European Union (Bank Recovery and Resolution) Regulations come into force
- The European Union (Bank Recovery and Resolution) Regulations 2015, transposing the Bank Recovery and Resolution Directive (BRRD), came into force on July 15, except for regulations 79 to 94 dealing with the 'bail-in tool' which do not come into force until 1 January 2016.
- The Central Bank has been designated Ireland’s National Resolution Authority for the purposes of BRRD. The day-to-day responsibility for resolution matters will sit with a dedicated Special Resolution Unit reporting to the Director of Resolution and Corporate Affairs, John Coyle. With effect from 1 January 2016 the decision making in respect of problems at significant and cross border banks will be taken at European level.