History
The SRB was established by the EU Single Resolution Mechanism Regulation of 2014. Its leadership was appointed in December 2014. [1] The Board became operational on 1 January 2015, with full assumption of its resolution authority on 1 January 2016. [2]
Its early development was supported by the European Commission. It moved to its current office on Treurenberg 22 in central Brussels in late 2015.
The initial activity of the SRB was largely about establishing processes and methodologies, particularly in the area of resolution planning.
In June 2017, the SRB took its first decision to take resolution action in the case of Banco Popular Español. In March 2022, the European unit of Sberbank was determined to be failing or likely to fail, in the context of the 2022 Russian invasion of Ukraine and the ensuing EU sanctions against Russian lenders. The SRB decided that Sberbank Europe's Austrian parent entity would go into insolvency, but took resolution action on two subsidiaries in Croatia and Slovenia, which it respectively sold to Hrvatska postanska banka and to Nova Ljubljanska Banka. [3]
PJSC Sberbank is a Russian majority state-owned banking and financial services company headquartered in Moscow. It was called Sberbank of Russia until 2015. Sberbank has operations in several European nations, primarily post-Soviet countries.
OTP Bank Group is the largest commercial bank of Hungary and one of the largest independent financial service providers in Central and Eastern Europe and with banking services for private individuals and corporate clients. The OTP Group comprises subsidiaries in the field of insurance, real estate, factoring, leasing and asset management, investment and pension funds. Besides Hungary, OTP Group operates in 10 countries of the region via its subsidiaries: in Albania, in Bulgaria, in Croatia, in Romania, in Serbia, in Slovenia, in Ukraine, in Moldova, in Montenegro and in Russia.
Elisa Maria da Costa Guimarães Ferreira, GCC is a Portuguese politician and economist who has been serving as European Commissioner for Cohesion and Reforms in the administration of President Ursula von der Leyen since 2019. She previously served as vice-governor of the Bank of Portugal from 2016 until 2019. She was as Member of the European Parliament (MEP) for the Socialist Party; part of the Party of European Socialists between 2004 and 2016. In 2019, she was selected by Portugal to serve as a European Commissioner. Previously, she was in charge of the Ministries of Environment (1995-1999) and Public Works (1999-2001) during the governments of António Guterres.
AIK Banka is a commercial bank based in Belgrade, Serbia.
In the European Union (EU), enhanced cooperation is a procedure where a minimum of nine EU member states are allowed to establish advanced integration or cooperation in an area within EU structures but without the other members being involved. As of October 2017, this procedure is being used in the fields of the Schengen acquis, divorce law, patents, property regimes of international couples, and European Public Prosecutor and is approved for the field of a financial transaction tax.
The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory agency. It was established in 2011 under EU Regulation 1094/2010.
The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages.
Hrvatska poštanska banka d.d. or HPB is the largest Croatian-owned bank in the country and ranks 5th in Croatia in terms of total assets, worth around EUR 7.046.053 thousands.
FROB, the Spanish Executive Resolution Authority is an entity of the Spanish government that manages the resolution processes of credit institutions and investment firms in their executive phase in Spain.
NLB Group is the largest banking and financial group in Slovenia, with the core of its activity being in Southeast Europe.
The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris.
The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in La Défense, Île-de-France. Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying weaknesses in banks' capital structures.
The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was established on 27 September 2012 as a permanent firewall for the eurozone, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion. It has replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM).
The Liikanen Report or "Report of the European Commission’s High-level Expert Group on Bank Structural Reform" is a set of recommendations published in October 2012 by a group of experts led by Erkki Liikanen, governor of the Bank of Finland and ECB council member. On 3 July 2013, by large majority the European Parliament adopted an own initiative report called "Reforming the structure of the EU banking sector" that welcomes structural reform measures at Union level to tackle concerns on Too big to fail banks, that led to the publication of a proposal of Regulation on structural measures improving the resilience of EU credit institutions in January 2014. This proposal was withdrawn in July 2018.
European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is referred to as ECB Banking Supervision. EU member states outside of the euro area can also participate on a voluntary basis, as was the case of Bulgaria as of late 2023. European Banking Supervision was established by Regulation 1024/2013 of the Council, also known as the SSM Regulation, which also created its central decision-making body, the ECB Supervisory Board.
The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution of the entities and groups directly supervised by the European Central Bank as well as other cross-border groups. The centralised decision making is built around the Single Resolution Board (SRB) consisting of a chair, a Vice Chair, four permanent members, and the relevant national resolution authorities.
The banking union refers to the transfer of responsibility for banking policy from the national to the European Union (EU) level in several EU member states, initiated in 2012 as a response to the Eurozone crisis. The motivation for banking union was the fragility of numerous banks in the Eurozone, and the identification of a vicious circle between credit conditions for these banks and the sovereign credit of their respective home countries. In several countries, private debts arising from a property bubble were transferred to the respective sovereign as a result of banking system bailouts and government responses to slowing economies post-bubble. Conversely, weakness in sovereign credit resulted in deterioration of the balance sheet position of the banking sector, not least because of high domestic sovereign exposures of the banks.
Sberbank Europe Group was a banking group headquartered in Vienna, Austria, and owned by Sberbank, a Russian state-controlled company. Sberbank Europe provided financial services to over 780,000 customers in eight countries in Central and Eastern Europe. It was liquidated in early March 2022 following the Russian invasion of Ukraine.
Elke König is a German MBA in Business and auditor. From January 2012, she was president of the Federal Financial Supervisory Authority (BaFin); in December 2014, she became the first Chair of the newly established Single Resolution Board (SRB) of the Single Resolution Mechanism headquartered in Brussels. She served as Chair of the SRB until January 2023, when her second term expired.
The Austrian Financial Market Authority is Austria's integrated financial regulatory authority and has been its national competent authority within European Banking Supervision since 2014. It is responsible for the supervision of credit institutions, payment institutions, insurance companies, pension funds, Fund managers, licensed securities service providers, and stock exchanges.
