Preparing for the Next Financial Crisis

Institutions 325

to ensure the ecient resolution of failing banks with minimal costs for taxpay-

ers and to the real economy. The SRM is also in charge of the winding down of

non- viable banks. It consists of:

– The Single Resolution Board (SRB) with, when discussing a specic bank,

the Chairperson, the other four Board members, representatives from the

national resolution authorities (NRAs) where the bank has its headquar-

ters, branches and subsidiaries, as members and the representatives of SSM,

the EBA, the EC and when relevant, of the NRAs of non- participating

Member States, as observers. The SRB is directly responsible for the res-

olution of signicant banks under ECB supervision as well as other cross-

border groups, while nationa ...