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
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
FDIC Publishes Risk Review Report for 2019Related Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
