The Chair of the Single Resolution Board, Elke König will inform on Friday 21 May 2021 the Eurogroup ministers about ongoing activities of the SRB, focusing on progress regarding resolution planning, resolvability and minimum requirement for own funds and eligible liabilities (MREL).
The Chair also gave an update on the latest
policy developments and on the build-up of the Single Resolution Fund
This reporting takes place twice a year in parallel with the hearing of the Chair of the ECB Supervisory Board.
1. RESOLUTION PLANNING CYCLE, RESOLVABILITY AND MREL Resolution Planning Cycle The SRB is in the concluding phase of the 2020 Resolution Planning Cycle (RPC). The 2020 RPC was for the first time based on a uniform 12-month cycle, from April 2020 to April 2021. Despite the challenges connected to the COVID-19 outbreak, the SRB kept the 2020 RPC on track and prepared resolution plans together with the National Resolution Authorities (NRAs) for the banking groups under its remit (106 plans)2. Almost all resolution plans and MREL decisions for the 2020 RPC have already been approved and adopted.3 The SRB recently started the 2021 RPC. “Priority letters” containing the bespoke work program for any given banking group were sent in October/ November 2020 and most data reports were received end of March 2021 (see figure 1 for the main steps of the 2021 RPC).
Figure 1 – 2021 RPC milestones
Full response: 2021-05-18 SRB bi-annual reporting note May 2021
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