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The FMA ’s material tasks as the national resolution authority during the course of resolution planning include:

  • the drawing-up and annual further development of resolution plans for credit institutions falling under the direct responsibility of the FMA ,
  • involvement in resolution planning for banks falling under the direct responsibility of the SRB ,
  • assessing and ensuring the resolvability of banks with a resolution outcome within the scope of resolution planning,
  • conducting procedures for remedying impediments to resolution,
  • opinions about the recovery plans under BaSAG and the corresponding interface to the Banking Supervision department,
  • representation in EBA and SRB working groups on issues with a relevance to resolution,
  • legal monitoring and legislative development in the field of bank resolution,
  • chairing or participating in resolution colleges (further information on resolution colleges),
  • holding workshops for credit institutions, to keep them up-to-date about changes and new developments regarding the various areas of bank resolution,
  • cooperation within the scope of resolution planning with credit institutions, e.g. in the area of submission of data and information,
  • ordering and/or conducting of and official follow-ups to on-site inspections pursuant to Article 113a BaSAG .

The FMA is required to draw up a resolution plan for every credit institution that is established in Austria that is not under the direct responsibility of the SRB. Resolution planning is an iterative process, under which the resolution plan is updated and extended on an annual basis. If a credit institution is part of the banking group, and where the FMA in its capacity as the resolution authority is responsible for the resolution of the banking group, then the FMA is required under Article 22 BaSAG to draw up a group resolution plan. Resolution plans are required – irrespective of the credit institution’s current economic situation – to be reviewed on at least an annual basis, and to be updated as necessary. Once resolution plans have been drawn up, they are sent to the SRB as well as the competent banking supervision authority (ECB or FMA ) for commenting. Once an appraisal of the resulting opinions has been conducted, and the annual resolution planning cycle concluded, a summary of the main components of their resolution plan is disclosed to the credit institutions.

The contents of a resolution plan stipulated under BaSAG include:

  • a summary of the plan’s main components,
  • remarks about critical functions and their separability from the respective credit institution’s other functions, to ensure its continuing operation,
  • explanations about critical interdependencies,
  • applicable resolution strategies,
  • explanations about financing of options of resolution,
  • a plan for communicating with the media and the public,
  • a detailed resolvability assessment, as well as
  • measures for removing impediments to resolvability.

The Minimum Requirement for Own Funds and Eligible Liabilities (MREL ) that credit institutions are required to have available for financing planned resolution tools is particularly significant for the feasibility of the planned resolution strategies, in order in the event of resolution to have adequate loss absorbing capacity and recapitalisation options: Under Article 100 para. 1 BaSAG every credit institution is required to observed the requirements for a minimum requirement for own funds and eligible liabilities (MREL requirement). The respective MREL requirements are determined by the resolution authority and communicated to credit institutions on an annual basis. In determining the MREL requirements, the resolution must in particular take into consideration the standards and criteria stated in Article 102 BaSAG .