Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.6.3.2:4.6.3.2 Coordination with third country authorities within the SRM

Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.6.3.2

4.6.3.2 Coordination with third country authorities within the SRM

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In order to ensure a coherent approach vis-à-vis third countries, the taking of divergent decisions in the participating Member States with respect to the recognition of resolution proceedings conducted in third countries in relation to institutions or parent undertakings which have subsidiaries or other assets, rights or liabilities located in the participating Member States should be avoided as far as possible. The SRB is therefore enabled to enter into non-binding cooperation arrangements in line with the EBA framework cooperation arrangements.1

At the time of writing this dissertation, the SRB had entered into a cooperation agreement with the Canada Deposit Insurance Corporation (CDIC), the US Federal Deposit Insurance Corporation (FDIC), the Central Bank of Brazil, the National Bank of Serbia, the Mexico’s Institute for the Protection of Bank Savings and the Bank of Albania.2

As long as the Commission has not entered into agreements with third countries, or these do not govern the recognition and enforcement of third-country resolution proceedings, the SRB shall assess and issue recommendations to the national resolution authorities on the recognition and enforcement of resolution proceedings conducted by third-country resolution authorities in relation to third-country institutions or parent undertakings that have one or more subsidiaries in participating Member States or assets, rights or liabilities located in one or more participating Member States or governed by the law of these Member States. The SRB can recommend to refuse the recognition or enforcement of these resolution proceedings for the same reasons that the European resolution college can refuse recognition or enforcement. National resolution authorities have to implement the recommendations of the SRB or explain why they cannot do so. 3

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