Bank Resolution Regime – From Theory To Practice

The financial crisis in Cyprus resulted among others in the introduction of the Insolvency Framework, comprising of a package of six bills of legislation that came into force on the 07/05/2015. The new practices emerging from the financial realities are focused on corporate and banking insolvency in a more complicated level involving high net wealth credit, banking and financial institutions. Amongst other legal issues raised is the implementation of the Bank Recovery and Resolution Directive (Directive 2014/59/EU) ("BRRD") to the domestic law, depositors' rights and cross-border insolvency recognition questions.

Our law firm (such appointment having been approved by the Central Bank of Cyprus) is currently acting as the special legal counsels (both litigation and consultancy) to the appointed Special Administrator of FBME Bank Ltd (Cyprus Branch). A variety of litigation issues emanating from the principles behind the resolution legislations and the powers and role