Annual report 2023 : executive summary.
Date: 2024-12-07
Institutions: Single Resolution Board
Subjects: bank, bank resolution, banking, banking policy, banking system

EXECUTIVE 
SUMMARY
ANNUAL REPORT 
2023

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EXECUTIVE 
SUMMARY
ANNUAL REPORT 
2023

srb.europa.eu

2

Contents
EXECUTIVE SUMMARY
SRB ANNUAL REPORT 2023

1. Introduction 

2. Strategic review  

3. SRB milestones in 2023 

3.1  Strengthening the resolvability of SRB banks  

and Less Significant Institutions 

3.2 Fostering a robust resolution framework 

3.3 Preparing and carrying out crisis management 

3.4 Operationalising the Single Resolution Fund 

3.5 The SRB as an organisation 

4. Key Performance Indicators covering  
the 2023 cycle 

3

4

5

6

8

10

12

13

15

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 20231. Introduction

The year 2023 was an important one for the Single Resolution Board (SRB) and the 
Single Resolution Mechanism (SRM) as we achieved key milestones in our short history: 
the Single Resolution Fund (SRF) reached its target level of EUR 78 bn and most of the 
banks  under  the  SRB’s  remit  met  their  Minimum  Requirements  for  own  funds  and 
Eligible  Liabilities  (MREL)  requirements.  The  2023  Resolvability  Assessment  results 
also demonstrated significant progress in the development of banks’ capabilities to 
support the successful execution of a resolution action in all areas of the Expectations 
for Banks (EfB).
As in previous years, we can be proud of the work achieved in 2023. I would like to 
thank once again SRB staff members and those of the National Resolution Authorities 
(NRAs) for their commitment and professionalism to contribute to the stability of our 
financial system. 

Dominique Laboureix, 

SRB Chair

4

2. Strategic review 

The SRB has reached maturity by establishing its core policies, building the SRF, and 
working hard to define feasible resolution strategies for the banks. In organisational 
terms, the SRB grew in staff numbers and progressively enhanced its governance 
structure. 

After eight years of build-up, in early 2023 the SRB initiated a strategic review to 
define its long-term goals and further strengthen cooperation with NRAs and other 
stakeholders to deliver on the Single Resolution Mechanism (SRM). 

The strategic review followed an intense participatory approach including a series of 
consultations (e.g. with NRAs, industry and staff) and drafted, in close cooperation 
with dedicated SRM staff, the strategic objectives which resulted in the SRM Vision 
2028.

This new strategy (SRM Vision 2028) is built around three chapters: (i) Core Business, 
(ii) Governance, organisation and tools, and (iii) Human Resources (HR).

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 20235 

3. SRB milestones in 2023

The  SRB’s  mandate  is  proactive:  rather  than  waiting  for  banks  to  fail,  the  SRB 
focuses on resolution planning and enhancing resolvability. Should a bank within 
the SRB’s remit be failing or likely to fail and meet the criteria for resolution, the SRB 
will carry out the resolution through the application of resolution tools. The SRB is 
also in charge of the industry-funded SRF, established to provide ancillary financing 
to ensure the effective application of the resolution tools under strict conditions. In 
addition, the SRB oversees the consistent functioning of the SRM as a whole. 

SRB milestones

The Single Resolution Board (SRB) is the central resolution authority for the Banking Union,
which at present includes the Eurozone member states plus Bulgaria . Together with the
National Resolution Authorities,
it forms the Single Resolution Mechanism (SRM) . Its mission
is to ensure an orderly resolution of failing banks, protecting the taxpayer from state bail- outs
and promoting ﬁnancial stability .

While the SRM Vision 2028 was prepared in a staggered way throughout 2023, and 
will be implemented in the course of the next five years, the SRB continued its usual 
operations in 2023 and achieved good results. 

2023

New SRB Chair 
appointed

Launch of the SRM 
strategic review 
for 2028 

SRB publishes report 
on LSIs for the ﬁrst 
time

SRB opens 
consultation on the 
future of MREL 

Banks largely reach 
ﬁnal MREL targets 
and the SRB’s 
expectations for 
resolvability 

As established in the SRB’s Multi-annual Programme 2021-2023, the organisation’s priorities until 
the end of the reporting year were: 

1.  strengthening the resolvability of SRB banks and Less Significant Institutions (LSIs); 

2. 

fostering a robust resolution framework; 

3.  preparing and carrying out crisis management; 

4.  operationalising the SRF; 

5.  establishing and strengthening the SRB as an organisation.

