Caracas / Finance Digital.- The new Government of Andorra, consisting Wednesday, council approved in extraordinary ministers Act Restructuring and Resolution Repossessed to have a legal basis on which to decide the future of Banca Privada d’Andorra (BPA).
The new financial regulation Andorran law transposes the European directive on this area, as currently there was only the option of a judicial liquidation of BPA.
After this first step, is expected to Andorran Parliament gives its approval to the new Law on Thursday, and then be signed by the co-princes of the country of the Pyrenees to take effect.
This law will create an Agency for Restructuring and Resolution Repossessed, a body that will consist of qualified and experienced in similar processes people, and should bring the best solution for BPA.
a ‘bad bank’ that allows to separate the “unlawful” business BPA lawful business and also having a ‘good bank’ to provide more choices to preserve the value of the entity and convey confidence to international partners will be created .
The Andorran Executive confident that the new legal framework allows to fully explore all possible options on the entity that returns to its overall activity or in part or to proceed with its . liquidation in the worst
Source: Yahoo Finance
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