From 1 January 2016, EU financial institutions* established in the EU will be required under article 55 of the EU Banking Recovery and Resolution Directive (2014/59/EU) (BRRD), to include contractual terms in any agreements governed by the laws of non-EU Member States, which create certain payment liabilities specifying that those liabilities may be subject to bail-in under the BRRD. ‘Bail-in’ refers to powers exercisable by resolution authorities in the relevant EU Member States to rescue…