For many, the banking union represents the most ambitious step in EU integration since the creation of the euro. As the chairwoman of the new authority to resolve European systemic banks, Elke König, has been in the driving seat of the process.
Banco Popular intervention was a success story although more than 12,000 of the Spanish bank's shareholders requested to be heard in the complaint process, the European Commission and the Single Resolution Board (SRB) said on Monday (15 October).
Banks should invest more in IT infrastructure because providing quality data immediately makes all the difference when a bank needs to be resolved in an orderly fashion, the EU's Single Resolution Board has said.
European authorities will prepare by the end of next year enhanced disclosure requirements on bad loans to all banks as part of an action plan to tackle the risk of non-performing loans (NPL).
The new Single Resolution Board intervened for the first time early this morning (7 June) to save Banco Popular, a troubled Spanish bank whose deposits were protected without using taxpayers’ money after Banco Santander decided to acquire its assets.