SRB Publishes Work Program for 2020
SRB published its work program for 2020. The work program sets out the priorities and core tasks for the year ahead. The work program for 2020 is an ambitious roadmap toward strengthening the resolvability of SRB entities and less significant institutions, fostering a robust resolution framework, carrying out effective crisis management, further building up the Single Resolution Fund (from 33 billion in 2019 to about 41 billion next year), and establishing a lean and efficient organization.
A focus for the year ahead will be on ensuring that the internal policies, resolution plans, and minimum requirements for own funds and eligible liabilities (MREL) decisions reflect the requirements of the new banking package. SRB also expects banks to proactively work to make themselves resolvable, taking on board these new and existing requirements. On October 23, 2010, SRB published, for public consultation, the "Expectations for Banks." In its expectations for banks, SRB sets out the general capabilities it expects banks to demonstrate to show that they are resolvable. Other important priorities will be operationalizing the political agreements on the backstop reached in 2019 as well as increasing preparedness for potential new Banking Union members with regard to the Single Resolution Fund contributions.
2020 is the final year of the 2018-2020 multi-annual work program of SRB and will mark the fifth anniversary of the SRB taking on full powers within the Single Resolution Mechanism. The year will also see SRB operate at full staff capacity for the first time, with close to 400 colleagues on hand to deliver the ambitious program of SRB. SRB work program for 2020 is in line with the medium-term objectives set out in the multi-annual program and is structured around the same five strategic areas. As with the multi-annual program, it should be noted that SRB is primarily a crisis management organization, which requires flexibility to act effectively and in a timely manner. Hence, while the 2020 work program will guide the activities of SRB during 2020, different outputs may deviate from the planned work program. SRB will develop the next multi-annual work program, covering the 2021-2023 period, in 2020.
Related Links
Keywords: Europe, EU, Banking, Crisis Management Framework, Resolution Framework, Resolution Planning, Single Resolution Fund, Work Program, MREL, SRB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
FDIC Publishes Risk Review Report for 2019Related Articles
HKMA on Fintech Adoption and Innovation by Banks in Hong Kong
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB Consults on Guide for Managing Climate and Environmental Risks
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA Assesses Interlinkages Between Recovery and Resolution Planning
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB Publishes Final MREL Policy Under the Banking Package
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
US Agencies Amend Interim Final Rule on Transition Period for CECL
US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.
ECB Releases Results of March Survey on Credit Terms and Conditions
ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.
FINMA Adjusts Deadlines for COVID-19 Relief Measures for Banks
FINMA published guidance (06/2020) on extending or discontinuing various exemptions that were granted due to the COVID-19 crisis.
SRB Consults on Standardized Data Set for Bank Valuation in Resolution
SRB launched a consultation on the minimum data needed for valuation of a bank in resolution.
