- Question ID
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2015_2082
- Legal act
- Directive 2014/59/EU (BRRD)
- Topic
- Recovery plans
- Article
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6
- COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
- Not applicable
- Article/Paragraph
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n.a.
- Type of submitter
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Competent authority
- Subject matter
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Assessment of group recovery plans
- Question
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Should group recovery plans be assessed in the same way as recovery plans in Article 6 of Directive 2014/59/EU (BRRD)? Is the reference to Article 7 (1) contained in Article 6 (1) correct?
- Background on the question
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Article 6 of Directive 2014/59/EU (BRRD) provides for a procedure regarding the assessment of recovery plans. Should such procedure be also applied to group recovery plan? Moreover, is the reference to Article 7 (1) contained in Article 6 (1) correct? It seems as if the correct reference should have been made to Article 7 (2), as only this provision refers to individual recovery plan drawn up by institutions.
- Submission date
- Final publishing date
-
- Final answer
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Article 8 (1) of Directive 2014/59/EU (BRRD) provides that the assessment of the group recovery plan has to be made in accordance with the same procedure as laid down in Article 6 of Directive 2014/59/EU (BRRD). Indeed, the reference to Article 7 (1) in Article 6 (1) appears to be wrong and it should be to paragraph 7 (2).
Disclaimer:
This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.
- Status
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Final Q&A
- Answer prepared by
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Answer prepared by the European Commission because it is a matter of interpretation of Union law.
- Note to Q&A
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Update 26.03.2021: This Q&A has been reviewed in the light of the changes introduced to Directive 2014/59/EU (BRRD) and continues to be relevant.
Disclaimer
The Q&A refers to the provisions in force on the day of their publication. The EBA does not systematically review published Q&As following the amendment of legislative acts. Users of the Q&A tool should therefore check the date of publication of the Q&A and whether the provisions referred to in the answer remain the same.