The cooperation arrangement between the Single Resolution Board (SRB) and the Bank of England in the event of the failure of a cross-border banking group has been operational since 1 January, the European authority responsible for systemically resolving major financial institutions within the eurozone Banking Union said on Wednesday 6 January.
The arrangement sets out a framework for cooperation and exchange of information during the preparatory and implementing phases of a cross-border bank resolution operation in the UK and within the Banking Union, in accordance with the rules in force in both jurisdictions.
Welcoming the agreement on future relations between the EU and the United Kingdom, the SRB Chair, Elke König, considered that “the banking sector has had a significant lead-in time to prepare for Brexit”. “Our focus now is on ensuring that banks are resolvable and that we maintain good cooperation with the authorities in the UK”, she added.
See the cooperation arrangement: https://bit.ly/3pUI7TH (Original version in French by Mathieu Bion)