On 7 June 2017, the Single Resolution Board (SRB) transferred all shares of Banco Popular Español S.A. (Banco Popular) to Banco Santander S.A (Santander). This means that Banco Popular continued to operate under normal business conditions as a solvent and liquid member of the Santander Group with immediate effect.
Due to its stressed liquidity situation, the European Central Bank (ECB) had decided on 6 June 2017 that Banco Popular was “failing or likely to fail” and notified the SRB accordingly. The SRB and the Spanish National Resolution Authority – FROB – decided that the sale was in the public interest as it protects all depositors of Banco Popular and ensures financial stability. The resolution scheme entered into force on the same day, following the endorsement by the European Commission.
- Read full press release of 7 June 2017
- Official Journal of the European Union: SRB Decision to take resolution action in respect of Banco Popular Español S.A.
- Official Journal of the European Union: Commission Decision (EU) 2017/1246 of 7 June 2017 endorsing the resolution scheme for Banco Popular Español S.A.
- Non-confidential version of the following documents:
- 13 June 2018: Banco Popular Español Resolution: the SRB, having received the final ‘Valuation 3’ report, is preparing the next steps including a dedicated consultation process
- 11 July 2018: the SRB will launch a registration process for the ‘right to be heard’ in early August.