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EBA's opinion on protected arrangements in a resolution situation

The EBA issued its opinion on how to define what arrangements should be protected in a partial property transfer in banking resolution – 14 August 2015. The Opinion, which represents another important contribution to the clarification of banking resolution regimes – in which EU rules associated with a Single Resolution Board fully operational by the end of 2015 ensure one of the defining pillars of the European Banking Union - ensures full protection of well-established sources of refinancing such as secured debt, including securities lending and covered bonds, and of means of risk mitigation.

The Bank Resolution and Recovery Directive lists five general categories of arrangements which may be protected (security arrangements, title transfer collateral arrangements, set-off arrangements, netting arrangements, covered bonds and structured finance arrangements). As these categories are quite broad, the scope needs to be further specified, and the Commission is empowered to do so in its delegated acts.


EBA's opinion