The Single Resolution Board releases the non-confidential version of documents related to the resolution of Banco Popular
Brussels, 2 February 2018
The Single Resolution Board (‘SRB’) published today an ‘extensive’ non-confidential version of the Resolution Decision, the Valuation Reports and the 2016 Resolution Plan. To make as much information publicly available as possible, the SRB has decided to publish additional documents relating to the resolution process.
On 28 November 2017, the SRB Appeal Panel confirmed that full disclosure of certain documents related to the resolution of Banco Popular would raise financial stability concerns. Taking into account the time that has elapsed since the resolution action and after careful consideration of potential financial stability concerns, following consultation of the relevant stakeholders, the SRB decided to disclose additional parts of the Resolution Decision, and parts of the Valuation Reports as well as of the 2016 Resolution Plan, which are considered to be of a non-confidential nature. In line with this approach, the SRB has released two additional documents related to the resolution action, namely the Marketing Decision as well as the Sale Process Letter.
Certain parts of these documents remain confidential. These parts mainly contain information whose disclosure could (a) undermine the protection of public interests as regards the financial, monetary or economic policy, or (b) undermine commercial interests of BPE and/or its purchaser, or (c) affect the still on-going valuation process which is carried out in order to determine whether former shareholders or creditors of BPE would have received a better treatment under normal insolvency proceedings (Valuation 3).
Accordingly, the non-confidential version of the following documents is available as of today:
- The 2016 Resolution Plan drawn up in respect of Banco Popular;
- The Marketing Decision, i.e. the SRB Decision of 3 June 2017 concerning the marketing of Banco Popular;
- The Sale Process Letter of FROB dated 6 June 2017;
- The Valuation Report prepared by the SRB to assess whether Banco Popular was failing or likely to fail (Valuation 1);
- The Valuation Report and its annexes prepared by the independent expert, Deloitte, in the context of the resolution action (Valuation 2); and,
- The Resolution Decision, i.e. the SRB Decision of 7 June 2017 concerning the adoption of a resolution scheme in respect of Banco Popular.
Please see the section 'Resolution Cases' in order to consult these documents.
Pursuant to Article 20(16) of Regulation 806/2014, a valuation for the purposes of assessing whether former shareholders and creditors of Banco Popular would have received better treatment if the bank had entered into normal insolvency proceedings (Valuation 3) is currently prepared by Deloitte.
About the Single Resolution Board
The Single Resolution Board (SRB) is the central resolution authority within the Banking Union (BU). Together with the NRAs of participating Member States it forms the Single Resolution Mechanism (SRM). The SRB works closely with the European Commission (EC), the European Central Bank (ECB), the European Banking Authority (EBA) and national competent authorities (NCAs). Its mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and public finances of the participating Member States and beyond.
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