{"id":42819,"date":"2023-02-27T18:06:27","date_gmt":"2023-02-27T17:06:27","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=42819"},"modified":"2023-02-27T19:15:34","modified_gmt":"2023-02-27T18:15:34","slug":"resolution-in-the-european-context-banking-union","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/resolution-in-general\/resolution-in-the-european-context-banking-union\/","title":{"rendered":"Resolution in the European Context &#8211; Banking Union"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p class=\"wp-block-paragraph\">European Banking Union is used to describe the decisions passed in May 2014 transferring national competence to centralised institutions, and the creation of harmonised joint policies and rules in the areas of financial market supervision and the recovery or resolution of credit institutions within the European Union or the euro area.<\/p><p class=\"wp-block-paragraph\">One aim of the European Banking Union is to achieve greater transparency and stability in the European banking sector as well as to decouple sovereign debt from bank debt.<\/p><p class=\"wp-block-paragraph\">European Banking Union consists of several mechanisms. They are the Single Supervisory Mechanism (<abbr title=\"Single Supervisory Mechanism\">SSM<\/abbr> ), the Single Resolution Mechanism (<abbr title=\"Single Resolution Mechanism\">SRM<\/abbr> ) as well as hopefully in the future the European Deposit Insurance System (<abbr title=\"European Deposit Insurance System\">EDIS<\/abbr> ).<\/p><h2 class=\"wp-block-heading\"><strong>The three pillars of the banking union:<\/strong><\/h2><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"531\" height=\"371\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2023\/02\/Banking_Union_House_EN.png\" alt=\"\" class=\"wp-image-42627\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2023\/02\/Banking_Union_House_EN.png 531w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2023\/02\/Banking_Union_House_EN-320x224.png 320w\" sizes=\"auto, (max-width: 531px) 100vw, 531px\" \/><figcaption class=\"wp-element-caption\">The three pillars of banking union<\/figcaption><\/figure><h2 class=\"wp-block-heading\"><strong>European banking resolution bodies at a glance<\/strong><\/h2><div class=\"card\">  <div class=\"card-header\" id=\"heading-6a384555b8801\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a384555b8801\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a384555b8801\">        <span>Single Resolution Board<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a384555b8801\" class=\"collapse\" aria-labelledby=\"heading-6a384555b8801\">    <div class=\"card-body\"><p><!-- wp:paragraph --><\/p>\n<p>A separate resolution authority, the Single Resolution Board (<abbr title=\"Single Resolution Board\">SRB<\/abbr> ) has been established at European level for resolution and resolution planning.<\/p>\n<p>Further information about the principles of resolution, including resolution planning and resolution actions can be found <u>here<\/u>.<\/p>\n<p>Further information about the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr> &rsquo;s role within the <abbr title=\"Single Resolution Mechanism\">SRM<\/abbr>  can be found here.<\/p>\n<p>In order to ensure the effective and consistent application <abbr title=\"Single Resolution Board\">SRB<\/abbr>  issues guidelines and addresses instructions to national resolution authorities on the drawing up of resolution plans and group resolution plans. The <abbr title=\"Single Resolution Board\">SRB<\/abbr>  has established various committees and networks for this purpose, who are involved in drawing up these Guidelines. These groups are made up, among others, of representatives of national resolution authorities, namely the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  in Austria&rsquo;s case, who work together with representatives from the <abbr title=\"Single Resolution Board\">SRB<\/abbr>  to draw up such Guidelines.<\/p>\n<p>Further information can be found at: <a href=\"http:\/\/www.srb.europa.eu\/en\/content\/srb-banking-union\" class=\"external\" target=\"_blank\" rel=\"noopener\">www.srb.europa.eu\/en\/content\/srb-banking-union<\/a><\/p>\n<p>The <abbr title=\"Single Resolution Board\">SRB<\/abbr>  consists of a Chair, four further full-time Board Members, and a designated member from every participating Member State, which in Austria&rsquo;s case is one of the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr> &rsquo;s Executive Directors. The Commission and the <abbr title=\"European Central Bank\">ECB<\/abbr>  shall each designate a representative entitled to participate in the meetings of executive sessions and plenary sessions as a permanent observer. A representative of <abbr title=\"European Banking Authority\">EBA<\/abbr>  may be invited as an Observer, especially in such cases where, in line with Directive 2014\/59\/EU, <abbr title=\"European Banking Authority\">EBA<\/abbr>  is required to develop technical standards or to draw up Guidelines. Furthermore, the Secretariat with a staff of around 400 provides the necessary administrative and technical support on the performing of all the tasks assigned to the Board.