The EU Banking Package is on the brink of completion, signalling a significant step forward in fortifying the robustness of EU banks. The final adoption of the CRD6 and CRR3 is expected at the end of April with most amendments applying in 2025.
This comprehensive legislative package, while largely focused on the full adoption of Basel III rules, also paves the way for the banking sector’s contribution to achieving climate neutrality. It introduces, for the first time, clear definitions of ESG risks within financial supervisory laws, and it will require financial institutions to establish climate transition plans. In a broader context, this package will ensure that ESG considerations become an integral part of banking operations by amending the requirements for business strategies, processes and governance, for the management body and remuneration requirements respectively.
To help you navigate the upcoming changes, we have updated our redlines of the CRR and CRD to display the amendments made by CRR3 and CRD6 in the form of the compromise texts published by the Council in December 2023. The CRR redline also includes the recitals of the original CRR as well as those of the amending acts highlighted in the text.
You can find the CRR redline and the CRD redline in our Client Knowledge Portal.
