Single Resolution Board Publishes 2020 Work Programme

The Single Resolution Board (SRB) has today published its 2020 Work Programme, setting out its priorities and core tasks for the year ahead. 2020 is the final year of the SRB’s 2018-2020 multiannual work programme and will mark the fifth anniversary of the SRB taking on its full powers within the Single Resolution Mechanism.

The SRB’s 2020 work programme is an ambitious roadmap towards strengthening the resolvability of SRB entities and less significant institutions, fostering a robust resolution framework, carrying out effective crisis management, building up further the single resolution fund (from 33 billion in 2019 to around 41 billion next year) and establishing a lean and efficient organisation.

A focus for the year ahead will be on ensuring that the SRB’s internal policies, resolution plans and minimum requirements for own funds and eligible liabilities (MREL) decisions reflect the requirements of the new banking package.

The SRB also expects banks to proactively work to make themselves resolvable, taking on board these new and existing requirements. The SRB’s ‘Expectations for Banks’ document, which was published for public consultation on 23 October 2019, sets out the general capabilities the SRB expects banks to demonstrate in order to show that they are resolvable.

Other important priorities will be operationalising the political agreements on the backstop reached in 2019, as well as increasing preparedness for potential new Banking Union members with regard to SRF contributions. The year will also see the SRB operate at full staff capacity for the first time, with close to 400 colleagues on hand to deliver the SRB’s ambitious programme.

As we reach the end of this current multiannual programme, the next one is already being prepared. The 2021-2024 programme has particular salience considering the link with the end of the transition period of the SRF. The SRB will keep up the momentum towards resolvability and looks forward to continuing its close cooperation with the national resolution authorities, the European Central Bank and our wider stakeholder community,” said Dr Elke König, Chair of the SRB.

ENDS

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About the Single Resolution Board

The Single Resolution Board (SRB) is the central resolution authority within the Banking Union, which at present is the 19 Eurozone states. Together with the national resolution authorities it forms the Single Resolution Mechanism. The SRB works closely with the European Commission, the European Central Bank, the European Banking Authority and national authorities. Its mission is to ensure an orderly resolution of failing banks, protecting the taxpayer from state bail-outs, which promoting financial stability.

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