<\/p>\n<p>The <abbr title=\"Single Resolution Board\">SRB<\/abbr>  passes decisions in plenary and executive sessions.<\/p>\n<p>All members participate at <abbr title=\"Single Resolution Board\">SRB<\/abbr>  plenary sessions, with the plenary deciding on the Annual Work Programme, the acceptance and oversight of the <abbr title=\"Single Resolution Board\">SRB<\/abbr> &rsquo;s annual budget, utilisation of the Single Resolution Fund under certain conditions, signing off the annual activity report, adoption of financial provisions etc.<\/p>\n<p>The Chair, the four full-time Board Members as well as where necessary the members from the respective affected Member States participate at the <abbr title=\"Single Resolution Board\">SRB<\/abbr>  Executive Sessions. Primarily, the Executive Session prepares all the decisions to be taken by the <abbr title=\"Single Resolution Board\">SRB<\/abbr>  Plenary Session and accepts all decisions for implementing the <abbr title=\"Single Resolution Mechanism\">SRM<\/abbr>  Regulation, provided the Regulation itself does not state otherwise. The <abbr title=\"Single Resolution Board\">SRB<\/abbr>  generally takes decisions in relation to individual banks as well as policy decisions together with the national resolution authorities, but in the event that it is not possible to reach a consensus, then the <abbr title=\"Single Resolution Board\">SRB<\/abbr> &rsquo;s full-time Board Members decide.<\/p>\n<p>The <abbr title=\"Single Resolution Board\">SRB<\/abbr>  has established its own Appeal Panel. Natural or legal persons &ndash; including the national resolution authorities &ndash; may appeal against certain decisions by the <abbr title=\"Single Resolution Board\">SRB<\/abbr> , where such decisions are addressed those persons, or where those persons are directly and individually affected.<\/p>\n<p>Further information about the <a href=\"https:\/\/srb.europa.eu\/en\/about\/srb-appeal-panel\" class=\"external\" target=\"_blank\" rel=\"noopener\">Appeal Panel<\/a>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>    <\/div>  <\/div><\/div><div class=\"card\">  <div class=\"card-header\" id=\"heading-6a384555b8bf4\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a384555b8bf4\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a384555b8bf4\">        <span>Proceedings in front of European Courts<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a384555b8bf4\" class=\"collapse\" aria-labelledby=\"heading-6a384555b8bf4\">    <div class=\"card-body\"><p>The right of appeal may be exercised before the Courts of the European Union against Appeal Panel decisions or &mdash; in cases in which an appeal is unable to be submitted to the Appeal Panel &mdash; or <abbr title=\"Single Resolution Board\">SRB<\/abbr>  decisions. The Member States and the bodies of the European Union as well as every natural or legal person may exercise their right of appeal against <abbr title=\"Single Resolution Board\">SRB<\/abbr>  decisions. Ultimately, the Court of Justice of the European Union (CJEU) is always the final legal instance.<\/p>    <\/div>  <\/div><\/div><div class=\"card\">  <div class=\"card-header\" id=\"heading-6a384555b8ce5\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a384555b8ce5\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a384555b8ce5\">        <span>European Banking Authority (EBA)<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a384555b8ce5\" class=\"collapse\" aria-labelledby=\"heading-6a384555b8ce5\">    <div class=\"card-body\"><p><!-- wp:paragraph --><\/p>\n<p>The <abbr title=\"Bank Recovery and Resolution Directive\">BRRD<\/abbr>  also confers powers on the <a href=\"https:\/\/www.eba.europa.eu\/about-us\" class=\"external\" target=\"_blank\" rel=\"noopener\">European Banking Authority (EBA)<\/a>, headquartered in Paris, to issue various Guidelines, Technical Standards or Opinions, with the objective of harmonised and consistent processes, especially with regard to financial institution that are active on a cross-border basis. These <abbr title=\"European Banking Authority\">EBA<\/abbr>  Guidelines apply for all EU Member States. <abbr title=\"European Banking Authority\">EBA<\/abbr>  is an independent EU authority, tasked with ensuring an effective and consistent level of regulation and supervision within the European banking sector. Its primary aims exist in maintaining financial stability in the EU as well as safeguarding the integrity, efficiency and the orderly functioning of the banking sector.