The deadline for its adoption was the end of 2014, but Parliament has yet to approve the enabling law and establish the national resolution authority.
As I’ve said, many forms of collateral around the world were either implicitly or explicitly backed by U.S. residential land in the mid-2000s. But by mid-2007, as those land prices fell, financial markets became increasingly uncertain about how to evaluate mortgage-backed securities and other assets backed by U.S. land.