At Banking Union level, the Single Resolution Board was put in place very gradually.
On 1 January 2015, it was entrusted with the task of preparing resolution plans for significant credit institutions subject to direct ECB supervision under the Single Resolution Mechanism (SRM), investment firms that are subsidiaries of a credit institution falling within the scope of the SRM, and cross-border groups under its responsibility.
Since 1 January 2016, the SRB has also had the power to adopt resolution decisions regarding these entities. The national resolution authorities (NRAs) are responsible for taking decisions regarding all other types of entity.
According to the cooperation framework of 26 June 2016, NRAs assist directly in the preparation of resolution plans for entities falling within the SRB's remit, and take part in the adoption of SRB decisions regarding these entities. They are also tasked with implementing these decisions at national level.
The SRB has therefore set up joint internal resolution teams (IRTs) in conjunction with the NRAs in order to prepare resolution plans for those groups under its responsibility.
Updated on: 10/20/2017 09:25