The SRB will not take resolution action in relation to Banca Popolare di Vicenza and Veneto Banca
Brussels – 23 June 2017
Following today’s decision taken by the European Central Bank to declare Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A. as ‘failing or likely to fail’, the Single Resolution Board has decided that resolution action by the SRB is not warranted for these banks. As a consequence, the winding up of the banks will take place under national proceedings launched by the Italian authorities.
The SRB concurred with the ECB’s assessment and concluded that there are no alternative supervisory or private sector measures which could prevent the failure of the banks. Upon careful consideration whether resolution action is necessary and proportionate to safeguard the objectives set out in the Banking Union resolution framework, the SRB has today concluded that for these two banks, resolution action is not warranted in the public interest. In particular, neither of these banks provides critical functions, and their failure is not expected to have significant adverse impact on financial stability. As a result, the banks will be wound up under normal Italian insolvency proceedings.
- ECB's Press Release
- Summary of the SRB’s decision in relation to Banca Popolare di Vicenza
- Summary of the SRB’s decision in relation to Veneto Banca
- DIRECTIVE 2014/59/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council
- REGULATION (EU) No 806/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010
- Read more information about resolution in the SRB’s Introduction to Resolution Planning.
- Q&A BRRD / SRMR on SRB Website
About the Single Resolution Board
The Single Resolution Board (SRB) is the resolution authority within the Banking Union. Together with the National Resolution Authorities (NRAs) it forms the Single Resolution Mechanism. The SRB works closely with, in particular, the NRAs of participating Member States, the European Commission (EC), the European Parliament (EP), the European Central Bank (ECB) and National Competent Authorities (NCAs). The NRAs play a key role within the Banking Union. The mission of the SRB is to ensure an orderly resolution of failing banks with minimum impact on the real economy and the public finances of the participating Member States of the Banking Union.
SRB Communication Contact details:
Camille De Rede - Communication Officer
Phone number: +32 2 490 3530
Switchboard: +32 2 490 3000
Mobile phone: +32 460 766 704
Maria Hormaeche - Seconded National Expert
Phone number: +32 2 490 3702
Mobile phone: +32 477 028 702