The European Banking Authority, the agency that coordinates banking supervision in the European Union, has adopted a formal Recommendation that major EU cross-border banks should develop group recovery plans by the end of 2013. In a statement the EBA said banks must submit their recovery plans to their national regulator, but they will also be discussed within cross-border banks' EU colleges of supervisors.
The EBA said the recommended plans were intended to fill the interim period before a comprehensive legislative framework for the recovery and resolution of credit institutions was implemented at EU level following the European Commission's June 2102 proposal for a directive on establishing the recovery and resolution framework.
"Group recovery plans should be drafted in accordance with the international standards agreed under the auspices of the Financial Stability Board and consistently with the template attached to the Recommendation," the EBA said, listing the key elements
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