The implementation of the new resolution regime must allow authorities to resolve a crisis affecting a credit institution, while avoiding a direct cost to public funds and at the same time mitigating disruptions to the financial system. This regime enables authorities to resolve the difficulties of financial institutions in such a way as to protect critical economic functions with no severe systemic disruption and without exposing taxpayers to a loss.
A Resolution Board is established within the NBB, which is designated as the resolution authority authorized to apply the resolution tools and exercise the resolution powers in accordance with the Law of 25 April 2014 on the legal status and supervision of credit institutions (Article 21ter Organic Law).
The Resolution Board is made up of the following persons:
- the Governor;
- the Deputy Governor;
- the director in charge of the department tasked with the prudential supervision of banks and stockbroking firms;
- the director in charge of the department tasked with prudential policy and financial stability;
- the director designated by the NBB as the person responsible for resolution of credit institutions;
- the President of the Management Committee of the Federal Public Service Finance;
- the official in charge of the resolution fund;
- four members designated by the King by way of a Royal Decree deliberated on in the Council of Ministers and appointed based on their particular experience in banking and in financial analysis;
- a magistrate designated by the King.
(The persons referred to in 8) and 9) shall be appointed for a renewable term of four years)
The Chairman of the Financial Services and Markets Authority shall attend meetings of the Resolution Board in an advisory capacity.
Composition of the Resolution Board :
|Chairman :||Pierre Wunsch|
|Members :||Tom Dechaene|
|Observer :||Jean-Paul Servais|
COMMISSION IMPLEMENTING REGULATION (EU) 2016/962 of 16 June 2016 laying down implementing technical standards with regard to the uniform formats, templates and definitions for the identification and transmission of information by competent authorities and resolution authorities to the European Banking Authority according to Directive 2014/59/EU of the European Parliament and of the Council
- COUNCIL DECISION (EU) 2016/228 of 14 July 2015 on the resolution procedure
- COMMISSION DELEGATED REGULATION (EU) 2016/451 of 16 December 2015 laying down general principles and criteria for the investment strategy and rules for the administration of the Single Resolution Fund
- Council implementing regulation (EU) 2015/81 of 19 December 2014 specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex ante contributions to the Single Resolution Fund
- Commission delegated regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements.
- Council implementing decision of 19 December 2014 on the appointment of the Chair, the Vice-Chair and the further full-time members of the Single Resolution Board
- Regulation (EU) No 806/2014 of the European Parliament and of the Council 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
- Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council
For the entire collection of documents relating to this supervisory area, please consult the French or Dutch site. You can, however, consult a selection of documents in English.