Question ID
2018_3700
Legal act
Directive 2014/59/EU (BRRD)
Topic
Cross-border resolution
Article
88, 89
Paragraph
6, 4
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Not applicable
Article/Paragraph
n.a.
Type of submitter
Competent authority
Subject matter
Other groups or colleges in Articles 88(6) and 89(4)
Question

Could you please explain what “other groups or colleges” can carry out the work assigned to the resolution colleges with regard to Articles 88(6) and 89(4)?

Background on the question

According to Article 88(6) of Directive 2014/59/EU (BRRD) “Group-level resolution authorities are not obliged to establish a resolution college if other groups or colleges perform the same functions and carry out the same tasks specified in this Article and comply with all the conditions and procedures”

and to Article 89(4) BRRD “Member States may, by mutual agreement of all the relevant parties, waive the requirement to establish a European resolution college if other groups or colleges, including a resolution college established under Article 88, perform the same functions and carry out the same tasksMember States may, by mutual agreement of all of the relevant parties, waive the requirement to establish a European resolution college if another group or college performs the same functions and carries out the same tasks specified in this Article and complies with all of the conditions and procedures, including those covering membership and participation in European resolution colleges, established in this Article and in Article 90. In such a case, all references to European resolution colleges in this Directive shall also be understood as references to those other groups or colleges”.

It is not exactly clear what “other groups or colleges” can carry out the work assigned to the resolution colleges.

Submission date
Final publishing date
Final answer

As regards Article 88(6) and Art 89(4) of Directive 2014/59/EU (BRRD) the reference may include, as provided for in Recital (55) of the Commission Delegated Regulation 2016/1075 of 23 March 2016, Crisis Management Groups or other groups but only to the extent that they perform the same functions and carry out the same tasks as laid down in Article 88 or 89 and comply with all the conditions and procedures, including those covering membership and participation in resolution colleges established in the respective Article and in Article 90.

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
Final Q&A
Answer prepared by
Answer prepared by the European Commission because it is a matter of interpretation of Union law.
Note to Q&A

Update 26.03.2021: This Q&A has been updated in the light of the changes introduced to Directive 2014/59/EU (BRRD).

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.