As foreseen in the relevant legislation, the European Commission has today adopted a Report that reviews the application of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR). These legal acts are key elements of the legislation that was adopted in the wake of the financial crisis and constitute core building blocks of the Banking Union. In its assessment, the Commission takes stock of the implementation of the resolution legislation and its application to concrete banking cases. Given that the legislation has been applied only in a very limited number of cases – a number of which concern “legacy issues”, which accumulated before and during the financial crisis – the Report concludes that more time is needed to fully assess the implications of the legislation. In addition, some essential legislative elements were only recently amended as part of the 2016 November Banking Package, agreed on16 April 2019 – such as the provisions on Minimum Requirement for Own Funds and Eligible Liabilities (MREL) – and these still need to be fully applied. On this basis, the Commission concludes that at this stage it is premature to propose any amendments to the BRRD and SRMR. Commission Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union, said: “These post-crisis rules provide an essential part of the architecture of the Banking Union. They introduced measures to address bank crises effectively, protecting taxpayers’ money and provide an articulated set of tool to manage failing banks. It is essential that we continuously monitor the application of the legislation. While it is premature at this stage to change these rules, given the limited time of their application, we will continue to assess the need for a more comprehensive review.” The Commission will continue its analysis in the coming months.