TIRANA (Albania), November 7 (SeeNews) – The European Union's Single Resolution Board (SRB) said on Wednesday it has signed a cooperation agreement with Albania's central bank to coordinate the resolution planning especially for financial institutions with cross-border operations.
“The new arrangements further strengthen existing close cooperation in order to maintain financial stability,” SRB said in a statement. “Given the global nature of financial markets, it is important that cooperation between regulators continues to be reinforced.”
“The goal is to facilitate the resolution of banks present across the respective jurisdictions,” the resolution agency said, adding that it intends to conclude similar arrangements with other countries in the future.
The SRB was launched in January 2015 as a resolution authority for around 143 significant banking groups as well as any cross-border banking group established within participating member states. It is the central resolution authority within the EU's banking union with a mission to ensure an orderly resolution of failing banks with minimum impact on the real economy and public finances of the participating member states and beyond.
The SRB works closely with the European Commission, the European Central Bank, the European Banking Authority and national competent authorities.