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Banking resolution: Joint report published by European Supreme Audit Institutions

Dec 16, 2020

Bankenabwicklung: EU-Rechnungshöfe veröffentlichen gemeinsamen Bericht (Symbolbild)

The Supreme Audit Institutions (SAIs) of Austria, Estonia, Finland, the Netherlands, Portugal, Spain and Germany conducted a parallel audit of national resolution authorities. The Contact Committee of the Supreme Audit Institutions of the European Union  has published the findings in a joint report.

In response to the financial crisis in 2008, the Member States of the European Union established National Resolutions Authorities (NRA). The NRA are to ensure that the EU rules for supervision and resolution of banks – in case these are failing or likely to fail – are implemented effectively and consistently. The NRA also serve to ensure proper resolution of failed banks. At EU level, the body responsible is the Single Resolution Board (SRB).

The SAIs found that the NRA have made preparations for resolution activities. However, resolution plans were incomplete. In addition, there was no overall SRB guidance in place to ensure a consistent and harmonised approach. This undermines the goal of a coherent resolution of failing banks in the European Union.

In its report, the Contact Committee recommends that NRA and SRB jointly address the shortcomings identified.

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