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20 December 2024

Response letter to Quinn Emanuel Urquhart & Sullivan, LLP, on BFCM – Legacy AT1 instruments

EBA response to Quinn Emanuel on Banque Fédérative du Crédit Mutuel’s legacy AT1 instruments, clarifying regulatory concerns under CRR and BRRD regarding grandfathering, subordination, and bail-in risks, urging redemption to align with EU capital and resolution frameworks.

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News 20 December 2024

The EBA responds to a law firm on the treatment of some legacy instruments of Banque Fédérative du Crédit Mutuel

The European Banking Authority (EBA) published today a response to the letter received from a law firm on 18 June 2024, regarding the intention of Banque Fédérative du Crédit Mutuel (BFCM), based in France, to keep some legacy instruments in its balance sheet without any regulatory value.

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Response letter to Quinn Emanuel Urquhart & Sullivan, LLP, on BFCM – Legacy AT1 instruments

The EBA responds to a law firm on the treatment of some legacy instruments of Banque Fédérative du Crédit Mutuel