Single Resolution Board (SRB)
Since January 2015, the SRB has been responsible for the effective functioning of the SRM. In particular, it is empowered to take decisions relating to significant entities or groups and cross-border groups.
With regards to its composition, the SRB operates in executive session, which may be restricted or extended, and in plenary session.
- The restricted executive session is composed of the Chair, the Vice-Chair (with no-vote) and the four further full-time Board Members. It adopts all the decisions necessary to apply the SRM Regulation.
- The extended executive session takes the decisions relating to a specific institution both in planning and in execution of the resolution (approval of its plan, the MREL, the decision of executing a resolution…). In addition to the members of the restricted executive session, it includes the representatives of the Member States in which the institution in question is established. On the Spanish side, the FROB participates as a member and the Bank of Spain as an observer.
- The plenary session of the SRB is also comprised of the Chair, the four further full-time Board Members and the representatives of all the national resolution authorities. In addition to serving as a forum for debate on the different policies, it adopts decisions of a more general nature, such as its working programme, activity report or budget. As in the extended session, on behalf of Spain, the FROB participates as a member and the Bank of Spain as an observer.