Dr Elke König, Chair of the Single Resolution Board, visited the Malta Financial Services Authority, where she met and held discussions with MFSA Chairman Prof. Joe Bannister, Director General Marianne Scicluna and the Director of the Resolution Authority, Aldo Giordano. She also met other stakeholders such as the Governor of the Central Bank of Malta, the Ministry for Finance, the Resolution Committee and the core banking institutions.
During her visit, a number of themes relevant to the stakeholders involved were discussed. These included raising the visibility of the Single Resolution Board, explaining the work progamme for the year and getting to know the Maltese financial market.
The Single Resolution Board (SRB) is the resolution authority for the significant and cross border banking groups established within participating Member States.
In the context of the Single Resolution Mechanism, it works in close cooperation with the national resolution authorities. In the newly created Banking Union the SRB cooperates with the European Central Bank, the European Commission, as well as other European and international institutions. Its mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and on public finances of the participating Member States and beyond.
Established by Regulation (EU) No 806/2014 on the Single Resolution Mechanism, the Board has been operational as an independent EU Agency as of 1st January 2015. The SRB has started its work on developing resolution plans for credit institutions from January 2015 and is fully operational, with a complete set of resolution powers, since 1 January 2016.
Dr König was accompanied by Ms Joanne Kellermann, Member of the Single Resolution Board and Mr Enrique Ezquerra, Head of Unit.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
