Published: 13.02.2024.
After a year of consultations and discussions with stakeholders from the banking union covering the 20 euro area countries and Bulgaria, the strategic vision for the operation of the Single Resolution Mechanism (SRM) until 2028 was published today.
Director of the Single Resolution Board (SRB) – the central resolution authority for European banks – Dominiks Labureix (Dominique Laboureix) presented today the new strategic vision for the operation of the Single Resolution Mechanism for the period up to 2028.
The new strategic vision of VNM’s operation marks a clear transition and a new stage in VNM’s operation, taking into account the constantly changing risk environment. NRAs and national resolution authorities will in future pay less attention to key aspects of resolution planning and preparation and focus more on operational assurance, resolution checks and crisis preparedness. Thus, it will be possible to implement any plan and resolution strategy desired by each bank in a short time, further increasing preparedness for crisis situations and strengthening resilience.
Other important aspects are communication, transparency and cooperation with stakeholders at European, global and industry level. To achieve this, VNM will increase efficiency and simplify decision-making. VNV will also focus on promoting employees’ career development opportunities, improving gender balance and strengthening the IT system and digitization, while improving cyber security.
The strategy was developed over the past 12 months through seven different consultations, both internally and with national resolution authorities and industry. The strategy covers three main areas:
- core business,
- management,
- human resources.
It includes nine strategic goals and 20 action plans, which are expected to be implemented by the end of 2028. Specific measures and performance indicators will be included in the VNV multi-annual plan.
The Bank of Latvia is pleased that it had the opportunity to contribute to the development of the new VNM strategy. This is a new and bold vision that will help to ensure the stability of the banking system in Latvia and throughout Europe.
“I am happy about our cooperation with the colleagues of the Bank of Latvia and all the national resolution authorities of the banking union, as well as with the European Central Bank, the European Commission and industry representatives. Their input and feedback will help us increase efficiency, simplify operations and improve transparency, as well as find new process solutions,”
pointed out VNV director Dominiks Labureix.
About the Single Resolution Board
The SRB is a central resolution authority covering the 21 countries of the Banking Union. The banking union consists of 20 eurozone countries and Bulgaria.
The SRM together with the national resolution authorities (often part of the country’s central bank) form the Single Resolution Mechanism. VNV closely cooperates with the European Commission, the European Central Bank, the European Banking Authority and national authorities. Its role is to ensure the orderly resolution of troubled banks and protect taxpayers in the event of state bailouts, while promoting financial stability.
2024-02-13 12:32:50
#operational #vision #European #Single #Resolution #Mechanism #developed
