Question
Do Article 4 (10) and Article 7 of Directive 2014/59/EU (BRRD) have to be applied to institutions / groups directly supervised by the ECB?
Background on the question
Despite the Article 4 (10) of Directive 2014/59/EU (BRRD) which provides that each institution directly supervised by the ECB shall draw up an individual recovery plan, is it the case that Article 7 of Directive 2014/59/EU (BRRD) shall be applied to groups and all their subsidiaries or affiliated institutions of a central body which are supervised by ECB? In addition, is it the case that Article 4 (10) does not provide an obligation for each institution directly supervised by the ECB to draw up an individual recovery plan in addition to the group recovery plan?
Answer
Please note that as part of adjustments to the Single Rulebook Q&A process, agreed by the EBA and the European Commission, it has been decided to reject outstanding questions submitted before 1 January 2020, when the Q&A process was updated as part of the last ESAs Review. In particular, the question that you have submitted has now regrettably been rejected and will not be addressed.If you believe your question would still benefit from clarification, you are invited to resubmit your question, adapting it to reflect any legislative, regulatory or other relevant developments that may have occurred since the initial date of submission. The EBA will aim to address resubmitted questions as a matter of priority. When considering to resubmit, you are kindly requested to observe the updated admissibility criteria agreed in the context of the adjustment of the Q&A process, available in theAdditional background and guidance for asking questions. We hope for your understanding.For further information please refer to thepress releaseand the updatedQ&A page.