The Single Resolution Board (SRB) has launched the Single Resolution Mechanism (SRM)’s new strategic vision up until 2028, which includes a new focus on operationalisation, resolution testing and crisis readiness. The SRB says the aim is to ensure that each plan and preferred resolution strategy for each bank can be implemented at short notice, making the EU financial system more crisis-ready and resilient.

EU Law analysis: Following a December 2023 consultation, the Single Resolution Board (SRB) has published its 2024 MREL policy, which introduces a revised approach on internal and external Market Confidence Charge calibration and on the monitoring of MREL eligibility. It also reflects the legislative changes on the MREL framework related to entities in a ‘daisy chain’ and to liquidation entities introduced by Directive 2024/1174.

The Single Resolution Board (SRB) has published its Q4 dashboard for the minimum requirements for own funds and eligible liabilities (MREL) for 2024, confirming that banks under its remit continue to meet their final MREL targets.

The Single Resolution Board (SRB) has published its operational guidance for banks on resolvability self-assessment, forming part of the Single Resolution Mechanism (SRM) Vision 2028 strategy. The guidance follows a public consultation held from 3 December 2024 to 7 February 2025 and introduces a standardised framework for banks under the SRB’s remit to assess their resolvability capabilities. It includes a structured self-assessment template (Annex II) covering seven resolvability dimensions set out in the SRB’s Expectations for Banks. The first self-assessment report under the new format should reflect the resolvability status as at 31 December 2025 and be submitted by 31 January 2026. Further operational guidance on resolvability testing is set to be published later in the year.

The Single Resolution Board (SRB) has published its final operational guidance on Resolvability Testing for Banks, following a public consultation involving the banking associations and individual institutions. The guidance outlines a structured framework for banks to assess their crisis readiness through a Multi-Annual Testing Programme, aligned with the revised European Banking Authority Guidelines and the Single Resolution Mechanism Vision 2028. It details expectations for testing methods, governance, environments, and deliverables, applying proportionality based on institutional complexity. In response to stakeholder feedback, the SRB clarified and simplified requirements, including the use of production environments, streamlined templates, and flexible scheduling. The guidance aims to ensure that resolution strategies are operationally viable, with banks, national authorities, and the SRB jointly advancing preparedness for potential resolution scenarios.

The Single Resolution Board (SRB) has published a report on resolution planning and crisis management for smaller banks, known as less significant institutions (LSIs), in 2023 and 2024.

The Single Resolution Board (SRB) has published its updated operational guidance on operational continuity in resolution (OCIR). The updates provide further clarifications to banks on implementing SRB's expectations for resolvability related to service identification and mapping, assessing operational continuity risk, and mitigating measures such as having adequately documented, resolution-resilient contracts, appropriate management information systems, and governance arrangements. The revisions incorporate references to the Digital Operational Resilience Act (DORA) and the European Banking Authority (EBA) Guidelines on improving resolvability.

The Single Resolution Board (SRB) has published its standardised data set to ensure that the minimum needed data is available to support a robust valuation for bank resolution.

The Single Resolution Board (SRB) has confirmed that the financial means available in the Single Resolution Fund (SRF) at 31 December 2023 represented EUR 78bn and therefore had reached the target level of at least 1% of covered deposits held in the Member States participating in the Single Resolution Mechanism as set by Article 69(1) of Regulation (EU) No 806/2014. As such, no regular annual contributions will be collected in 2024 from the institutions falling in scope of the SRF, and contributions will only be collected in the event of specific circumstances or resolution actions involving the use of the SRF.

The Single Resolution Board (SRB) has published updated operational guidance for banks on solvent wind-down (SWD) planning. The revised guidance replaces the 2021 version and sets out expectations for planning and executing the orderly wind-down of trading activities, with the aim of supporting resolvability and minimising risks to financial stability. The updated guidance outlines the scope and key elements of SWD planning, including the development and maintenance of capabilities to implement a SWD plan within a reasonable timeframe. It distinguishes between the SWD plan—covering trading activities, dependencies and complexity—and the SWD playbook, which focuses on operational procedures. This separation is intended to support a more proportionate and flexible application based on a bank’s risk profile.

The Occupational Pension Schemes (Investment) Regulations 1996 (SI 1996/3127), reg 11A, as amended, and SI 1998/1831, reg 9A, as amended.

The statement of standard accounting practice that, until recently, required pension liabilities (and assets) to be reflected in the accounts of the sponsoring employer.