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The Single Resolution Board (SRB) having its head office in Brussels is, within the Banking Union, the competent resolution authority for entities and groups directly supervised by the European Central Bank and other cross-border groups.
Following Regulation (EU) No 806/2014 of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (Single Resolution Mechanism Regulation, SRMR), the SRB forms together with the national resolution authorities of the Banking Union the Single Resolution Mechanism (SRM). The purpose of the SRM is to ensure an orderly resolution of failing banks with minimal costs for taxpayers and for the real economy.
Where necessary, the SRB will use the Single Resolution Fund (SRF) to ensure the efficient application of the resolution tools and the exercise of the resolution powers conferred on it. The SRF is built up by the contributions from all entities of the Banking Union and shall reach its target level of at least 1% of the amount of all covered deposits of all credit institutions within the Banking Union by 31 December 2023. The specific provisions governing the functioning of the SRF are subject to an Intergovernmental Agreement.
The Law of 18 December 2015 on the failure of credit institutions and certain investment firms (“2015 Law”), which, notably, transposes Directive 2014/59/EU of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (Bank Recovery and Resolution Recovery Directive, BRRD), designates the CSSF as the national resolution authority (NRA) in Luxembourg. The CSSF exercises the missions and powers assigned to it as resolution authority through the CSSF Resolution Board, whereas the CSSF Resolution department performs the day-to-day tasks related to these missions.
Entities under the remit of the CSSF Resolution Board are by default the ones that are not under the remit of the SRB.
In line with the distribution of responsibilities following the SRMR, between the CSSF Resolution Board and the SRB, the CSSF Resolution department is especially in charge, at individual and group level, to submit the following for decision to the CSSF Resolution Board:
As regards collaboration with the SRB, members of the CSSF Resolution department are involved directly in the preparation and drafting of resolution plans of Luxembourg significant banks under the competence of the SRB. They also participate, within the Internal Resolution Teams coordinated by the SRB, in preparing and drafting resolution plans for significant banking groups in the Banking Union which have Luxembourg subsidiaries.
Resolution reporting encompasses all the resolution reports and notifications to be transmitted to the CSSF by the entities referred to in Article 2 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms.
The CSSF collects notably information for drawing up and implementing resolution plans for banks which are either under its direct remit or under the Single Resolution Board’s (“SRB”) remit:
In addition to the previously mentioned reporting, the following information has to be transmitted to the CSSF by the entities concerned:
The document “Resolution Reporting Requirements” provides credit institutions and other entities concerned with additional details regarding the scope and the tables to be provided for the different reporting or notification purposes, specific instructions, contacts, format and technical specifications.