European Court of Auditors report no: 23 Single Resolution Board: Work on a challenging Banking Union task started, but still a long way to go
1. This Special Report by the European Court of Auditors considers the progress made by the Single Resolution Board (SRB) in setting itself up and in performing it function as the Banking Union’s resolution authority.
2. The SRB is the resolution authority for banks in the Banking Union. Together with the National Resolution Authorities (NRAs) it forms the Single Resolution Mechanism (SRM). The mission of the SRB is to ensure an orderly resolution of failing banks with minimum impact on the real economy and the public finances of the participating Member States of the Banking Union.
3. The SRB has been operational as an independent EU Agency as of 1 January 2015.