The Single Resolution Board (SRB) has published its 2016 Annual Report. The Annual Report outlines the SRB’s main achievements from 1 January 2016 to 31 December 2016.
The SRB’s main achievements in this period include:
- in terms of resolution planning, the SRB assumed its full resolution power covering 141 banks and drafting and adopting 92 resolution plans. The SRB increased its capability to act quickly and decisively by: (i) establishing 76 internal resolution teams; (ii) establishing 26 resolution colleges; and (iii) joining eight crisis management groups. In addition, the SRB collected data for resolution planning from all major banking groups under its remit using the liability data template, which provides granular liability, and in particular, facilitates the setting of minimum requirements for own funds and eligible liabilities and the application of resolution tools such as bail-in;
- in terms of agreements, the cooperation framework agreement (COFRA) between the SRB and national resolution authorities (NRAs) was finalised together with the internal arrangements operationalising certain provisions of the COFRA. In addition, the Resolution Committee, the Fund Committees and the Administrative and Budget Committee were set up as the main platforms for developing methodologies and common approaches within the SRM along with sharing experiences with the NRAs;
- in terms of contributions, the SRB received €4 billion of 2016 ex ante contributions. The SRB will continue to calculate ex ante contributions from 2016 onwards. In addition, the SRB adopted the first investment strategy and an outsourcing model for investment activities. The SRB also signed loan facility agreements with 16 of the 19 participating member states; and
- on resolution-related activities, the SRB evaluated eight European global systemically important banks through the resolvability assessment process. The SRB also contributed its expertise to regulatory discussions on: (i) the transposition of the total loss-absorbing capacity agreement into EU legislation; (ii) financial market infrastructure resolution; (iii) the European deposit insurance scheme; and (iv) the common backstop.
View SRB Annual Report 2016, 11 July 2017