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EU bank resolution framework needs more work, bloc’s auditors find

By Fiona Maxwell ( January 14, 2021, 16:00 GMT | Insight) -- The EU's ability to deal with failing banks is in doubt after the European Court of Auditors found that some key elements are still missing in the bloc's resolution framework. The ECA issued four recommendations to the Single Resolution Board, after criticizing it for failing to address weaknesses in the quality, timeliness and consistency in planning for resolution.More work on the EU’s bank resolution framework is required to ensure taxpayers don't have to foot the bill for failing lenders in future, the bloc’s audit watchdog said in a report published today....

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