Abstract
The recent literature has started focusing on the evolving role of subordinated debt and its investors within the EU resolution framework. The market monitoring function employed by its investors and its crucial role in complying with the minimum amount of own funds and eligible liabilities (MREL) make the subordinated debt an interesting case of study under the Bank Recovery and Resolution Directive (BRRD). This chapter provides an overview of the literature about subordinated debt and discusses its evolution within banking regulation with a focus on the BRRD. We deepen the streams of literature able to ground both theoretically and empirically future research on the role of subordinated bondholders under recovery and resolution rules.
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