For many, the banking union represents the most ambitious step in EU integration since the creation of the euro. As the chairwoman of the new authority to resolve European systemic banks, Elke König, has been in the driving seat of the process.
Despite the volatility that would trigger the UK’s departure from the EU, Brexit does not represent an “imminent risk” to financial stability, according to Single Resolution Board President Elke König.
Banks should invest more in IT infrastructure because providing quality data immediately makes all the difference when a bank needs to be resolved in an orderly fashion, the EU's Single Resolution Board has said.
The new Single Resolution Board intervened for the first time early this morning (7 June) to save Banco Popular, a troubled Spanish bank whose deposits were protected without using taxpayers’ money after Banco Santander decided to acquire its assets.