“Our overall conclusion is that, at this relatively early stage, there are shortcomings in the SRB’s preparation for its tasks”. This is the conclusion reached by the European Court of Auditors in its first audit, published on Tuesday 19 December, on the Single Resolution Board (SRB), the European authority responsible for resolving large failing banks in the Eurozone.
Kevin Cardiff, the member responsible for the report, stressed that any weaknesses must be seen in the context of the...