ROYAL DECREE-LAW 24/2012, OF AUGUST 31, 2012, ON THE RESTRUCTURING AND RESOLUTION OF CREDIT INSTITUTIONS
The Memorandum of Understanding on Financial-Sector Policy Conditionality (“MoU”), agreed to by Spain within the context of the EU’s Eurogroup, set the conditions for access to the European Financial Stability Facility for recapitalization of the Spanish financial sector.
In that context, the Official State Gazette of August 31, 2012, published Royal Decree-Law 24/2012, of August 31, 2012, on the restructuring and resolution of credit institutions ("RDL 24/2012"), which took effect on that same date.
CONTENTS 1. Restructuring and resolution [articles 1 to 27] 2. Financial support instruments [articles 28 to 34] 3. Management of hybrid instruments [articles 37 to 49] 4. Asset management company (“bad bank”) [articles 35 to 36 and additional provisions seven to ten] 5. Review of the organization and powers of the FROB [articles 50 to 59] 6. Special powers of the FROB in the processes [articles 60 to 68] 7. Procedural rules [articles 69 to 72] 8. Restrictions on the pay of directors and executives of credit institutions receiving public aid. Adjustments to prior rules [final provision nine] 25 9. Amendments to Credit Institutions (Discipline and Control) Law 26/1988, of July 29, 1988 [final provision four] 10. Amendment to Legislative Royal Decree 1298/1986, of June 28, 1986, on adapting current legislation on credit institutions to that of the European Communities [final provision two] 11. Amendment to Insolvency Law 22/2003, of July 9, 2003 [final provision six] 12. Capital requirements [interim provision six] 13. State guarantees [final provision ten]