ARTICLE · 23 MAY 2023

Commission's Crisis Management And Deposit Insurance Package (CMDI)

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Under the current framework, there is insufficient coordination between the competent authority and the resolution authority,where there is a material risk...

GermanyInsolvency/Bankruptcy/Re-Structuring

Michael Huertas

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Key changes at a glance

Expanding the scope of resolution

Broader PIA including more institutions within the scope of resolution to reflect local systemic impact;
To activate insolvency proceedings, NRAs will need to demonstrate that resolution is not the least detrimental option

Clarifying the early intervention framework and MREL calibration

Removal of the overlaps between early intervention (BRRD) and supervisory measures (CRD);
Increased cooperation between NCAs and NRAs.
Clarification of MREL calibration for transfer strategies

Improving the level playing field

Mandatory use of the least cost test for all types of DGS interventions outside payout of covered deposits in insolvency.

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