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Andorran Banking Law and Regulation

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Enforcement Issues

While enforcement issues have been lower compared to other jurisdictions, particularly regarding promoting preferred shares to retail investors.

Government Takeovers

Banks can be taken over by regulatory authorities (INAF or AREB) if they infringe insolvency, organizational, or disciplinary regulations.

Resolution Measures

If the bank is deemed unviable, the INAF will communicate with the AREB to determine resolution measures. The principles for resolution and restructuring include:

Shareholders bear losses first
Creditors bear losses next, in order of seniority
Equivalent treatment for creditors with the same seniority
Shareholders and creditors do not bear higher losses than under insolvency proceedings
Directors may be replaced and held responsible for damages

Bank Failures

Bank management’s role in failure is guided by three plans:

Action Plan (Living Will)

Measures to restore bank position, with specific implementation schedule.

Debt Restructuring Plan

Negotiating debt restructuring with creditors.

Reorganization of Activities’ Plan

Addressing economic viability within a reasonable timeframe.

Directors may incur personal liability for damages caused by gross negligence or wilful misconduct.

Resolution Planning

Banks must draft an action plan in case of insolvency situations, outlining measures to restore bank position. Plans include:

Detailed information on strategy
Business operational continuity
Financing requirements
Necessary financing sources

Capital Requirements

Andorran banks are subject to minimum capital adequacy and liquidity ratios, with a solvency ratio of 10% required at all times.

Minimum share capital is €30 million. Banks must have solid strategies for evaluating and maintaining adequate share capital to cover risks.

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