Abstract
Pursuant to the Commission’s draft Directive of 6 June 2012, the slowly emerging EU framework for the recovery and resolution of credit institutions and investment firm rests on ‘three pillars’: (i) preparatory and preventive measures; (ii) early intervention; and (iii) resolution tools and powers. This paper seeks to provide an overview and critical assessment of the third pillar – resolution tools and powers – within a comparative context, taking into account the recently reformed laws of the United Kingdom and Germany. This comparative approach highlights the differences between the national laws of the two Member States under consideration here, and, allows for the exploration of the extent to which each national law would be compatible with the Proposal if it were to become law in its current form.
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