Regulatory Alerts2017-06-30
Resolution of 7 June 2017 by the Governing Board of the FROB to execute the Single Resolution Board's resolution scheme for Banco Popular Español, SA
The Governing Board of the FROB issues this resolution to implement the Single Resolution Board's decision to resolve Banco Popular Español, SA, following a determination of its unviability. The resolution mandates the immediate amortization and conversion of all equity instruments, including common shares, Additional Tier 1, and Tier 2 capital, to absorb estimated losses of up to 8.2 billion euros. These measures are executed prior to the sale of the bank's business to a private sector purchaser, ensuring compliance with the no creditor worse off principle under EU banking resolution regulations.
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