SRB Announces 2024 MREL Policy and unveils Q4 2023 MREL Dashboard

On Thursday, May 30, 2024, the Single Resolution Board (SRB) released its Multi-Annual Plan for 2024-2028. This comprehensive document details the SRB's strategic focus areas for the upcoming years, articulating the steps to achieve the SRM Vision 2028 strategy, and reiterating the agency's fundamental mission and responsibilities.

The SRB's Multi-Annual Plan emphasizes the following strategic areas:

Strategic Area 1: Core Business

The SRB is committed to crisis preparedness and ensuring the orderly resolution of banks within the Banking Union, with minimal disruption to the economy, financial system, and public finances. Over the next five years, the Single Resolution Mechanism (SRM) will enhance crisis management capabilities, fully operationalize resolution tools, and conduct thorough testing to guarantee banks' resolvability. The SRB will continue to refine its crisis management framework, innovate, and draw on its experience and collaborative partnerships. Regular activities such as managing the Single Resolution Fund (SRF) and overseeing Less Significant Institutions (LSIs) will also be maintained.

The core business objectives include:

• Robust crisis preparedness and management
• Crisis-focused resolvability and resolution planning
• Establishing the SRM as a benchmark in the resolution field
• Standard operations, including SRF management, LSI oversight, resolution planning, the minimum own funds requirement and eligible liabilies (MREL) monitoring, and policy development and dissemination.

Strategic Area 2: Governance, Organization, and Tools

To ensure crisis readiness and the execution of resolution plans, the SRB will sustain efficient and strong internal structures. This will lead to better resource utilization, governance, and decision-making. The SRM will mature through improved governance, streamlined organization, and advanced tools, fostering trust, opening new opportunities, and enhancing its reputation as a resolution authority. The objectives for governance, organization, and tools include:

• Promoting strong organizational values and culture
• Strengthening governance and optimizing structure
• Advancing digital transformation and technology use

Strategic Area 3: Human Resources

The SRB will focus on the long-term development of its staff, aiming to attract and keep talented and driven individuals. It will update its mobility policies and career paths within a holistic talent management framework. A learning and development program will be introduced to encourage a learning culture and provide staff with essential skills. The SRB will also undertake specific diversity and inclusion initiatives to improve gender balance and other diversity measures, as well as to enhance transparency, communication, and awareness to address hidden biases and discrimination. The human resources objectives include:

• Cultivating a motivated, diverse, and professional talent pool
• Increasing focus on diversity and inclusion
• Encouraging learning and development

Dominique Laboureix, the Chair of the SRB, stated, "The SRB's Multi-Annual Plan 2024-2028 represents a pivotal step in our journey towards financial stability. It translates the SRM Vision 2028 strategy into actionable plans. In the years ahead, the SRB will work diligently to reinforce trust and confidence, not only through our technical work on resolution planning but also by transparently communicating our efforts to all stakeholders."

The Multi-Annual Plan also revises the Annual Work Program for 2024, which replaces the previously published version from November 2023.