Commentary on Directive 2001/24/EC on the Reorganisation and Winding up of Credit Institutions
Articles 1 and 2 determine the scope of the Credit Institutions Directive (CIWUD). Article 1(3) until and including Article 1(6) is the result of the amendment of the CIWUD by the Bank Recovery and Resolution Directive (BRRD) (see Article 117 Directive 2014/59/EU). Several subjects and definitions have already been discussed in a broader systematic context in the general introduction of this book, especially the general principles applicable to international insolvency cases of multinational banks and the specific EC directives which create a pan-European framework relating to the reorganisation and winding up of credit institutions: the BRRD and the Single Resolution Mechanism Regulation (SRMR), the Deposit Guarantee Scheme (DGS) Directive 2014, the Settlement Finality Directive, and the Collateral Directive. When consulting this commentary, reference should be made to the general introduction.