The Chair of the Single Resolution Board (SRB), Elke König today presents the SRB’s 2017 Annual Report at the European Parliament’s Committee on Economic and Monetary Affairs in Brussels.
The report takes stock of the work and the progress made in 2017. The first resolution decision, the resolution of Banco Popular in Spain on 6 June 2017, was a key event in 2017. It proved that the SRB, together with the National Resolution Authorities (NRAs), is able to effectively apply the existing rules and carry out its mandate to ensure an orderly resolution with minimum impact on the real economy, while maintaining financial stability and protecting the tax payer.
The main focus of the SRB’s work is and remains forward-looking. Thus, in the past year the SRB enhanced resolution plans, developed resolution strategies and policies and set for the first time binding MREL targets for the most important banks. In the coming years, the SRB will build on this work and continue to pursue the clear roadmap on resolution planning set by the Multi-annual Work Programme.
Speaking ahead of the publication of the SRB’s Annual Report for 2017, SRB Chair Elke König said ‘A key component for successful resolution planning is the close cooperation with the NRAs and the interaction and clear communication with the industry. In this way, the banks’ management teams know the SRB’s expectations well in advance. Responsible bank managers can and they should move forward, in order to become truly resolvable and build up the needed MREL buffers.’
Elke König, Chair of the Single Resolution Board, presents the Annual Report to the European Parliament’s ECON Committee at a public hearing this afternoon, July 11th, 2018 at 14:30.
- Read the SRB 2017 Annual Report (Below)
- Watch Elke König’s speech live from 14.30 HERE
NOTE TO EDITOR:
About the Single Resolution Board
The Single Resolution Board (SRB) is the central resolution authority within the Banking Union (BU). Together with the NRAs of participating Member States it forms the Single Resolution Mechanism (SRM). The SRB works closely with the European Commission (EC), the European Central Bank (ECB), the European Banking Authority (EBA) and national competent authorities (NCAs). Its mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and public finances of the participating Member States and beyond.
What is ‘resolution’?
Resolution is the restructuring of a bank by a resolution authority, using resolution tools to safeguard public interests. This includes the continuity of the bank’s critical functions, financial stability and ensuring the taxpayer is better protected from having to pay for failing banks, as happened during the financial crisis.
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