The SRB today published its 2019 Annual Report detailing the progress made in promoting financial stability while protecting the taxpayer through Europe's banking resolution framework.
In 2019, the SRB further strengthened and updated the resolution plans for the banks under its remit based on the most recent MREL policy and other resolution policies, while at the same time incorporating the first provisions of the Banking Package.
In addition, throughout 2019, preparations took place to ensure the resolution planning cycle would align to the calendar year as of 2020. The cycle will also see an improvement in the quality for the resolution plans with all plans based on the most recent data.
The Expectations for Banks document was another key deliverable in 2019. The document builds on the Resolution Planning Manual and is useful guide for financial institutions. The Expectations document expresses clear and concrete expectations towards banks on how they should make themselves resolvable in various domains. The SRB's priority letters, which are an annual tailor-made letter for each bank and which emphasise the priorities each bank is obliged to focus on individually in order to make itself resolvable, use Expectations for Banks as a reference point.
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