Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.6.2.2:4.6.2.2 Coordination within the SRM

Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.6.2.2

4.6.2.2 Coordination within the SRM

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If the SRB is the relevant resolution authority, there will be no coordination issues in relation to the resolution authority that can adopt the resolution scheme for the banking group. This is the exclusive mandate of the SRB. Coordination however still needs to take place in relation to the implementation of the resolution scheme by the different national resolution authorities. The SRMR does not provide for any coordination arrangements in that respect.

In addition, it may be the case that the parent company or certain subsidiaries or significant branches of the banking group are located in non-participating Member States as a result of which the resolution authorities of these Member States are involved in the resolution of the banking group on the basis of the BRRD. In that case, the SRB shall:

1.

represent the national resolution authorities of the participating Member States for the purposes of consultation and cooperation with the resolution authorities of the non-participating Member States (e.g. in the resolution college); and

2.

communicate any plan, decision or measure relevant to the banking group to the competent authorities and/or resolution authorities of the non-participating Member States.1

The SRB has to enter into memoranda of understanding with the ECB and the resolution authorities and competent authorities of the non-participating Member States describing in general terms how they will cooperate with one another.2 These memoranda of understanding should be published subject to the requirements of professional secrecy.3

The SRB has entered into a memorandum of understanding with the ECB.4

In addition, the SRB has to enter into memoranda of understanding with the resolution authorities of non-participating Member States that are home to at least one G-SII.

The SRB has entered into such memoranda of understanding with the UK and Sweden.5

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