The Single Resolution Board has today published its Annual Report for 2024, the first reporting on the implementation of the new SRM Vision 2028 strategy and, in particular, the work to test banks’ resolvability and operationalise resolution strategies. The report details the work of the SRB and highlights the advances made in making the European banking sector more resolvable and resilient.
“A number of key milestones were achieved in 2024, together with the National Resolution Authorities,” said SRB Chair Dominique Laboureix. “In particular, we have focused our work firmly on crisis readiness, including testing and operationalising resolution tools. The SRM has also enhanced planning for smaller institutions, improving the overall resilience of the EU banking sector.” Having reached the target level of 1% of covered deposits at the end of 2023, the Single Resolution Fund did not raise any contributions in 2024. Banks maintained MREL at the target level.
The SRB also made notable advancements in crisis preparedness, working closely with the National Resolution Authorities. The SRB’s focus expanded to develop and refine its crisis management procedures and tools to ensure it is equipped to handle potential banking crises effectively. In 2024, the foundations were laid to begin on-site inspections, in order to further fine-tune resolution plans to be crisis-ready.
The report will be officially presented at the European Parliament’s ECON committee in July.
You can find the full report here.
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