The Single Resolution Board (SRB) is an

EU agency The European Union and Euratom have agencies, decentralised independent bodies, corporate bodies and joint undertakings which are established as juridical persons through secondary EU legislation and tasked with a specific narrow field of work. ...

that was established in

Brussels Brussels, officially the Brussels-Capital Region, (All text and all but one graphic show the English name as Brussels-Capital Region.) is a Communities, regions and language areas of Belgium#Regions, region of Belgium comprising #Municipalit ...

in 2015 as part of the broader set of reforms known as the

banking union The European banking union refers to the transfer of responsibility for banking policy from the member state-level to the union-wide level in several EU member states, initiated in 2012 as a response to the 2009 Eurozone crisis. The motivation f ...

. It acts as the bank resolution authority for a subset of banks in the

euro area The euro area, commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU pol ...

and as the institutional hub of the Single Resolution Mechanism (SRM). 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. Its leadership was appointed in December 2014. The Board 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 primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

. 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 Pop ...

. In March 2022, the European unit of

Sberbank The Public JSC Sberbank (, initially a contraction of ) is a Russian majority state-owned banking and financial services company headquartered in Moscow. As the Russian successor entity of the State Labor Savings Banks System of the USSR, it was ...

was determined to be failing or likely to fail, in the context of the

2022 Russian invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...

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 Croatia, officially the Republic of Croatia, is a country in Central Europe, Central and Southeast Europe, on the coast of the Adriatic Sea. It borders Slovenia to the northwest, Hungary to the northeast, Serbia to the east, Bosnia and Herze ...

and

Slovenia Slovenia, officially the Republic of Slovenia, is a country in Central Europe. It borders Italy to the west, Austria to the north, Hungary to the northeast, Croatia to the south and southeast, and a short (46.6 km) coastline within the Adriati ...

, which it respectively sold to Hrvatska postanska banka and 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. NLB has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 201 ...

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. As of 31 December 2024, the SRF amounts to €80 billion, which is above the 1% of covered deposits.

Composition

Board members

The Board, in a narrow sense, 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 (2015-2020) ** Jan Reinder De Carpentier (2020-2025) ** Miguel Carcaño Saenz De Cenzano (since 2025) *Full-time Board Members: ** (2015-2017) ** Mauro Grande (2015-2019) ** Dominique Laboureix (2015-2019) ** Antonio Carrascosa (2015-2020) ** (2018-2023) ** Sebastiano Laviola (2019-2024) ** Pedro Machado (2020-2025) ** Jesús Saurina (2020-2025) ** Tuija Taos (since 2023) ** Karen Braun-Munzinger (since 2024) ** Slavka Eley (since 2025) ** Radek Urban (since 2025)

National Resolution Authorities

The National Resolution Authorities (NRAs) participate in the SRB's plenary sessions, and in certain circumstances set out in the SRM Regulation, also occasionally in executive sessions. As of January 2024, they were the following: *

Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...

: Financial Market Authority (FMA) *

Belgium Belgium, officially the Kingdom of Belgium, is a country in Northwestern Europe. Situated in a coastal lowland region known as the Low Countries, it is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeas ...

National Bank of Belgium The National Bank of Belgium (NBB; , NBB; , BNB; , BNB) is the National central bank (Eurosystem), national central bank for Belgium within the Eurosystem. It was the Belgian central bank from 1850 until 1998, established by law of and issuin ...

Bulgaria Bulgaria, officially the Republic of Bulgaria, is a country in Southeast Europe. It is situated on the eastern portion of the Balkans directly south of the Danube river and west of the Black Sea. Bulgaria is bordered by Greece and Turkey t ...

Bulgarian National Bank The Bulgarian National Bank (, , BNB) is the central bank of the Republic of Bulgaria. It has also been Bulgaria's national competent authority within European Banking Supervision since 2020. Headquartered in Sofia, the bank was established in ...

Croatian National Bank The Croatian National Bank (; ), known until 1997 as the National Bank of Croatia (), is the national central bank for Croatia within the Eurosystem. Originally established in 1972 under the decentralization of the National Bank of Yugoslavia, ...

Cyprus Cyprus (), officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. Situated in West Asia, its cultural identity and geopolitical orientation are overwhelmingly Southeast European. Cyprus is the List of isl ...

Central Bank of Cyprus The Central Bank of Cyprus ( ) is the national central bank for the Republic of Cyprus within the Eurosystem, and was the Cypriot central bank from 1963 to 2007, issuing the Cypriot pound. Since 2014, it has also been Cyprus's national competent ...

Estonia Estonia, officially the Republic of Estonia, is a country in Northern Europe. It is bordered to the north by the Gulf of Finland across from Finland, to the west by the Baltic Sea across from Sweden, to the south by Latvia, and to the east by Ru ...