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 20236

Figure 1. TheSRB’smandateandareasofwork

Promoting the ﬁnancial stability, 
protecting the taxpayer

Crisis preparedness
and management

Robust policy framework 
in resolution

Resolvability of SRB banks 
and LSIs

Operationalisation of the 
Single Resolution Fund

The SRB as an organisation

3.1 Strengthening the resolvability of SRB 
banks and Less Significant Institutions

In order to organise the resolution planning activities and achieve resolvability of 
SRB banks and LSIs, the SRB performs an annual Resolution Planning Cycle (RPC) 
for SRB banks consisting of updating the resolution plans, issuing relevant MREL 
decisions and assessing the resolvability of institutions; and oversees the LSIs, all in 
close cooperation with NRAs.

In  terms  of  strengthening  the  resolvability  of  banks,  the  SRB  completed  its  third 
12-month Resolution Planning Cycle (RPC) covering all banks under the SRB remit. 
All the banks with targets by 1 January 2024 reached their final MREL. 

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 20237 

Figure 2. ResolutionPlanningCycle

*

* Internal Resolution Team (IRT)

The focus of LSI oversight in 2023 progressively shifted to operationalisation, testing 
and  crisis  preparedness.  This  message  was  also  delivered  in  a  dedicated  report, 
which was published for the first time on the SRB website. In addition, LSI coverage 
with resolution plans increased in 2023 approaching completion (99.5% coverage).

The SRB published its second resolvability assessment confirming that banks have 
made material progress in all areas of the EfB and that the smaller banks are reducing 
the gap with the largest ones. In parallel, and to enhance the approach to quality 
control, the SRB initiated a pilot peer review exercise, on top of the regular quality 
review process in 2023, to better understand the heat-map progress scores and to 
identify possible improvements for the SRB resolvability assessment methodology. 

As the phase-in of the expectations approached its end, the SRB increased its focus 
on  more  structured  resolvability  testing  by  banks.  While  the  implementation  of 
fully-fledged on-site inspections is yet to be realised, the implementation of deep-
dives is well advanced. 

Strategic area 
of operation

Strengthening 
the 
resolvability of 
SRBbanksand
lesssignificant
institutions

Main activities contributing into areas of operation

 Resolution Planning Cycle and progress on implementation of EfB

 Minimum Requirements for own funds and Eligible Liabilities 

 Deep dives and on-site inspections

 Resolvability assessment and heat map

 Less significant institutions resolution planning 

Legend 

 Achieved 

 Partially achieved 

 Ongoing 

 Some progress needed 

 Substantial progress needed

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 2023 
8

3.2 Fostering a robust resolution framework

The  SRB  promotes  a  robust  resolution  framework  in  the  Banking  Union  by 
developing policies for resolution, contributing to the policy debate to upgrade the 
existing framework and the legislation that may affect it, as well as adopting and 
publishing guidance that operationalises the legislation.

As  such,  the  SRB  integrated  and  updated  existing  policies  and  complemented 
them with guidance and internal tools to continue improving resolution plans and 
bank resolvability. With liquidity in resolution being one priority in 2023, the SRB 
published an operational guidance note on the measurement and reporting of the 
liquidity situation in resolution and performed for the first time a joint European 
Central Bank (ECB) and SRB liquidity exercise which will be used to perform their 
banks’ resolvability assessment in early 2024.

The quality of resolution plans has improved with each resolution planning cycle 
(RPC)  supported  by  internal  quality  control.  This  work  will  continue  in  2024, 
incorporating  the  lessons  learned  from  RPC  2023.  The  SRB  worked  on  back-up 
options for its resolution strategies, such as further analysis on transfer strategies 
for  larger  banks  and  the  combination  of  tools.  The  SRB  actively  contributed  to 
ongoing  important  regulatory  files,  such  as  the  Crisis  Management  and  Deposit 
Insurance (CMDI) review and continued expanding its coordination with EU agencies 
and institutions, and third-country authorities.

