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ery and resolution directive (BRRD), the deposit guaran-

tee schemes directive (DGSD), the revised directive on

payment services (PSD2), the mortgage credit directive

(MCD), the payment accounts directive (PAD), the regu-

lation on key information documents for packaged re-

tail and insurance-based investment products (PRIIPs),

the fourth anti-money laundering directive (AMLD), the

electronic money directive (EMD), the EU market infra-

structure regulation (EMIR), the financial conglomerates

directive (FICOD), the directive on central securities de-

positories (CSD), the markets in financial instruments di-

rective (MiFID II) and the interchange fee regulation (IFR).

The common framework developed by the EBA on the

basis of EU legislation creates the conditions for all insti-

tutions operating in the EU single market to efficiently

and safely fulfil their role of lending into the real economy.

Recovery, resolution and

deposit guarantee scheme

The BRRD (Directive 2014/59/EU) deals with crisis prevention,

management and resolution of failing banking institutions and

investment firms. The ultimate objective of this framework is to

preserve financial stability, reduce moral hazard, protect customers

and critical financial services, save public money and ensure the

smooth functioning of the internal market for financial services.

The BRRD assigns various regulatory and oversight tasks to the

EBA in order to make this framework function in an efficient and

consistent manner across the EU. In particular, it requires the

EBA to develop a wide range of technical standards, guidelines

and reports on key areas of recovery and resolution, with the aim

of ensuring effective and consistent procedures across the EU, in

particular with respect to cross-border financial institutions.

This framework is complemented by the DGSD, which requires

the EBA to develop additional guidelines and reports on various

matters affecting how deposit guarantee schemes work.

Complementary regulatory initiatives addressing financial

institutions other than banks, which assign further tasks to the

competent ESAs, are being developed.