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.
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 decision to take resolution action in the case of Banco Popular Español. In March 2022, the European unit of Sberbank was determined to be failing or likely to fail, in the context of the 2022 Russian invasion of Ukraine and the ensuing EU sanctions against Russian lenders. The SRB decided that Sberbank Europe's Austrian parent entity would go into insolvency, but took resolution action on two subsidiaries in Croatia and Slovenia, which it respectively sold to Hrvatska postanska banka and to Nova Ljubljanska Banka.[2]
Single Resolution Fundedit
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.[3] By July 2023, the SRF had reached a size of €77.6 billion.[4]
Board membersedit
The Board is composed of six members : the SRB Chair, the Vice-Chair and four full-time Board Members. These four full-time Board Members as well as the Vice-Chair are responsible for SRB directorates.[5] The composition of the Board has been, over time, the following one:[6]
^"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.
^"Sberbank Europe AG: Croatian and Slovenian subsidiaries resume operations after being sold while no resolution action is required for Austrian parent company". SRB. March 2022.
^"What is the Single Resolution Fund?". Single Resolution Fund. 20 May 2016.
^"Single Resolution Fund grows by €11.3 billion to reach € 77.6 billion". Single Resolution Board. 6 July 2023.
^"Our organisation". Single Resolution Board. 14 December 2015. Retrieved 8 November 2022.
^"The Board". Single Resolution Board. 25 May 2021. Retrieved 8 November 2022.
^"Ready for the challenge – Dominique Laboureix takes up mandate as SRB Chair". SRB. 9 January 2023.
December 18, 2023
single, resolution, board, agency, that, established, brussels, 2015, part, broader, reforms, known, banking, union, acts, resolution, authority, subset, banks, euro, area, institutional, single, resolution, mechanism, resolution, restructuring, bank, resoluti. 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 Contents 1 History 2 Single Resolution Fund 3 Board members 4 See also 5 External links 6 NotesHistory editThe 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 decision to take resolution action in the case of Banco Popular Espanol In March 2022 the European unit of Sberbank was determined to be failing or likely to fail in the context of the 2022 Russian invasion of Ukraine and the ensuing EU sanctions against Russian lenders The SRB decided that Sberbank Europe s Austrian parent entity would go into insolvency but took resolution action on two subsidiaries in Croatia and Slovenia which it respectively sold to Hrvatska postanska banka and to Nova Ljubljanska Banka 2 Single Resolution Fund editThe 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 3 By July 2023 the SRF had reached a size of 77 6 billion 4 Board members editThe Board is composed of six members the SRB Chair the Vice Chair and four full time Board Members These four full time Board Members as well as the Vice Chair are responsible for SRB directorates 5 The composition of the Board has been over time the following one 6 Chair Elke Konig 2015 2022 Dominique Laboureix since 2023 7 Vice Chair Timo Loyttyniemi Vice Chair 2015 2020 Jan Reinder De Carpentier Vice Chair since 2020 Full time Board Members Joanne Kellermann nl 2015 2017 Mauro Grande 2015 2019 Dominique Laboureix 2015 2019 Antonio Carrascosa 2015 2020 Bostjan Jazbec es 2018 2023 Sebastiano Laviola since 2019 Pedro Machado since 2020 Jesus Saurina since 2020 Tuija Taos since 2023 See also editFederal Deposit Insurance Corporation Fondo de Reestructuracion Ordenada Bancaria Banking union European Banking Supervision List of financial regulatory authorities by jurisdictionExternal links editRegulation EU No 806 2014 of 15 July 2014 Single Resolution Board Official websiteNotes edit 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 Sberbank Europe AG Croatian and Slovenian subsidiaries resume operations after being sold while no resolution action is required for Austrian parent company SRB March 2022 What is the Single Resolution Fund Single Resolution Fund 20 May 2016 Single Resolution Fund grows by 11 3 billion to reach 77 6 billion Single Resolution Board 6 July 2023 Our organisation Single Resolution Board 14 December 2015 Retrieved 8 November 2022 The Board Single Resolution Board 25 May 2021 Retrieved 8 November 2022 Ready for the challenge Dominique Laboureix takes up mandate as SRB Chair SRB 9 January 2023 Retrieved from https en wikipedia org w index php title Single Resolution Board amp oldid 1186079981, wikipedia, wiki, book, books, library,
