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Expert Analysis

A Test For The Banking Recovery And Resolution Directive

Law360, New York (March 19, 2015, 11:51 AM EDT) -- On May 15, 2014, most of the Banking Recovery and Resolution Directive (BRRD)[1] was required to be implemented by the European Union member states through local legislation by Jan. 1, 2015. In the Republic of Austria, the BRRD implementation was done by way of the so-called BaSAG.[2] On March 1, 2015, the Austrian regulator FMA,[3] in its capacity as resolution authority under the BaSAG, issued a decision[4] in respect of the Austrian "bad bank" Heta Asset Resolution AG. In essence, in the March 1 decision, the FMA decided that — under the present circumstances — Heta is to be subjected to the BaSAG....

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