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ARTICLE · 19 AUGUST 2021

Bail-In Trends

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Directive 2019/879 (Bank Resolution and Recovery Directive or "BRRD II") introduced a new Article 71a into Directive 2014/59/EU.

European UnionCorporate/Commercial Law
Richard Kelly
Richard Kelly
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Contractual Recognition of Stay Clauses

Directive 2019/879 (Bank Resolution and Recovery Directive or "BRRD II") introduced a new Article 71a into Directive 2014/59/EU (BRRD). Article 71a provides that entities subject to BRRD are required to include clauses that recognise the stay powers of resolution authorities (known as contractual recognition of stay or 'CROS' clauses) in certain financial contracts that they enter into which are governed by the law of a non-EU Member State. This obligation was implemented into Irish law with effect from 28 December 2020 under Regulation 131A of the European Union (Bank Recovery and Resolution) Regulations 2015 (the "2015 Regulations").

In Ireland the obligation applies to any financial contract which creates a new obligation or materially amends an existing obligation on or after 28 December 2020, or provides for the exercise of one or more termination rights or rights to enforce security interests to which stay powers

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