{
  "title": "Euro Area Policies: Financial Sector Assessment Program-Technical Note-Bank Resolution and Crisis Management",
  "publication": "IMF Staff Country Reports, July 19, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/07/19/euro-area-policies-financial-sector-assessment-program-technical-note-bank-resolution-and-46106",
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  "summary": "The euro area (EA) bank resolution and crisis management arrangements have been strengthened considerably over recent years, but work remains to complete and unify the regime.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- The euro area (EA) bank resolution and crisis management arrangements have been strengthened considerably over recent years, but work remains to complete and unify the regime.\n- The adoption of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR) provide a foundation to deal with problem banks.\n- The establishment of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) provides institutional capacity to manage bank distress and resolution.\n- Authorities remain committed to completing the banking union through:\n  - the establishment of a backstop for the Single Resolution Fund (SRF), and\n  - a European deposit insurance scheme (EDIS),\n  and other measures, many of which are in line with recommendations in this report."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Continue efforts to complete and unify the EA bank resolution and crisis management regime.\n- Implement a backstop for the Single Resolution Fund (SRF) to strengthen resolution financing.\n- Pursue establishment of a European deposit insurance scheme (EDIS) to further integrate deposit protection across the euro area.\n- Maintain alignment of national and EU-level frameworks with the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR)."
    },
    {
      "heading": "Institutional developments and regulatory framework",
      "content": "- Key directives/regulations cited:\n  - Bank Recovery and Resolution Directive (BRRD)\n  - Single Resolution Mechanism Regulation (SRMR)\n- Key institutions cited:\n  - Single Supervisory Mechanism (SSM)\n  - Single Resolution Mechanism (SRM)\n  - Single Resolution Fund (SRF)\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 19, 2018",
    "Series: IMF Staff Country Reports",
    "The euro area (EA) bank resolution and crisis management arrangements have been strengthened considerably over recent years, but work remains to complete and unify the regime.",
    "The adoption of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR) provide a foundation to deal with problem banks.",
    "The establishment of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) provides institutional capacity to manage bank distress and resolution.",
    "Authorities remain committed to completing the banking union through:",
    "Continue efforts to complete and unify the EA bank resolution and crisis management regime.",
    "Implement a backstop for the Single Resolution Fund (SRF) to strengthen resolution financing.",
    "Pursue establishment of a European deposit insurance scheme (EDIS) to further integrate deposit protection across the euro area.",
    "Maintain alignment of national and EU-level frameworks with the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR).",
    "Key directives/regulations cited:",
    "Key institutions cited:",
    "**Country Report**"
  ],
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