Rohde criticises Italy's calls for BRRD special treatment
BRRD is a “game-changer”, but shift from risk-based rules will create “corner solutions”
National Bank of Denmark governor Lars Rohde has dismissed efforts by Italy to secure special treatment in resolving problems at its banks, calling for "forceful implementation" of Europe's Bank Resolution and Recovery Directive (BRRD).
Italy has sought flexibility in the new rules – introduced at the start of 2016 – to assist the Italian authorities in cleaning up the nation's banks without hitting retail bondholders. The issue is particularly pressing for Banca Monte dei Paschi di Siena, which
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