Setting up the Board and the National Resolution Authorities (NRAs)
The Regulation on the Single Resolution Mechanism (SRMR) entered into force on 19 August 2014. From that moment, a centralised power of resolution has been established and entrusted to the Single Resolution Board (SRB). Now operational, the SRB is working in close cooperation with the national resolution authorities (NRAs) of participating Member States.
As of January 2015, NRAs have been appointed in each Member State of the European Union as requested by another law, the Bank Recovery and Resolution Directive (BRRD).
SRB activities: First stage
(1 January 2015 -  31 December 2015)

The SRB has worked on drafting resolution plans, as detailed in Article 99 (3) of the SRMR:

" (…) the provisions relating to the powers of the Board to collect information and cooperate with the national resolution authorities for the elaboration of resolution planning, under Articles 8 and 9 and all of the other related provisions shall apply from 1 January 2015. "
Article 99 (3) of the SRMR

The following articles can be considered as “related provisions” under Article 99 (3):

  • Article 10 on the assessment of resolvability - including the application of measures to remove possible obstacles for resolvability;
  • Article 11 on simplified obligations for certain institutions; and
  • Article 12 on the determination of the minimum requirement for own funds and eligible liabilities (MREL).
SRB activities: Second stage
(as from 1 January 2016)

The SRB is now fully operational, with a complete set of resolution powers and responsibilities, following the signature of the Intergovernmental Agreement (IGA) on the transfer and mutualisation of contributions to the Single Resolution Fund, after ratification by the participating Member States.