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 20239 

In 2023, the SRB continued its work towards wider transparency of and predictability 
in its policies. As one step in this direction, in 2023, the SRB published a list with 
all public consultations and regular requests to banks under its remit planned for 
2024. This disclosure marks an important milestone in the SRB’s efforts to cater to 
the industry’s wish for more predictability and transparency. It also allows banks to 
better allocate resources and anticipate workload throughout the year.

The  SRB  engaged  closely  with  the  European  Parliament,  the  Council  of  the 
European  Union  and  the  European  Commission  to  contribute  to  the  progress  of 
relevant regulatory and policy files. The SRB also maintained regular coordination 
and  collaboration  with  the  Single  Supervisory  Mechanism  (SSM),  the  ECB,  in 
particular, the European Banking Authority (EBA) and the European Systemic Risk 
Board (ESRB), and strengthened its cooperation with the European Insurance and 
Occupational Pensions Authority (EIOPA) and the European Securities and Markets 
Authority (ESMA).

In  light  of  this  year’s  continuous  and  uncertain  geopolitical  developments, 
international cooperation continued to be essential for the SRB. In 2023, the SRB 
concluded four bilateral cooperation agreements bringing the total number to 18. 
This  confirms  the  strong  commitment  of  the  SRB  and  third-country  authorities 
to  strengthening  resolvability  by  enhancing  communication  and  international 
cooperation. In addition, the SRB maintained bilateral relations and participated in 
various multilateral fora, workshops, seminars and technical meetings with NRAs. 
The SRB also continued to contribute to the work of the Financial Stability Board 
(FSB).

Strategic area 
of operation

Fostering 
a robust 
resolution 
framework

Main activities contributing into areas of operation

 Development and dissemination of SRB policies

 Contributions to external policy and regulatory activity

 Quality assurance of resolution plans

 Cooperation and international relations

Legend 

 Achieved 

 Partially achieved 

 Ongoing 

 Some progress needed 

 Substantial progress needed

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 2023 
10

3.3 Preparing and carrying out crisis 
management

In  2023,  the  SRB  continued  developing  procedures,  tools,  templates  and  specific 
Information Communication Technology (ICT) solutions for crises, and enhancing 
internal and external crises management processes. Furthermore, it organised dry-
run  exercises  and  collected  key  lessons  learned  from  the  recent  crises,  such  as 
flexibility that resolution authorities need in the choice of which resolution tool to 
use depending on the situation. 

Figure 3. Mainphasesintheresolutionprocess

Main phases in the 
resolution process

1

Heading for 
resolution

•  Detecting an 
ailing bank

•  Early intervention 

measures

•  Monitoring and 
cooperation

•  Activating Crisis 

Management Team

2

Preparing for  
resolution

3

Resolution 
weekend

4

• Obtaining a bank 

valuation

• Assessing preferred 
resolution strategy

• Assessing potential 
use of the Single 
Resolution Fund 

• Preparing documents 
for resolution weekend

•

Failing or likely to fail 
determination by the 
European Central Bank 

• Private measures/

supervision actions 
exhausted

• Public interest 
assessment

• SRB decision to/not to 

adopt resolution scheme

• European Commission 

endorsement or 
objection of the 
resolution scheme

•

If objected due to 
public interest or use of 
SRF, the Council of the 
European Union refuses 
or adopts the objection 

• National Resolution 

Authority implements 
resolution scheme

Implementing 
resolution

• SRB publishing 

decision

•

•

Implementing the 
resolution tools

No creditor worse oﬀ
(NCWO) assessment

• Bank under business 
reorganisation plan

5

Closing
resolution

• Monitoring

implementation
and other postresolution
activities

• Result of the NCWO

assessment

• Deactivation of
crisis protocols

• Perform a postmortem
evaluation and draw 
lessons learned

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 202311 

In 2023, the SRB enhanced its crisis preparedness and management through the 
establishment of a dedicated Crisis Preparedness and Management Unit (CPMU). 
The  unit  works  in  cooperation  with  resolution  units  and  was  newly  established 
in  2023  in  order  to  strengthen  further  the  SRB’s  crisis  readiness  capabilities  in  a 
coordinated and centralised manner. 

During  the  year,  the  CPMU  prepared  a  stock  taking  exercise  of  all  National 
Handbooks with the creation of jurisdictional working groups involving SRB teams 
and NRA representatives.

