Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.8.3.1:4.8.3.1 Safeguards

Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.8.3.1

4.8.3.1 Safeguards

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Counterparties to title transfer financial collateral arrangements, set-off and netting arrangements, security arrangements, structured finance arrangements and covered bonds1 are protected, if a resolution authority cancels or modifies the terms of a contract to which the bank in resolution is a party.2 This applies irrespective of the number of parties involved in the arrangements.3 The protection entails that the cancellation and modification of these arrangements is prevented, unless this is necessary to ensure availability of covered deposits.4 In addition, if a resolution authority cancels or modifies the terms of a contract to which the bank in resolution is a party, this may not affect the operation and rules of clearing and settlement systems.5

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