: Estonian Financial Supervisory Authority (FI) *

Finland Finland, officially the Republic of Finland, is a Nordic country in Northern Europe. It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, ...

: Finnish Financial Stability Authority (RVV) *

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

: Prudential Supervision and Resolution Authority (ACPR) *

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

Federal Financial Supervisory Authority The Federal Financial Supervisory Authority (), better known by its abbreviation BaFin, is Germany's integrated financial regulatory authority. Since 2014, it has been Germany's national competent authority within European Banking Supervision. ...

(BaFin) *

Greece Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...

Bank of Greece The Bank of Greece ( , ) is the national central bank for Greece within the Eurosystem. It was the Greek central bank from 1927 to 2000, issuing the drachma. Since 2014, it has also been Greece's national competent authority within European ...

Ireland Ireland (, ; ; Ulster Scots dialect, Ulster-Scots: ) is an island in the North Atlantic Ocean, in Northwestern Europe. Geopolitically, the island is divided between the Republic of Ireland (officially Names of the Irish state, named Irelan ...

Central Bank of Ireland The Central Bank of Ireland () is the national central bank for Ireland within the Eurosystem. It was the Irish central bank from 1943 to 1998, issuing the Irish pound. It is also the country's main financial regulatory authority, and since 2 ...

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

Bank of Italy The Bank of Italy (Italian language, Italian: ''Banca d'Italia'', , informally referred to as ''Bankitalia'') is the National central bank (Eurosystem), national central bank for Italy within the Eurosystem. It was the Italian central bank from ...

Latvia Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe. It is one of the three Baltic states, along with Estonia to the north and Lithuania to the south. It borders Russia to the east and Belarus to t ...

Bank of Latvia The Bank of Latvia (,) is the national central bank for Latvia within the Eurosystem. It was the Latvian central bank from 1922 to 2013, albeit with a long suspension between 1940 and 1992. It issued the Latvian lats (1922-1940), then a Latvian r ...

Lithuania Lithuania, officially the Republic of Lithuania, is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea, bordered by Latvia to the north, Belarus to the east and south, P ...

Bank of Lithuania The Bank of Lithuania () is the national central bank for Lithuania within the Eurosystem. It was the Lithuanian central bank from 1922 to 2014, albeit with a long suspension between 1940 and 1993. It issued the Lithuanian litas between 1922 ...

Luxembourg Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembour ...

Commission de Surveillance du Secteur Financier The (CSSF) is the main financial regulatory authority in Luxembourg. Since 2014, it has been the country's national competent authority within European Banking Supervision. The CSSF is also responsible for the supervision of experts in the f ...

(CSSF) *

Malta Malta, officially the Republic of Malta, is an island country in Southern Europe located in the Mediterranean Sea, between Sicily and North Africa. It consists of an archipelago south of Italy, east of Tunisia, and north of Libya. The two ...

Malta Financial Services Authority The Malta Financial Services Authority (MFSA) is the main Financial regulation, financial regulator of Malta. The MFSA was founded in 2002 when it assumed the responsibilities of the Central Bank of Malta, the Malta Stock Exchange, and the Malta ...

(MFSA) *

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

De Nederlandsche Bank De Nederlandsche Bank (, , abbr. DNB) is the national central bank for the Netherlands within the Eurosystem. It was the Dutch central bank from 1814 to 1998, issuing the guilder. Since 2014, it has also been the country's national competent au ...

Portugal Portugal, officially the Portuguese Republic, is a country on the Iberian Peninsula in Southwestern Europe. Featuring Cabo da Roca, the westernmost point in continental Europe, Portugal borders Spain to its north and east, with which it share ...

Banco de Portugal The Banco de Portugal (, ) is the National central bank (Eurosystem), national central bank for Portugal within the Eurosystem. It was the Portuguese central bank from 1846 to 1998, issuing the Portuguese escudo, escudo. Since 2014, it has also ...

Slovakia Slovakia, officially the Slovak Republic, is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the west, and the Czech Republic to the northwest. Slovakia's m ...

: Slovak Resolution Council *

Bank of Slovenia The Bank of Slovenia () is the national central bank for Slovenia within the Eurosystem. It was the Slovenian central bank from 1991 to 2006, issuing the tolar. Since 2014, it has also been Slovenia's national competent authority within European ...

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

Fondo de Reestructuración Ordenada Bancaria FROB, the Spanish Executive Resolution Authority (formerly known as Fund for Orderly Bank Restructuring) is an entity of the Spanish government that manages the resolution processes of credit institutions and investment firms in their executive ph ...

(FROB)

External links

Regulation (EU) No 806/2014 of 15 July 2014

Single Resolution Board

Official website

Notes

{{Funding programmes of the European Union Agencies of the European Union Eurozone