SRB Publishes the 2016 Annual Report
SRB published its annual report for 2016. The report takes stock of the progress made in developing resolution plans, establishing the Single Resolution Fund (SRF), and fostering cooperation within the Banking Union, within Europe and internationally. In 2017, SRB took its first resolution decision; however, its focus will remain on enhancing resolvability of the banks under its remit.
2016 was the second year of the SRB’s operation and the first year in which the organization assumed full resolution powers. The SRB in close cooperation with national resolution authorities made significant progress in developing resolution plans, building up the SRF, and strengthening cooperation within the Banking Union and beyond. The SRB focused on the following main operational areas:
Ensuring resolution readiness
Setting up and managing the SRF
Fostering and broadening cooperation
Consolidating its capacity building
The key objectives identified in the 2016 SRB Working Priorities have been achieved. SRB assumed its full resolution powers, covering about 140 banks. SRB, along with the national resolution authorities, drafted and adopted the first versions of resolution plans for the majority of its banking groups in 2016. The Internal Resolution Teams are up and running. Critical data for resolution planning and for SRB decisions is being collected with the assistance from the national resolution authorities. The regulatory framework is being developed and the SRB is actively contributing, with its expertise, to the regulatory discussions. Elke König, the SRB Chair presented this annual report at the ECON Public Hearing. According to the SRB Chair, “The last 18 months were characterized by a strong building-up of our [SRB] capabilities under the new EU resolution regime and the main objectives identified as working priorities have been achieved. Resolution planning is a multi-annual task and clearly 2016 was only a first, though important, step and more will have to be done in 2017 and coming years."
Related Links
Keywords: Europe, Banking, Resolution Framework, Single Resolution Fund, Resolution Planning, SRB
Previous Article
PRA Consults on Model Risk Management Principles for Stress TestingRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
