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EU banks’ resolution framework missing key elements, European Court of Auditors finds

( January 14, 2021, 16:01 GMT | Official Statement) -- MLex Summary: The EU’s regulatory framework for dealing with failing banks needs further steps “in some crucial areas” to ensure taxpayers don't have to pay for saving troubled lenders, the European Court of Auditors said in a report published today. The report, which looks at the EU’s Single Resolution Mechanism and the Single Resolution Board, found that progress has been made toward the successful resolution of failing banks that can't be put through normal national insolvency proceedings, but that further steps are needed to address the weaknesses and hurdles to a bank’s resolvability.The statement follows. The report is attached....

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