Regulation - Recovery and Regulation Directive
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:
- planning to help the recovery of firms in financial difficulty.
- early intervention in the event of problems.
- the resolution of failed firms in a way that reduces the costs to the public and mitigates the impact on 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.