering resolution within the resolution framework, in particular, through the introduction of new creditor classes and contractual rankings for certain debt instruments. The BCHD was transposed into Irish law via the European Union (Bank Recovery and Resolution) Regulations 2019 (S.I. 127 of 2019).</p> <h2>Risk Reduction Measures (RRM) Package</h2> <p>In May 2019, the EU Member States (the Council of the EU) reached <a href="https://www.consilium.europa.eu/en/press/press-releases/2019/05/14/banking-union-council-adopts-measures-to-reduce-risk-in-the-banking-system/" title="This link will open in a new tab or window" target="_blank" rel="noopener">final agreement</a> on a new suite of resolution and prudential measures, known as the RRM Package. The final legal texts were published in the EU's legislation directory (the 'Official Journal') on 7 June 2019. As part of the RRM Package, legislative amendments have been made, inter alia, to both the BRRD and SRMR (known as <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019L0879&from=EN" title="This link will open in a new tab or window" target="_blank" rel="noopener">‘BRRD2’</a> and <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019R0877&from=EN" title="This link will open in a new tab or window" target="_blank" rel="noopener">‘SRMR2’</a>). </p> <p>National transposition of BRRD2 which amended the European Union (Bank Recovery and Resolution) Regulations 2015 entered into force on 28 December 2020 (<a href="http://www.irishstatutebook.ie/eli/2020/si/713/made/en/print?q=713&years=2020" title="This link will open in a new tab or window" target="_blank" rel="noopener">S.I. 713 of 2020</a>). BRRD2 and SRMR2 introduced several new and refined powers and discretions, primarily in relation to the minimum requirement for own funds and eligible liabilities (MREL) and related legislation.</p> <h2>Credit Unions</h2> <p>With respect to credit unions, the Central Bank is conferred with a range of resolution powers under the Central Bank and Credit Institutions (Resolution) Act 2011.</p> <h2>Central Clearing Counterparties</h2> <p>In December 2020 the EU Member States (the Council of the EU) reached final agreement on a new suite of recovery and resolution measures for <a href="/regulation/industry-market-sectors/securities-markets/emir-regulation" target="_blank">EU Central Clearing Counterparties (CCPs) authorised under Regulation 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (“EMIR”)</a>. These measures were introduced by <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32021R0023" title="This link will open in a new window" target="_blank">‘Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations’ (CCPRRR)</a> and were published in the EU’s legislation directory (the Official Journal) on 21 January 2022. Regulation 4 of the European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. 547 of 2022) designated the Central Bank as the national resolution authority responsible for carrying out the functions and duties of the resolution authority provided for in the CCPRRR. The Central Bank has established <a href="/docs/default-source/regulation/how-we-regulate/resolution/resolution-framework/internal-rules-central-bank-ccp-resolution-authority.pdf?sfvrsn=3db1981d_3" title="national resolution authority Internal Rules">national resolution authority Internal Rules</a> regarding professional secrecy and information exchanges between the CCP resolution authority and the other functional areas of the Central Bank for the purposes of S.I. 547 of 2022. There are currently no CCPs authorised in Ireland</p> <p>See our <a href="https://www.centralbank.ie/consumer-hub/explainers/what-happens-if-a-bank-investment-firm-or-credit-union-fails">resolution explainer</a> also.</p> </article> </div> <div id="MainContentPlaceholder_T225F410C003_Col01" class="sf_colsIn col-sm-4 rhs" data-placeholder-label="General Righ hand side"> <nav aria-labelledby="rhsheadingtwo"> <h3 class="sidebar-heading-icon icon-bars hidden-xs" id="rhsheadingtwo"> In this Section </h3> <div class="right-sidebar hidden-xs"> <ul class="left-nav"> <li class=""> <a href="/regulation/innovation-hub">Innovation-Hub</a> </li> <li class=""> <a href="/regulation/central-bank-portal">Central Bank of Ireland Portal</a> </li> <li class="first-level-child active"> <a href="/regulation/how-we-regulate">How We Regulate</a> <ul id="MainContentPlaceholder_T225F410C009_ctl00_ctl00_ctl03_ctl02_childNodesContainer"> <li class=""> <a 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