The Single Resolution Board (SRB) is based in Brussels and was established in 2014 as part of the policy response to the financial crisis. Its mission is the resolution of any of the banks within its remit which are failing. At present, there are about 140 banks in the euro area under its remit. This audit assessed the quality of the SRB’s overall rules and guidance, resolution planning for individual banks, and whether the SRB is staffed adequately. We found shortcomings in all of these areas, although the set-up of the SRB from scratch was a very significant challenge and any weaknesses must be seen in this context. We make a number of recommendations relating to the preparation of resolution plans and completing its rules and guidance. We also recommend that the SRB improves its staffing levels and HR procedures.
Special report no 23/2017: Single Resolution Board: Work on a challenging Banking Union task started, but still a long way to go