Update on the spanish financial restructuring: legal regime applicable to restructuring and resolution of credit institutios (ROYAL DECREE-LAW 24/2012)

I. Introduction
On August 31, the Spanish Council of Ministers approved Royal Decree-Law 24/2012, on the orderly restructuring and resolution of credit institutions («Real Decreto-Ley 24/2012, de 31 de agosto, de reestructuración y resolución de entidades de crédito») (hereinafter, «RDL 24/2012»), which was published and came into force on that same day.
This complex and technical rule contains a structural reform of the Spanish financial system, required by the situation in which it is immersed since the Minister of Economy announced last June the need for a European bail-out of the Spanish banks and, in particular, by the Memorandum of Understanding on Financial-Sector entered into by Kingdom of Spain (hereinafter «MoU»).