James Roome Quoted by Legal Business on Bank Resolution
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Legal Business, in its article “The night of the living wills – bank resolution work offers opportunity for FinReg counsel,” quoted Akin Gump London senior partner James Roome in its discussion of bank resolution in the wake of the implementation of the EU’s Bank Recovery and Resolution Directive.
The article notes that the EU legislation requires plans be created for banks in order to allow for an orderly resolution to avert a collapse.
Roome said, “The resolution of a failed bank is intended to be principally an administrative rather than a judicial matter. If a bank collapses in a member state, a lot of work will need to be done to design and implement the resolution steps but without any US-style court oversight.”
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