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 College 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 College 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 College in an advisory capacity.
Composition of the Resolution College :
|Chairman :||Jan Smets|
|Members :||Pierre Wunsch|
|Observer :||Jean-Paul Servais|