On 30 March 2021, the Single Resolution Board (SRB) issued a document describing elements that banks should consider for the operationalization of the bail-in in respect of international bearer debt securities issued by and safe kept in the international central securities depositories. The document should be read in conjunction with previously published guidance on bail-in playbooks, which covers the identification of instruments, internal and external execution processes and the provision of bail-in data points. The document does not address bail-in execution steps for instruments issued and safe kept in local central securities depositories.
The document contains two practical annexes:
- Annex I: a detailed description of the steps that would take place under the main operational scenarios (write-down and conversion).
- Annex II: communication templates for notifying the resolution event and the application of the bail-in tool to the securities issued in the international central securities depositories.
The SRB expects banks to reflect the content of the document in their bail-in playbooks.