The European Union's body for dismantling failed banks said on Wednesday it would ratchet up pressure on lenders over the coming months to bolster their defences so that none remain 'too big to fail' by January 2024.
Elke Koenig, head of the Single Resolution Board, testifies before the European Parliament's Economic and Monetary Affairs Committee in Brussels, Belgium December 3, 2019. REUTERS/Francois Lenoir/File PhotoLONDON, July 13 - The European Union's body for dismantling failed banks said on Wednesday it would ratchet up pressure on lenders over the coming months to bolster their defences so that none remain "too big to fail" by January 2024.
The SRB is the main resolution authority for banks in the 19-country euro zone, along with Bulgaria and Croatia.While most banks have met their target for issuing the special debt known as MREL, the SRB said some lenders still need to improve other elements which ensure smooth "resolution" or winding down if they go under.
The SRB said progress was needed by all banks on the swift mobilisation of liquidity and collateral during resolution, and improving banks' ability to restructure and separate their operations after a failure so that critical services could continue under a new owner.
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