Featured Product

    SRB Publishes Annual Report for 2019

    June 30, 2020

    SRB published its annual report for 2019. The annual report offers an overview of the SRB work and highlights its achievements and progress during the year. During 2019, SRB made continued progress in strengthening the resolution framework, advancing resolution planning, and further intensifying the dialog with banks and resolution and supervisory authorities in the Banking Union and beyond.

    As outlined in the multi-annual work program for 2018 to 2020, SRB continued to focus its work in 2019 on certain operational areas by strengthening resolvability for significant and less significant institutions, fostering a robust resolution framework, preparing and carrying out effective crisis management, operationalizing the Single Resolution Fund, and establishing a lean and efficient organization. In 2019, SRB further strengthened and updated resolution plans for banks under its remit, based on the most recent MREL policy and other resolution policies, while incorporating the first provisions of the Banking Package. SRB updated and improved 106 resolution plans in close cooperation with the national resolution authorities and contributed to five host plans drafted by other EU group-level resolution authorities. In 2019, the newly created Resolution Planning Cycle Steering Committee coordinated the considerable efforts to align resolution planning for all SRB banks to the same twelve-month cycle as of April 2020. The Expectations for Banks document was another key deliverable in 2019. The document builds on the Resolution Planning Manual and is a useful guide for financial institutions. In addition, SRB carried forward work on important aspects such as operational continuity, solvent wind-down, and liquidity in resolution and valuation. SRB also published the second part of its MREL policy for 2018, along with an addendum and the policy outlining approach of SRB for the public interest assessment.

    SRB continues to collaborate closely with EBA and ECB on resolution reporting. EBA has elaborated the XBRL taxonomy in its EBA 2.9 framework, used by SRB as the basis for preparing its 2020 data collection and extended by SRB to cover specific data not required by EBA. This collaboration aims to reduce the reporting burden for banks by avoiding double reporting of identical data points. During the Summer of 2019, SRB executed its first sequential reporting to EBA, wherein all reports received by SRB (both in XBRL and in Excel format) were sent to EBA. Looking ahead, SRB and EBA envisage automating this process for the 2020 collection. In the early Spring of 2019, SRB worked in close collaboration with the national resolution authorities to update the 2020 Data Reporting Form and to automate the receipt by SRB of the support templates of national resolution authorities for the 2020 ex ante contribution cycle. Work will continue in 2020 with regard to the Backstop Facility Agreement, which will specify the detailed financial terms and conditions, for which some aspects remain for discussion. 

     

    Related Links

    Keywords: Europe, EU, Banking, Annual Report, Resolution Framework, Resolution Planning, Reporting, Framework 2.9, XBRL Taxonomy, Crisis Management Framework, EBA, SRB

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582