The BRRD, which has been agreed by the EU Council and is now being discussed by the European Parliament, will set harmonised standards for national resolution regimes across Europe in compliance with the FSB Key Attributes. It aims to reduce the costs of bank resolution, make banks resolvable without using taxpayer funds, and hence induce bank creditors to exert more market discipline.
The project will be co-ordinated by an ECB team consisting of Mr. Boris Kisselevsky, who will be the project co-ordinator in Moscow, and Mr. Michael Olsen, senior financial supervision expert, and an Administrative Assistant in Frankfurt.