Single Resolution Board

The Single Resolution Board (SRB) is an EU agency that was established in Brussels in 2015 as part of the broader set of reforms known as the banking union. It acts as the resolution authority for a subset of banks in the euro area and as the institutional hub of the Single Resolution Mechanism. Resolution is the restructuring of a bank by a resolution authority through the use of resolution tools in order to safeguard public interests, including the continuity of the bank’s critical functions and financial stability, at minimal costs to taxpayers.

History

The SRB was established by the EU Single Resolution Mechanism Regulation of 2014 and became operational on 1 January 2015, with full assumption of its resolution authority on 1 January 2016.[1]

Its early development was supported by the European Commission. It moved to its current office on Treurenberg 22 in central Brussels in late 2015.

The initial activity of the SRB was largely about establishing processes and methodologies, particularly in the area of resolution planning. In June 2017, the SRB took its first (and as of mid-2020, only) decision to take resolution action in the case of Banco Popular Español.

Single Resolution Fund

The Single Resolution Fund (SRF) was established by the SRM Regulation. Where necessary, it may be used to ensure the efficient application of resolution tools and the exercise of the resolution powers conferred to the SRB by the SRM Regulation. The SRF is composed of contributions from credit institutions and certain investment firms in the 19 participating Member States within the Banking Union. It is being gradually built up during the period until 2023 included, and shall reach the target level of at least 1% of the amount of covered deposits of all credit institutions within the Banking Union by 31 December 2023.[2] By July 2019, the SRF had reached a size of €33 billion.[3]

Board members
  • Elke König, Chair (since 2015)[4]
  • Joanne Kellermann (2015-2017)
  • Dominique Laboureix (2015-2019)
  • Timo Löyttyniemi, Vice Chair (2015-2020)
  • Antonio Carrascosa (2015-2020)
  • Boštjan Jazbec (since 2018)
  • Sebastiano Laviola (since 2019)
  • Jan Reinder De Carpentier, Vice Chair (since 2020)
  • Pedro Machado (since 2020)
  • Jesús Saurina (since 2020)
gollark: Unlikely.
gollark: Yes, I'm aware. You're wrong lots.
gollark: I should make a GIT REPOSITORY for my RANDOM PROJECTS.
gollark: > no, and that's why I won't release the toolkit> so that someone doesn't make something betterextremely apiohazardous and anti-improvement.
gollark: As usual, yes.

See also

Notes
  1. "REGULATION (EU) No 806/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010". Eur-Lex.
  2. "What is the Single Resolution Fund?". Single Resolution Fund.
  3. "SRF grows to €33 billion after latest round of transfers". Single Resolution Fund. 17 July 2019.
  4. Francesco Guarascio (18 December 2017). "EU agrees new five-year mandate for German chair of bank watchdog SRB". Reuters.
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