It also conducted preparatory work for a renewed bail-in calculator, and supported 
a joint testing exercise involving the SRB and NRAs to retrieve lessons learned and 
foster the definition of further improvement measures. 

In addition, the SRB also continued to closely monitor the impact of the instability 
following  Russia’s  invasion  of  Ukraine  in  the  financial  sector,  as  well  as  other 
turbulent  developments  in  the  financial  sector  stemming  from  the  banking 
turmoil in the United States and Switzerland. The SRB, in collaboration with other 
authorities, monitored potential developments to ensure it was ready to take action 
if the situation arose. Following the March 2023 cases, the SRB undertook analysis 
on the lessons learned, and any potential implications for the SRB’s own approach 
to crisis management. In 2023, no bank under SRB direct remit was resolved. There 
was one LSI crisis, in which the SRB collaborated closely with the responsible NRA.

Strategic area 
of operation

Preparing 
and carrying 
out crisis 
management 

Main activities contributing into areas of operation

 Crisis preparedness

 Crisis response

Legend 

 Achieved 

 Partially achieved 

 Ongoing 

 Some progress needed 

 Substantial progress needed

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 2023 
12

3.4 Operationalising the Single Resolution 
Fund

Credit institutions and certain investment firms in the 21 participating Member States 
of  the  Banking  Union  contribute  to  the  SRF.  The  end  of  2023  marked  the  end  of 
the  so-called  initial  period,  the  period  of  eight  years  given  by  the  Single  Resolution 
Mechanism Regulation (SRMR) to build up the SRF to reach at least 1% of the total 
amount of covered deposits by the institutions concerned in all of the participating 
Member States. This meant that the SRB had a fully mutualised fund and all national 
compartments have been merged. 

Based on this growth, 1% of covered deposits in the Banking Union amounts to EUR 
75 billion. In 2023, the SRB focused on its priorities as stipulated in this year’s work 
plan, such as further reinforcing the communication on the contributions calculation 
process to the industry and introducing improvements to the consultation process.

The  European  Stability  Mechanism  (ESM)  Treaty  revision  is  not  yet  ratified  and, 
therefore, the Common Backstop is not yet in place but, with the objective of being 
fully  operational,  the  Joint  ESM-SRB  team  organised  in  2023  a  successful  dry-run 
to test the operationalisation of the Common Backstop, which was completed in 
January 2024.

Strategic area 
of operation

Operationalising 
the Single 
Resolution Fund 

Main activities contributing into areas of operation

 Contributions

 Investment

 Funding

Legend 

 Achieved 

 Partially achieved 

 Ongoing 

 Some progress needed 

 Substantial progress needed

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 2023 
13 

3.5 The SRB as an organisation

The final priority area is the consolidation of the SRB as an organisation. In 2023, 
support  activities,  such  as  budget  and  financial  management  returned  almost 
to  pre-Covid  times.  The  budget  execution  decreased  slightly  compared  to  2022 
and  the  overall  staffing  level  increased,  almost  reaching  the  Establishment  Plan. 
Daily work continued, now fully adapted to hybrid modalities. The SRB continued 
implementing initiatives to respond to the evolving needs of the SRB and SRM. The 
SRB ICT team provided regular support to staff, continued developing applications, 
managed its data centres and focused on cybersecurity. 

The  SRB  also  continued  to  strengthen  the  SRB  governance  and  decision-making 
processes, in particular, by optimising its processes for the adoption of decisions 
of various bodies.

Figure 4. SRBdecision-makingbodies

SRB decision-making bodies

Plenary Session

Composed of

Task

• Chair
• Permanent Board 

Members 

• All national resolution 

Deliberates and decides 
on strategic matters 
for SRB or Single 
Resolution Mechanism.

authorities (NRA) 
representatives 

Executive Session

R ES T R I C T ED 

Composed of

Task

• Chair
• Permanent Board 

Members 

E X T EN D ED

Prepares most Plenary 
Session decisions.

Composed of

Task

• Chair
• Permanent Board 

Members 

• Concerned NRA 
representatives

Adopts bank-speciﬁc 
decisions and prepares 
a limited number 
of Plenary Session 
decisions. 

Chair

• Decisions as described in Article 56 

SRMR, relating to the daily management 
of the SRB.

