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

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7295