SRB Publishes the Work Program for 2019
SRB published the work program for 2019, which sets out its priorities and core tasks for the year ahead. The main duty of SRB is to ensure that every bank is resolvable and thus help contribute to financial stability in Europe and across the world. The work program sets forth the objectives of SRB for carrying out this mandate in 2019.
The priorities for 2019 are in line with the multi-annual plan of SRB for 2018-2020 and they are structured along the following five strategic areas:
- Strengthening resolvability for SRB entities and less significant institutions
- Fostering a robust resolution framework
- Preparing and carrying out effective crisis management
- Fully operationalizing the Single Resolution Fund
- Establishing a lean and efficient organization
In the year ahead, SRB will focus on tailoring resolution strategies and identifying and addressing impediments to resolvability: minimum requirements for own funds and eligible liabilities (MREL) is a key tool in this regard. The work program for 2019 forecasts sizable progress in the definition of binding MREL requirements, at consolidated and individual level, including the internal location of MREL and its quality. These elements will be put in place to strengthen resolution plans. The year will also see significant progress in resolution planning, both in the scope of banks covered by plans and in their content. Banking groups previously not covered will be addressed by new plans, leading to the adoption of 113 resolution plans in the 2019 resolution planning cycle. All plans will be further substantiated, reflecting the development of new or updated internal SRB policies.
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Keywords: Europe, EU, Banking, MREL, Resolution Framework, Resolution Planning, Work Program, Less Significant Institutions, SRB
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