Banco de Portugal hosted the Plenary Session of the central resolution authority of the Banking Union.

The Single Resolution Board met in Lisbon, in its Plenary Session format, on 30 June and 1 July, at the invitation of Banco de Portugal’s Vice-Governor Luís Máximo dos Santos.

The meeting took place at the headquarters of Banco de Portugal and was attended by Single Resolution Board Chair Elke König and Vice-Chair Jan Reinder De Carpentier, as well as by the permanent members of the Board, and high-level representatives of national resolution authorities, the European Commission, the European Central Bank and the European Banking Authority.

Since it became operational, in January 2015, it was the third time that the Plenary Session of the SRB met in person outside Brussels, the previous occasions having been in Frankfurt and in Madrid.

The Lisbon meeting of the SRB had initially been planned for the spring of 2020, but had to be postponed due to the pandemic outbreak. The meeting in Lisbon was the first in-person one since the beginning of the pandemic.

The meeting in Lisbon was also the first in-person Plenary Session to be attended by Bulgaria and Croatia, which have joined the Banking Union in 2020, joining the 19 members of the Euro area.

The Chair of the Single Resolution Board, Elke König, noted that, “Good cooperation is the hallmark of the Single Resolution Mechanism, and helps us all to protect financial stability across the Banking Union. My thanks to our hosts, Banco de Portugal, for their excellent hosting of this Plenary Session, which fostered constructive discussions of the Single Resolution Board”

Banco de Portugal, in its capacity as national resolution authority, was represented by its Vice-Governor, Luís Máximo dos Santos, who expressed “great satisfaction for hosting in Banco de Portugal the plenary body of the Single Resolution Mechanism, one of the pillars of the Banking Union” and highlighted that the event “is representative of Banco de Portugal’s commitment in contributing over the years to the build up of the Banking Union and the consolidation of the resolution function.”

About the Single Resolution Board

The Single Resolution Board is the central resolution authority of the Banking Union, which together with the national resolution authorities of the 21 participating countries composes the Single Resolution Mechanism.

The Single Resolution Board is directly responsible for the exercise of resolution powers in relation to institutions considered significant within the Banking Union and in relation to institutions classified as less significant when they have cross-border activity. It also has oversight powers in relation to less significant institutions under the direct control of the national authorities and is in charge of the Single Resolution Fund.