Resolution Counterparty Ratings Jurisdiction Assessment For Iceland Completed

LONDON (S&P Global Ratings) May 17, 2022--S&P Global Ratings said today that it has completed its jurisdiction assessment of Iceland for resolution counterparty ratings (RCRs). As a result, we have identified the categories of bank liabilities that, in our view, are protected from default risk under Iceland's bank resolution framework. RCR JURISDICTION ASSESSMENT SUMMARY--Iceland Standard RCR alignment for Iceland: RCR may be above the issuer credit rating Legislation: The relevant legislation is the Act on the Resolution of Credit Institutions and Securities Undertakings number 70/2020, implementing the EU's Bank Recovery and Resolution Directive I (BRRD1) in Iceland. Iceland is set to enact BRRD2 in late 2022 or early 2023. RCR liabilities: Liabilities that are excluded from bail-in, under the relevant

...May 17, 2022 LONDON (S&P Global Ratings) May 17, 2022--S&P Global Ratings said today that it has completed its jurisdiction assessment of Iceland for resolution counterparty ratings (RCRs). As a result, we have identified the categories of bank liabilities that, in our view, are protected from default risk under Iceland's bank resolution framework. RCR JURISDICTION ASSESSMENT SUMMARY--Iceland Standard RCR alignment for Iceland: RCR may be above the issuer credit rating Legislation: The relevant legislation is the Act on the Resolution of Credit Institutions and Securities Undertakings number 70/2020, implementing the EU's Bank Recovery and Resolution Directive I (BRRD1) in Iceland. Iceland is set to enact BRRD2 in late 2022 or early 2023. RCR liabilities: Liabilities that are excluded from bail-in, under the relevant legislation, are: - Guaranteed deposits; - Collateralized liabilities, including covered bonds or equivalent; - Liabilities arising from assets that the institution or unit...

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