Popular is resolved as BRRD draws first blood
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Popular is resolved as BRRD draws first blood

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European authorities tested the bank recovery and resolution directive (BRRD) for the first time this week, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which subordinated debt was wiped out, has far ranging implications for all market participants working on financial debt, write Tyler Davies, Jasper Cox and Aidan Gregory.

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