The Single Resolution Board (SRB) has launched its new strategy, SRM Vision 2028. The strategy marks a clear shift for the European Single Resolution Mechanism (SRM), which consists of a network of national resolution authorities (NRAs) and the SRB, the central resolution authority within the Banking Union. The SRM is moving from the key elements of resolution planning and preparation to include a new focus on operationalisation, resolution testing and crisis readiness.
The new strategy takes into account the evolving banking landscape, as well as current and emerging risks. Under SRM Vision 2028, the SRB and NRAs will focus more on operationalising resolution plans, resolution testing and crisis readiness. Every bank has a resolution strategy, so it has a plan for resolution in case it should run into trouble. The aim is for these resolution strategies to be legally, operationally and financially ready, and to test them. This will make the banking system even more resilient. In addition, communication, transparency and collaboration with industry stakeholders, both at European and global level, are crucial for the proper functioning of the resolution framework. The SRM Vision 2028 was developed with different consultations with both internal and external stakeholders from throughout the Banking Union, including the various Member States, the European Commission and the banking industry.
In the 2008 financial crisis, governments in Europe and elsewhere were forced to save failing banks with taxpayers' money. It became clear that financial institutions were very closely interconnected, and that Europe was lacking a uniform supervision system. In response to this crisis, a central European approach to failing banks was introduced: the European resolution framework. The SRB and the NRAs have been shaping, building and anchoring the resolution framework in Member States since 2015.
De Nederlandsche Bank (DNB), in its capacity as the Dutch resolution authority, welcomes the new strategy. The bold new vision will help build confidence in a stable banking system, both in the Netherlands and across Europe. Going forward, we will put more emphasis on testing and operationalising resolution plans. The full SRM Vision 2028 strategy can be found here.
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