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Expert panel on crisis management

Expert panel on crisis management

Originally established in November 2012 as the expert panel on recovery and resolution planning, the expert panel on crisis management, as it is now known, explores industry-wide crisis management issues in dialogue with the banking industry. In response to the lessons learned from the financial crisis, international bodies added an advanced crisis management dimension to regulatory activity in an effort to safeguard the stability of financial markets.

The "Key attributes of effective resolution regimes for financial institutions" published in October 2014 by the Financial Stability Board (FSB) set out the core elements of an effective resolution regime for systemically important credit institutions. Their implementation should allow authorities to resolve financial institutions in an orderly manner without taxpayer exposure to loss from solvency support while maintaining continuity of their vital economic functions. To achieve greater integration and consistency in recovery and resolution requirements and regimes across the European Union, the European Parliament and the Council on 15 May 2014 adopted the directive establishing a framework for the recovery and resolution of credit institutions and investment firms (Bank Recovery and Resolution Directive, or BRRD). The BRRD has been transposed into German law through the Act on the Recovery and Resolution of Institutions and Financial Groups (Gesetz zur Sanierung und Abwicklung von Instituten und Finanzgruppen, Recovery and Resolution Act) of 10 December 2014. The European Commission specified the provisions by adopting Commission Delegated Regulation (EU) 2016/1075.

In addition, national authorities are expected to flesh out the requirements for institutions’ recovery plans in greater detail by way of the Regulation on the minimum requirements for the design of recovery plans for institutions and investment firms (Verordnung zu den Mindestanforderungen an Sanierungspläne für Institute und Wertpapierfirmen). It is hoped that dialogue among expert panel members from the banking industry, associations and banking supervisors will ensure that the regime for recovery and resolution plans satisfy practical considerations, keep the banking industry abreast of international developments at all times, and optimise the visibility of the positions taken by Germany in international bodies.

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