The SRB is a European banking regulator and an independent agency of the EU with its offices in Brussels. It works to ensure effective and consistent functioning of the SRM, and works closely with the national resolution authorities across the banking union and further afield, given the very international nature of the finance world. Regulation (EU) 806/2014 is the piece of EU legislation that establishes the SRM and the SRB as the centralised authority for the resolution of credit institutions in the banking union.
The key tasks of the SRB are:
- drafting of resolution plans and adopting of all resolution-related decisions for
- credit institutions and groups of credit institutions that are considered significant or that the ECB has chosen to supervise directly; and
- “other cross-border groups”, i.e. groups in which the parent credit institution and at least one subsidiary credit institution have a head office in two different participating Member States;
- managing the Single Resolution Fund;
- coordinating activities and cooperation with the ECB, the national supervisory and resolution authorities, competent ministries, the European Banking Authority and other institutions operating in the area of resolution-related issues in the EU and the rest of the world.
Once Croatia joins the SRM, the SRB will be directly responsible for the exercise of resolution powers over a part of credit institutions with a head office in Croatia. As regards the other credit institutions, where the SRB is not directly responsible, it will work closely with the national resolution authority in Croatia.