Joint Paper on Resolving Globally Active, Systemically Important Financial Institutions

The approach outlined in the paper is based on legal powers provided by the legislative reforms enacted since the crisis, as well as – in the case of the UK – the proposed EU draft Recovery and Resolution Directive. It is designed to ensure that sound business, including operating companies (domestic and foreign) can be kept open and operating, limiting the effect on financial stability through contagion effects and cross-border complications. This process of cross-border dialogue illustrates more broadly how resolution planning can work on a cross-border basis.

Press release