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The Luxembourg Bankers’ Association (the ABBL) welcomes the opportunity to comment the Commission Communication on a EU framework for cross-border crisis management in the banking sector. The ABBL considers that it is crucial to strengthen and to integrate the current framework for cross-border crisis management in order to significantly reduce the moral hazard and to ensure financial stability. We call therefore for an ambitious reform of the framework, which should not be jeopardized by, among others, political or legal hurdles. The reform should guarantee that the bankruptcy of a cross-border bank, be it systemically important or not, will always be possible without any undue burden for the taxpayers and for the social welfare.
Early intervention by supervisors
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