How it works
The authority moves selected assets — typically non-performing loans or hard-to-value exposures — to an asset management vehicle wholly or partly controlled by public authorities, at a value determined by independent valuation. The vehicle manages the portfolio to maximise recovery over time, free of a deposit-taking bank's funding pressures. To prevent its use as a standalone state-aid channel, the BRRD allows it only in combination with another tool.
Context
The tool codifies the “good bank / bad bank” structures of the crisis years — Ireland's NAMA and Spain's Sareb are the best-known national precedents, created before and outside the BRRD. In resolution planning it typically appears as a complement to a sale or bridge strategy for banks with concentrated legacy portfolios.