Directive 2014/59/EU of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (Bank Recovery and Resolution Directive, BRRD), transposed by the Law of 18 December 2015 on the failure of credit institutions and certain investment firms, requires banks to prepare (group) recovery plans to overcome financial distress.

The entities that are required to draw up (group) recovery plans shall submit those recovery plans to the CSSF for review, either on an annual basis (for fully-fledged recovery plans), or every two years (for plans under simplified obligations). The CSSF shall review (group) recovery plans within six months of the submission of each plan.


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