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ARTICLE · 30 APRIL 2024

'Daisy Chains' Directive Published In Official Journal

Arthur Cox
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The ‘Daisy Chains' Directive has been published in the Official Journal as Directive (EU) 2024/1174 following political agreement between the EU Council and European Parliament in December 2023.

European UnionFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
Phil Cody
Phil Cody
Sinead Cantillon
Sinead Cantillon
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The 'Daisy Chains' Directive has been published in the Official Journal as Directive (EU) 2024/1174 following political agreement between the EU Council and European Parliament in December 2023.

Introduced as a stand-alone limb of the European Commission's CMDI (crisis management and deposit insurance) package on 18 April 2023, the Daisy Chains Directive was fast-tracked through the legislative process and addresses issues specific to the treatment of internal MREL (minimum requirement for own funds and eligible liabilities) in bank resolution groups. It amends the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRM Regulation).

For background on the Directive, read our insights here: Daisy Chains Proposal: political agreement reached.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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