SRB published its annual report for 2017, which describes the activities and performance of SRB in 2017. In the past year, SRB enhanced resolution plans, developed resolution strategies and policies, and set—for the first time—binding minimum requirements for own funds and eligible liabilities (MREL) targets for the most important banks. In the coming years, SRB will build on this work and continue to pursue the clear roadmap on resolution planning set by the Multi-Annual Work Program.
The year 2017 marked a milestone for SRB, as in June 2017 the case of Banco Popular constituted the first resolution of an institution under the SRB remit, which was widely perceived as a success. SRB also made significant progress in other domains, fulfill its mandate by improving resolution planning, further operationalizing resolution tools and the corresponding resolution planning policies, refining the MREL policy, enhancing crisis readiness, further operationalizing the Single Resolution Fund (SRF), strengthening international and regulatory cooperation, and improving operational processes. Thus, SRB focused its work on the following key operational areas:
- Strengthening resolvability for SRB entities and less significant institutions
- Fostering a robust resolution framework
- Preparing and carrying out effective crisis management
- Operationalizing the SRF
- Establishing a lean and efficient organization
Keywords: Europe, EU, Banking, Annual Report, Resolution Plans, MREL, Resolution Framework, SRB
Previous ArticleESMA Publishes its Annual Report for 2017
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.