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Single Resolution Board

The Single Resolution Mechanism complements the Single Supervisory Mechanism which, once operational in November 2014, will see the European Central Bank directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism will ensure that if a bank subject to the Single Supervisory Mechanism should face serious difficulties, despite stronger supervision, its resolution could be managed efficiently with minimal costs to taxpayers and the real economy.

The Single Resolution Board is the European Resolution Authority for the Banking Union and will work in close cooperation with the national resolution authorities of participating Member States. [more]

The Board will carry out specific tasks to prepare for and carry out the resolution of a bank that is failing or likely to fail. A Single Resolution Fund will be set up under the control of the Board to ensure that medium-term funding support is available while a credit institution is being restructured.

The Board will be established according to the Regulation on the Single Resolution Mechanism which is expected to enter into force during the 3rd quarter 2014. The Board shall be operational as of 1st January 2015. It will be an independent EU Agency.

The Board will start work on developing resolution plans of credit institutions from 1 January 2015 and will be fully operational, with a full set of resolution powers, from 1 January 2016 (provided that the conditions for the transfer of contributions to the Fund are met by that date).

Its plenary session will be composed of a Chair, four permanent members, representatives of national resolution authorities and representatives of the ECB and Commission as observer. The Chair will be assisted by a Vice-Chair.

Staff members of the Board will be recruited on a contractual basis following fully transparent selection processes. They will be subject to the Staff Regulation of Other Servants of the European Communities (CEOS)pdf Choose translations of the previous link .

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News

10.07.2014 – Vacancies: senior management posts
(deadline for application: 03.09.2014)

The European Commission is looking for suitable candidates to fill in the following posts at the Single Resolution Board:

See also:

25.06.2014 – Vacancies: 8 temporary agents
(deadline for application: 18.07.2014)

The European Commission is looking for suitable candidates to fill in the following posts at the Single Resolution Board:

See also: