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Europe - Bank Default: Deposits No Longer Insured
Published by Philippe Herlin | Sep 18, 2015 | Articles

From now on, when a European bank goes bankrupt, the shareholders shall be the first to foot the bill (makes sense), then the holders of bonds issued by the bank (also makes sense) will be next in line, and if this isn’t enough, the bank will be allowed to use the money in their clients’ accounts directly – a real scandal, a challenge to the right of ownership, a legal hold-up.

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