Single Resolution Board Publishes 2019 Work Programme
The Single Resolution Board (SRB) has today published its 2019 Work Programme, setting out its priorities and core tasks for the year ahead. The SRB’s main duty is to ensure that every bank is resolvable and thus help contribute to financial stability in Europe and across the world.
Last year, the SRB presented its first ever multi-annual programming document, which set out clear goals and targets to achieve resolvability of the banks under SRB remit by 2020. The Work Programme for 2019 feeds into this ambitious vision, as the SRB continues its work to build resolvability in close cooperation with EU institution, with banks as well as the National Resolution Authorities.
“Ultimately, it is the banks’ own responsibility to make themselves resolvable; it is the SRB’s job, through its Work Programme and continuous dialogue with the banks, to set the direction and to ensure that this actually happens,” said Dr Elke König, Chair of the SRB.
In 2019, the SRB’s tasks will focus on tailoring resolution strategies and identifying and addressing impediments to resolvability, MREL is a key tool in this regard. The 2019 Programme forecasts sizeable progress in the definition of binding MREL requirements, including its quality the internal location of MREL within groups. These elements will be put in place to strengthen resolution plans. The year 2019 will also see significant progress in resolution planning, both in the scope of banks covered by plans and in their content. Banking groups previously not covered will be addressed by new plans, leading to the adoption of a total of 113 resolution plans in the 2019 resolution planning cycle. All plans will be further substantiated reflecting the development of new or updated internal SRB policies.
The SRB together with its partners at national and international level is committed to carrying out its mission, i.e. making banks resolvable, going forward.
About the Single Resolution Board and the Single Resolution Mechanism
The Single Resolution Board (SRB) is the resolution authority within the Banking Union and, as part of the Single Resolution Mechanism (SRM), is at its centre. It works closely with, in particular, the national resolution authorities (NRAs) of participating Member States, the European Commission (EC), the European Central Bank (ECB) 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.
The SRM regulation (SRMR) establishes the framework for the resolution of banks in EU countries participating in the Banking Union.
The bank recovery and resolution directive (BRRD) requires banks to prepare recovery plans to overcome financial distress. It also grants national authorities powers to ensure an orderly resolution of failing banks with minimal costs for taxpayers.
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