This EU initiatives is to reduce future threats to financial stability in the wake of the 2008 financial crisis was the adoption of the Recovery and Resolu tion Directive (RRD) in May 2014.
The RRD ensures that a minimum set of tools and powers are available in all EU Member States relating to:
To prevent and tackle failures of cross-border firms in an effective manner, the Directive also sets out cooperation arrangements between Member States’ authorities.
The RRD is expected to make it less likely that banks and investment firms will fail. Where failure does occur, it should lessen the potential negative impacts on markets, the firm’s customers, and the financial system.
Aim of LifeBoat Application is to enable basic transaction services / banking functions to be operational in a scenario when the core banking solution (Ex: Finacle) is not available. This application is availble to operate after customer and transaction data is fed into the LifeBoat using last available backup of the main banking solution.