Featured Product

    SRB and CNB Announce Decisions on Sberbank Resolution

    March 01, 2022

    The Single Resolution Board (SRB) and the Czech National Bank (CNB) announced decisions on resolution of Sberbank.

    SRB decided that resolution is not necessary for the Austrian parent of Sberbank Europe AG. Insolvency procedures will be carried out according to national law while eligible deposits of up to EUR 100,000 are protected by the Austrian deposit guarantee system. Adopting the resolution decisions for Slovenian and Croatian subsidiaries of Sberbank, SRB decided to transfer all shares of the group’s Croatian subsidiary Sberbank d.d. to Hrvatska Poštanska Banka d.d. (Croatian Postbank) and all shares of the group’s Slovenian subsidiary Sberbank banka d.d. to Nova ljubljanska banka d.d. (NLB d.d.). The banks will remain open as normal, with no disruption to depositors or clients. 

    Earlier, on February 28, 2022, CNB had initiated steps aimed at revoking the license of Sberbank CZ, as to operate as a bank. This was due to the deteriorating liquidity situation of the bank in connection with a significant outflow of deposits after the escalation of the Russian-Ukrainian conflict and the invasion of Ukraine by Russia. For banks domiciled in the Czech Republic, CNB is the bank resolution authority. If the bank is part of an international financial group based in European Union, CNB cooperates with SRB within the resolution resolution college. SRB is the institution responsible for resolving bank crises within the Banking Union. As Sberbank CZ is part of the cross-border group Sberbank Europe AG, SRB was informed by CNB about the solution. In a separate statement, CNB assured the public that this is an isolated problem caused by external, geopolitical factors and that the business of Czech banks in Russia is very negligible and a possible failure of Russian loans and securities would have no effect on the financial situation.

     

    Related Links (in Czech)

     

    Keywords: Europe, Czech Republic, Banking, Basel, Sberbank CZ, Credit Risk, Liquidity Risk, Resolution Framework, Deposit Insurance, SRB, CNB

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514