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.
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Keywords: Europe, EU, Banking, Crisis Management Framework, Resolution Framework, Resolution Planning, Single Resolution Fund, Work Program, MREL, SRB
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