Regulatory Alerts2021-11-24
Royal Decree 1041/2021 amending the Deposit Guarantee Scheme and Bank Recovery and Resolution frameworks
The Spanish Ministry of Economic Affairs and Digital Transformation issued Royal Decree 1041/2021 to transpose EU Directive 2019/879 into Spanish law, modifying the Deposit Guarantee Fund framework and the Bank Recovery and Resolution regime. The decree establishes detailed technical criteria for determining the Minimum Requirement for own funds and Eligible Liabilities (MREL), including subordination requirements and transitional periods ending in 2024. It also enhances the Deposit Guarantee Fund's flexibility in calculating contributions and expands coverage to deposits held by securities firms and financial advisory entities.
Share