REPORTS
Non-conformity of Greek legislation with Directive 2014/59/EU (Bank Resolution and Recovery Directive) INFR(2021)2129
Each Member State of the European Union shall apply EU law and take appropriate action to that end. The European Commission is the body responsible for detecting possible breaches of EU law.
In the event that a Member State does not apply Union law and fails to fulfill any of the obligations laid down in the EU Treaties, the European Commission may initiate formal infringement proceedings under Articles 258 and 260 TFEU (details of infringement proceedings here).
Directive 2014/59/EU (establishing a framework for the recovery and resolution of credit institutions and investment firms )is a centerpiece of the regulatory framework that was put in place to create a safer and sounder financial sector in the wake of the 2008 financial crisis. It is a milestone for the EU’s Banking Union since the BRRD rules equip national authorities with the necessary tools and powers to mitigate and manage the distress or failure of banks in all EU Member States. The objective is to ensure that banks on the verge of insolvency can be restructured, without taxpayers having to pay for failing banks to safeguard financial stability. The deadline for the transposition of these rules into national law was 31 December 2014.
Following a thorough evaluation of the measures announced by Greece to transpose the Directive into national law, the European Commission has concluded that the provisions related to the conditions for the exclusions to bail-in had not been properly transposed into national law [infringement number: INFR (2021) 2129]. For this reason, as stated in the “September infringement package: main decisions/23-9-2021“, the European Commission sent a letter of formal notice to Greece, calling on it to amend the measures it has taken to transpose the above directive into national law.
The application of EU law is an obligation of the Member States of the European Union. If possible breaches of EU law are detected, the European Commission may take a series of actions against that Member State to ensure the correct and full application of EU law by initiating infringement proceedings in accordance with Articles 258 and 260 of the TFEU.
In this case, the European Commission sent a letter of formal notice, calling on Greece to ensure the correct transposition of Directive 2014/59, the Bank Resolution and Recovery Directive, as it considered that the provisions related to the conditions for the exclusions to bail-in had not been properly transposed into national law.
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