In the wake of the collapse of Lehman in September 2008, however, worries about a severe financial crisis led to dramatic falls in the stock markets and a collapse in consumer and firm confidence. GDP growth fell sharply worldwide and turned strongly negative in the major western economies. 2.1.
It should be remembered that although the BRRD/SRMR4 rules apply, the build-up of MREL funds has by no means been completed yet. In the most controversial cases, the EU institutions assessed that the banks concerned were not systemically important in a Community context, and the further management of these banks was left to the national authorities.