The SRB publishes today its 2022 Annual Work Programme, setting out its objectives and priorities for the year ahead. It is the second year of the Multi-Annual Programme (MAP) for 2021-2023. The SRB is committed to making banks fully resolvable by the end of 2023.
In 2022, the SRB will work on enforcing and operationalising the guiding principles laid down in the SRB Expectations for Banks (EfB) and the Minimum Requirement for own funds and Eligible Liabilities (MREL) policy. In parallel, the SRB will continue evolving as an organisation and increasing its crisis preparedness.
The SRB’s 2022 Work Programme comes at a time when economies are dealing with the situation caused by the Covid‑19 pandemic. This makes the SRB’s’ work on resolvability and crisis readiness all the more important to minimise any impact of potential bank failure on financial stability and the public purse.
The SRB priorities lie in five strategic areas, in line with the 2021-2023 MAP. The focus for the year ahead will be on achieving resolvability of SRB entities and less significant institutions, fostering a robust resolution framework, carrying out effective crisis management, operationalising the Single Resolution Fund, with the Common Backstop set to enter into force in early 2022, and establishing a lean and efficient organisation.
‘Whatever the weather, we will continue to do our work on making sure every SRB bank is resolvable, at short notice, despite the ever-changing economic circumstances.’ - Elke König, SRB Chair.
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