ECON votes on TLAC

The ECON in the EP has voted to harmonise the bail-in hierarchy by supporting the Commission proposal for a new category of “non-preferred” senior class of debt instruments in line with the TLAC standard. The instruments cannot be a derivative or have any derivative component, and will sit between senior liabilities and own funds instruments and other subordinated debt.  This proposal, which will amend the BRRD, and agreed grandfathering provisions, will now be fast-tracked.