Press Release - Single Resolution Board holds its first conference in Brussels

Brussels – 29 April 2016

Today, the Single Resolution Board (SRB) is holding its first conference ever in Brussels where it recently found its definitive premises in Treurenberg. "Charting the course: making bank resolution work", is the title of today’s event which shows the determination of the SRB to firmly establish the second pillar of the Banking Union as the resolution authority while counting on and fostering strong cooperation with all its stakeholders. The Single Resolution Board (SRB), bringing together National Resolution Authorities (NRAs), will contribute to a clear and transparent framework in bank resolution.  

The conference features opening addresses and keynotes from Jonathan Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union, European Commission; Roberto Gualtieri, Chair of the Economic and Monetary Affairs Committee, European Parliament; Martin J Gruenberg, Chairman, U.S. Federal Deposit Insurance Corporation; Jon Cunliffe, Deputy Governor, Bank of England, showing a close cooperation between all parties involved – inside and outside the EU. The event also features panel discussions with the industry, regulators and supervisors focused on successful planning in times of crisis and addressing the obstacles, to banking resolvability, as well as the means of funding a resolution.

The Single Resolution Mechanism aims to enhance the preservation of financial stability in the euro area, with a predictable environment for consumption and investment decisions, through resolution planning and removing resolution obstacles for large and cross-border banks, whose disorderly failure could otherwise cause contagion in the financial system.

“The Single Resolution Board, together with the National Resolution Authorities of the Banking Union, will carry out its mandate in order to charter the course to forward looking resolution planning to ensure, should the case arise, an orderly failure of an institution - at no cost to the taxpayers. Today's conference is one of the steps to achieve precisely this goal. The SRB is committed to transparency and consistency within the new EU framework”- Elke König, Chair of the Single Resolution Board

"We should not underestimate how challenging it is to move from bail-out to bail-in. It won't always be easy but I know that we are all committed to make the new set-up work. We have to continue to strengthen the Banking Union.  We'll keep up the momentum behind EDIS; maintain depositor confidence through better integrated deposit guarantee and resolution functions; and drive forward measures to reduce risk." - Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union

“The Single Resolution Board has already shown itself to be a serious and responsible actor in the Banking Union framework as well as in the wider world of bank resolution. I welcome and appreciate the excellent institutional cooperation with the European Parliament.” - Roberto Gualtieri, Chair of the Economic and Monetary Affairs Committee, European Parliament

“The opportunity to cooperate with a single resolution authority on resolution planning in regard to European institutions with significant operations in the United States, as well as U.S. institutions with significant operations in Europe, represents a large step forward for cross-border cooperation. I cannot underscore strongly enough our commitment to maintaining and deepening our working relationship with the European authorities.” - Martin J Gruenberg, Chairman, U.S. Federal Deposit Insurance Corporation

The conclusions of the Single Resolution Board's first conference will be available in a report to be published by end of May 2016.

To follow the event through web-stream, download the agenda, or learn more, go to the conference homepage. You can also follow the online conversation on Twitter through #SRB2016.

More information:

• BANK RECOVERY AND RESOLUTION DIRECTIVE (BRRD) 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
• SINGLE RESOLUTION MECHANISM REGULATION (SRMR) (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

About the Single Resolution Board

The Single Resolution Board (SRB) is the resolution authority for the significant and cross border banking groups established within participating Member States. In the context of the Single Resolution Mechanism, it works in close cooperation with the national resolution authorities. In the newly created Banking Union, the SRB cooperates with the European Central Bank, the European Commission, as well as other European and international institutions. Its mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and on public finances of the participating Member States and beyond.

Contact details:

Camille De Rede –  Communication Officer

Camille.De-Rede [a] srb.europa.eu (Camille[dot]De-Rede[at]srb[dot]europa[dot]eu)

 Website: http://srb.europa.eu/

Twitter: @EU_SRB