<\/p>\n<p>The various Guidelines etc. are decided upon by <abbr title=\"European Banking Authority\">EBA<\/abbr> &rsquo;s Board of Supervisors (<abbr title=\"Board of Supervisors\">BoS<\/abbr> ), in which the Member State supervisory authorities are represented.<\/p>\n<p><abbr title=\"European Banking Authority\">EBA<\/abbr>  has established a Resolution Committee (<abbr title=\"Resolution Committee\">ResCo<\/abbr> ), which the national resolution authorities are represented in &ndash; with Austria being represented by an Executive Board member of the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  in its capacity as national resolution authority. <abbr title=\"Resolution Committee\">ResCo<\/abbr>  is a standing committee, the purpose of which is the preparation of <abbr title=\"European Banking Authority\">EBA<\/abbr>  decisions that are relevant to resolution, including decisions on draft implementing and regulatory technical standards for the tasks that are conferred upon the resolution authorities. It contributes towards the development and coordination of resolution plans and develops methods for the resolution of failing financial institutions.<\/p>\n<p>Further information about <a href=\"https:\/\/eba.europa.eu\/regulation-and-policy\/recovery-and-resolution\" class=\"external\" target=\"_blank\" rel=\"noopener\">EBA&rsquo;s work<\/a>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>    <\/div>  <\/div><\/div><div class=\"card\">  <div class=\"card-header\" id=\"heading-6a384555b8e1a\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a384555b8e1a\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a384555b8e1a\">        <span>Resolution Colleges<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a384555b8e1a\" class=\"collapse\" aria-labelledby=\"heading-6a384555b8e1a\">    <div class=\"card-body\"><p>Effective resolution of internationally active institutions and groups requires cooperation between European institutions, Member States and third-country resolution authorities. As stated under the <abbr title=\"Bank Recovery and Resolution Directive\">BRRD<\/abbr> , resolution colleges are established for these purposes &ndash; chaired by the resolution authority of the parent institution of a banking group &ndash; that are responsible for the resolution and resolution planning including the resolution concept and for prescribing <abbr title=\"Minimum Requirement for Own Funds and Eligible Liabilites\">MREL<\/abbr>  requirements for cross-border banking groups (Link to information about <abbr title=\"Minimum Requirement for Own Funds and Eligible Liabilites\">MREL<\/abbr> ). Where a group consists both of entities in participating Member State in the Banking Union as well as in entities in non-participating Member States or third countries, then the <abbr title=\"Single Resolution Board\">SRB<\/abbr>  represents the national resolution authorities in the hearing of and cooperation with non-participating Member States or third countries.<\/p>    <\/div>  <\/div><\/div><h2 class=\"wp-block-heading\">Further Information<\/h2><div id=\"reference-6a384555b94d3\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fas fa-link\" aria-hidden=\"true\"><\/span>Further Information<\/h3><p><\/p><p><a href=\"http:\/\/www.srb.europa.eu\/\" class=\"external\" target=\"_blank\" rel=\"noopener\">Single Resolution Board (SRB)<\/a><\/p>\n<p><a href=\"https:\/\/srb.europa.eu\/en\/about\/srb-appeal-panel\" class=\"external\" target=\"_blank\" rel=\"noopener\">Single Resolution Board (SRB) Appeal Panel<\/a><\/p>\n<p><a href=\"https:\/\/www.eba.europa.eu\/\" class=\"external\" target=\"_blank\" rel=\"noopener\">European Banking Authority (EBA)<\/a><\/p><\/div><p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>European Banking Union is used to describe the decisions passed in May 2014 transferring national competence to centralised institutions, and &#8230;<\/p>\n","protected":false},"author":60,"featured_media":0,"parent":42609,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-42819","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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