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SRB Chair Dominique Laboureix at the ECON Committee

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[Introduction]

Good afternoon Madam Chair, honourable members, ladies and gentlemen, 

I have five minutes for my opening speech, so I will dive straight in with three key points: the 2024 work programme, my first year in office and the CMDI package.

[Work programme 2024] 

Today, I have been invited to speak on the SRB’s work programme for next year, which was published a few days ago. To sum up, 2024 will see the SRB enter into a new phase. After eight years of capacity building, we will pivot towards more testing and ensuring that our resolution strategies are truly ready-to-use. I will come back to this change.

[First year as Chair] 

Just over a year ago, in this committee, you approved my appointment as Chair of the SRB. Now I am almost one year into my mandate – so what has been achieved in that time?

Of course, just a few weeks into my mandate, we saw the turmoil of the US and Switzerland. A start with a bang! But, we - and our colleagues at the ECB - were ready. Let’s be clear! The fact that Europe was mostly unscathed is also the dividend of the regulatory, supervisory and, of course, of the resolution planning work of the last decade. However, this is no time to be complacent. We must remain vigilant as new threats emerge – from asset quality deterioration to heightened geopolitical risks.

This need to remain vigilant and to be able to deal with ever evolving threats is why, since I took up my role at the SRB, I have made a few changes. For example, I established a unit in charge of crisis management and one in charge of risk management. Clearly, the aim of these new units is to enhance SRB efficiency and readiness to handle a crisis.   

However, more change will come on the basis of the strategic review of the SRM’s operations that I launched at the beginning of this year. With this review, we aim to refocus the work on resolution, to test and develop further the SRB’s capabilities to handle a crisis, to improve SRB transparency towards external stakeholders and, finally, to streamline, as much as possible, our processes. 

We meant this strategic review to be holistic in nature - going well beyond our work on resolution planning. In this sense, it will encompass many topics including transparency of our processes, engagement with stakeholders, gender balance, sustainability and more.

At the beginning of next year, the SRB and the national resolution authorities we will adopt our new strategy, outlining the vision for the SRM, right up until 2028. I can already tell this committee that the changes envisaged will take time to implement – we will see an evolution of the SRM, not a revolution. So, I just want to make that point clear at the outset. 

The new strategy will better equip the SRB to deal with its various challenges, to ensure banks can be resolved, thus contributing to financial stability. Once we are ready with the review, we will then be in a position to publish a multi-annual framework and this will enhance the work programme for 2024, but also set out our plans for the years up to 2028. 

 [CMDI]

Finally, I would like to thank this Committee for the work done on the Crisis Management Deposit Insurance package.

In particular, I would like to extend my gratitude to the CMDI Rapporteurs and all of the shadow rapporteurs that, together with their offices, have been working so tirelessly on this important file. 

I understand that over 1000 amendments have been tabled for this proposal. A figure that is a testament to the importance of this file and the engagement of this Committee! 

I also understand the difficulties raised by this reform but let me remind you: a timely approval of CMDI, including all its parts, is important to send a signal of trust into the resolution framework and in the Banking Union now and, ultimately, to make sure that we can resolve our banks more smoothly. Now is the moment to act. Let’s maintain this proposal as a priority also in the coming months!

[Conclusion]

In conclusion, after one year, I would like to share with you my enthusiasm and my commitment towards the resolution framework and the Second Pillar of the Banking Union.

There is still a lot to do, but let’s recognise that we have come a long way, together!

Thank you. 

 

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Jun 7 2024
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The speech at Goldman Sachs highlighted the SRB's key achievements, including the fully funded Single Resolution Fund (78 billion euros) and banks meeting MREL targets, the SRM Vision 2028 focusing on crisis preparedness, addressing new banking risks like cyber threats, and enhancing transparency. Dominique Laboureix emphasised the importance of liquidity in crisis management and supported the CMDI reform to strengthen the crisis management framework for smaller and medium-sized banks.