EU System To Prevent Taxpayer Bank Bailouts Takes Effect
Law360, New York (January 4, 2016, 7:14 PM EST) -- The European Union’s long-awaited Single Resolution Mechanism, a eurozone-wide insolvency fund designed to ensure that failing banks won't require a taxpayer bailout, began operations on Jan. 1, more than two years since the idea was proposed in the aftermath of the financial crisis.
The plan calls for a Single Resolution Fund that will be built up over eight years by ex ante contributions from banks in euro currency states, said the European Commission, the EU's executive arm, promoting a so-called “bail-in” concept that seeks to protect public finances and the wider banking system from a cross-border panic.
“This means that we...
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