..today is a very important day in the life of the SRB and the SRM as a whole, because we are launching a new vision, SRM VISION 2028, which is precisely connected to the different terms I have just commented on.
I hope we will have a lively day of discussion and debate as we discuss The road ahead: risk, readiness and resilience.
You will have seen, no doubt, that we have a packed agenda, with top class speakers. I want to say a special thanks to each and every one of our speakers, because without their time, this event could simply not happen.
Let me come back to the title of our event today, because each term matters. The “road ahead” means we are still travelling towards more financial stability, with a number of “risks”, growing and/or evolving around us. That is why we, altogether, banks, authorities, and all the other stakeholders, need to be “ready”, which is the only condition to be able to increase the global “resilience” of our Banking Union banking system even more.
From that perspective, today is a very important day in the life of the SRB and the SRM as a whole, because we are launching a new vision, SRM VISION 2028, which is precisely connected to the different terms I have just commented on.
Together, we have achieved much these past years and now we have to evolve, having reached several key milestones. On the whole, MREL deadlines have been met, the banks have made significant progress to comply with the SRB “expectations for banks” and the Single Resolution Fund has reached its target level of 1% of total covered deposits.
[Strategy]
The SRM vision 2028 is a new step in a more mature SRB. It is a new milestone in the SRB’s life.
The strategy will guide us forward and it will be a process of evolution not revolution.
This vision is a result of the strategic review we initiated of our operations, and in consultation with many of you attending this conference today – and let me thank you for your valuable contributions. We put together SRM Vision 2028 to help us to manage the risks and to ensure we are ready and resilient to meet the challenges of the road ahead.
Shortly we will show you a video that will give a snapshot of the strategy, but let me give a few highlights first.
The strategy is based around three areas:
The first is our core business. The strategy will focus on the need to further improve our crisis preparedness. We will develop integrated tools to respond to already known and any potential emerging crisis circumstances. We will work on crisis-oriented resolution planning with an embedded risk-based approach. We will review our resolution planning activities to focus more on the operational aspects and on testing banks capabilities to handle a crisis. We will also perform on-site inspections. The SRM will work to be the global reference in the resolution field, improve knowledge management and keep building relations with European agencies and institutions, as well as international relations.
The second area of the strategy is in relation to governance and organisational matters. Here we want to strengthen our structures so that we become more streamlined, more efficient and more transparent, in particular towards the industry. Let me mention here two first examples:
- Last week we published our calendar of surveys and requests to banks for the whole 2024 year. This unprecedented publication goes exactly in the direction of more transparency and predictability.
- Another example is the MREL policy consultation we launched two months ago. Today is the last day for answering, and I am sure that your answers will help us defining the future of our policy in this important area....
- more at SRB
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