Vice Chair

• Non-voting member except in case of 

absence of the Chair.

Observers 

• The European Commission and the 

European Central Bank have permanent 
observer status in all meetings of the 
Executive and Plenary Sessions; 

• Where relevant, other observers may 
be invited on an ad hoc basis to the 
Executive and Plenary Sessions; 

• When deliberating on a group that has 
subsidiaries or signiﬁcant branches
in non-participating Member States, 
the resolution authorities of those 
non-participating member states 
are invited to participate in the 
meeting of Extended Sessions.

External visibility of the SRB increased throughout the year thanks to the proactive 
outreach in terms of communication. Two major events were organised, the SRB 
Legal Conference and the joint SRB-ECB seminar on CMDI, gathered audiences from 
a wide variety of backgrounds and promoted interesting discussions on resolution-
related topics.

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 202314

In terms of litigation proceedings, the SRB Legal Service represented the organisation 
in more than 250 pending litigation cases, as well as in the Appeal Panel. 

The SRB also established a dedicated Risk Management, Control and Compliance 
(RMCC) unit to strengthen further an effective and efficient internal control and risk 
management system.

Finally, Human Resources continued efforts to recruit highly qualified staff, almost 
reaching  the  SRB’s  Establishment  Plan,  and  with  a  notably  lower  vacancy  rate 
compared to the previous year.

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 202315 

4. Key Performance 
Indicators covering the 
2023 cycle

1

2

3

4

5

6

7

8

9

#

Priority area / indicator description

Target

Value 2023

AchievingresolvabilityofSRBbanksandlesssignificantinstitutions

Number of plans approved within the cycle in RPC 2022 and 
2023

108 planned 
(2022)  
99 planned 
(2023)

101 (2022) 
52 (2023)

Number of quarterly MREL dashboards published

4

5

Number of banks assessed for resolvability and included in 
heat map as percentage of all banks under SRB remit

100 %

100 %

Number of deep dives/On-site inspections completed 

15 deep dives

16 deep dives

Number of LSIs covered with resolution plans as percentage 
of the expected total

98 %

99.5 %

Fosteringarobustresolutionframework

Number of expected policies published according to plan (as 
a percentage of the planned total) 

100 %

100 %

Number  of  draft  resolution  plans  reviewed  for  quality 
assurance (as a percentage of the total) within the RPC 

100 %

100 %

4

25

4

2

Number  of  position  statements  on  external  policy  and 
regulatory files produced by the SRB

Number  of  engagements  with  third-country  authorities 
(beyond the FSB and Trilateral Principle Level Exercise (TPLE))

10

Number of new bilateral Cooperation Agreements (CoAg) for 
which negotiations have been concluded

2

9

3

11

Number of centrally coordinated dry-runs carried out

2

Carryingouteffectivecrisismanagement

12

13

14

15

Number of lessons learnt from crisis cases and dry runs that 
are  addressed  (as  a  percentage  of  the  total)  on  an  annual 
basis

70 %

70 %

Operationalising the SRF

Increasing transparency: number of queries received during 
consultation that are replied to as a percentage of the total 
received

100 %

100 %

Liquidity  of  the  SRF:  number  of  days  to  liquidate  the  SRB 
portfolio

5 days

Number of dry-runs organised to test the SRF and additional 
funding procedures

2 (1 internal, 
1 external)

5

2

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 202316

#

Priority area / indicator description

Target

Value 2023

SRB as an organisation

16

Ratio between external and internal resources dedicated to 
specific ICT activities

1.45

17

Audience outreach with social media activities

>5 %

1.82

10 %

18

19

Number of staff positions in the establishment plan filled or 
covered by selection procedures (as a percentage of the total)

>99 %

99.7 %

Budget  execution  rate  (in  commitment  appropriations  and 
excluding Chapter 32, ‘contingencies’)

20

Payment of invoices within the deadlines

95 %

97 %

87 %

98 %

21

Number of legal advice requests replied to within time (as a 
percentage of the total number received)

>90 %

95.9 %

Legend 

 Overachieved 

 Achieved 

 Partially achieved 

 Ongoing 

 Some progress needed 

 Substantial progress needed

Single Resolution Board I EXECUTIVE SUMMARY - Annual Report 2023  
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