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."
Keywords: Europe, Banking, Resolution Framework, Single Resolution Fund, Resolution Planning, SRB
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