The Single Resolution Board (SRB) is an
EU agency
The agencies of the European Union (formally: ''Agencies, decentralised independent bodies, corporate bodies and joint undertakings of the European Union and the Euratom'') are bodies of the European Union and the Euratom established as juridica ...
that was established in
Brussels
Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Bruss ...
in 2015 as part of the broader set of reforms known as the
banking union
The banking union of the European Union is the transfer of responsibility for banking policy from the national to the EU level in several EU member states, initiated in 2012 as a response to the Eurozone crisis. The motivation for banking union w ...
. 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
The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's European Union banking union, banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution ...
. 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.
Its early development was supported by the
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...
. 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
Banco Popular Español, S.A. () was the sixth largest banking group in Spain before it was bought by Banco Santander as part of a rescue package in June 2017.
Components
The group consisted of the following companies: national bank Banco Popular ...
. In March 2022, the European unit of
Sberbank
PJSC Sberbank (russian: Сбербанк, initially a contraction of russian: сберегательный банк, translit=sberegatelnyy bank, lit=savings bank, link=no) is a Russian majority state-owned banking and financial services compan ...
went into resolution, in the context of the
2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
and the ensuing EU sanctions against Russian lenders : the SRB decided that Sberbank's Austrian subsidiary was going into insolvency, while it sold its Croatian unit to
Hrvatska postanska banka and Sberbank's Slovenian subsidiary to
Nova Ljubljanska Banka
NLB Group is the largest banking and financial group in Slovenia, with the core of its activity being in Southeast Europe.
History
Founded in 1994, the bank now covers markets with a population of approximately 17.4 million people. In addition to ...
.
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. By July 2022, the SRF had reached a size of €66 billion.
Board members
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. The composition of the Board has been, over time, the following one:
*Chair:
**
Elke König, (2015-2022)
** Dominique Laboureix (since 2023)
*Vice Chair:
** Timo Löyttyniemi, Vice Chair (2015-2020)
** Jan Reinder De Carpentier, Vice Chair (since 2020)
*Full-time Board Members:
** (2015-2017)
** Mauro Grande (2015-2019)
** Dominique Laboureix (2015-2019)
** Antonio Carrascosa (2015-2020)
** (2018-2023)
** Sebastiano Laviola (since 2019)
** Pedro Machado (since 2020)
** Jesús Saurina (since 2020)
** Tuija Taos (since 2023)
External links
Regulation (EU) No 806/2014 of 15 July 2014Single Resolution Board
Official website
See also
*
Banking union
The banking union of the European Union is the transfer of responsibility for banking policy from the national to the EU level in several EU member states, initiated in 2012 as a response to the Eurozone crisis. The motivation for banking union w ...
*
Single Supervisory Mechanism
The Single Supervisory Mechanism (SSM) is the first pillar of the European banking union and is the legislative and institutional framework that grants the European Central Bank (ECB) a leading supervisory role over banks in the EU. The ECB d ...
Notes
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Agencies of the European Union
Eurozone