The report details the work of Europe’s Single Resolution Board and highlights the progress made in making Europe’s banking sector more stable, by ensuring all of the SRB’s banks make themselves resolvable.
Against the backdrop of Russia’s aggression in Ukraine, the SRB adopted resolution decisions in respect of Sberbank’s subsidiaries in the Banking Union. On the resolution planning and preparedness side, the SRB focused on areas such as bank testing and crisis readiness dry-runs. The SRB also began to publicly communicate just how resolvable SRB banks are, by publishing its first resolvability heat map in July of 2022. This will be an annual exercise to track progress and priority areas for resolvability.
“The SRB made great strides in 2022 in order to ensure that the major banking groups in 21 EU countries are resolvable. Our work is technical, but our mission is simple: to ensure we can deal with any bank that gets into trouble, at no cost to the taxpayer. There is more work to do, and while we are keeping as close an eye as ever on the economic situation and drawing the lessons from the March 2023 crisis cases, we are also working on a strategic plan to ensure the SRB is as efficient and effective as possible in the coming months and years, to deal with whatever might come our way,” – Dominique Laboureix, SRB Chair
The report will be officially presented at the European Parliament’s ECON committee later this month. You can find the full report here.
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© Single Resolution Board
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