On Thursday 14 January at 17:00, the European Court of Auditors (ECA) will publish an audit report on the Single Resolution Mechanism (SRM), the EU system for the orderly winding-up of failing banks within the Banking Union.
ABOUT THE AUDIT
The auditors are expected to show that, since its establishment in 2015, the SRM has progressed in preparing for bank resolution. However, further steps are needed in certain crucial areas – some pertaining to the Single Resolution Board (SRB), some to the legislators.
In particular, the auditors assessed:
• whether the SRM was well prepared to deal with the resolution of banks;
• whether the SRB had an appropriate policy framework to ensure that the resolution plans drawn up for banks under the SRB’s remit were of optimal quality;
• whether the preparation of the resolution plans for significant and less significant banks was on the right track; and
• whether the organisational set-up of the SRM was appropriate.
The audit also followed up on issues identified in the ECA’s
first report on the SRB’s resolution planning policies.
FOR THE PRESS
The ECA press office will hold a technical virtual briefing for journalists: for details please contact
email@example.com. The report and press release will be published on the ECA website
eca.europa.eu on Thursday 14 January at 17:00 Luxembourg time.
The ECA’s special reports set out the results of its audits of EU policies and programmes or management topics related to specific budgetary areas. The ECA selects and designs these audit tasks to be of maximum impact by considering the risks to performance or compliance, the level of income or spending involved, forthcoming developments and political and public interest.