The Single Resolution Board (SRB) published its 2021-2023 Multi-Annual Programme, including its Work Programme 2021. The SRB sets out a roadmap to achieve resolvability of the banks under its remit over the next three years and further operationalisation of the Single Resolution Fund. With the entry in 2020 of Bulgaria and Croatia into the Single Resolution Mechanism (SRM), the SRB will work for the first time with an enlarged SRM and will continue to provide technical feedback to other Member States that may be considering whether to join the Banking Union. On resolvability, the focus will be on the implementation of the Expectations for Banks, which is translated for individual banks in annual tailor-made work programmes known as the priority letters. The next resolution planning cycles will be crucial to achieve the 2023 deadline for meeting targets for the minimum requirement for own funds and eligible liabilities (MREL). In the coming three years, the SRB will refine and update the MREL policy to complete the implementation of the banking package, including guidance to respond to MREL breaches, implement the new provisions of the eligibility framework as well as the regulatory technical standards of the European Banking Authority on various MREL-related aspects. The SRB will continue to focus on policy development of our core resolution principles in the next three years. On crisis preparedness, a key focus will be on operationalising resolution tools for transfer strategies and to refining its quantitative tools (e.g. bail-in tool calculator, sale of business tool calculator, crisis dashboard), supported by the overarching priority of maintaining an effective ICT platform, aligning data sources, and expanding data available to crisis management teams. In addition, crisis simulations, so-called ‘dry-runs’, will be run.

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