Financial Stability Board
Cross-border payments - FSB publishes final report on developing implementation approach - 17 November 2022
The Financial Stability Board (FSB) has published a final report on developing an approach to monitor progress towards meeting the targets set out in the G20 Roadmap for Enhancing Cross-Border Payments, after the endorsement of the Roadmap in October 2020. This follows an interim report published in July 2021 and the FSB’s October 2021 final report, which set out global quantitative targets to achieve cheaper, faster, more transparent and accessible cross-border payments across the wholesale, retail and remittances sectors.
The report provides an update on the FSB’s progress, a high-level overview of the main data sources, a more detailed discussion of each key performance indicator (KPI), and next steps.
The report notes that substantial progress has been made in evaluating and identifying the main data sources for each of the three market sectors and any outstanding gaps. However, given the lack of pre-existing KPIs and the need for further discussions with potential data providers to develop reliable estimates, the FSB is not yet able to provide a full set of estimates of current performance.
Developing these estimates will, therefore, take several more months. The next step is to engage with relevant data providers and establish processes for ongoing monitoring.
FSB Final Report: Developing the Implementation Approach for the Cross-Border Payments Targets
Press release
European Banking Authority
BRRD - EBA publishes Consultation Paper on amendments to guidelines on improving resolvability - 15 November 2022
The European Banking Authority (EBA) has published a Consultation Paper (CP2022/12) on amendments to its guidelines (Guidelines) about improving resolvability under the Banking Recovery and Resolution Directive (2014/59/EU) (BRRD).
In particular, the proposed amendments to the Guidelines would:
- introduce a requirement for institutions to submit an annual resolvability self-assessment, setting out how they will meet the resolvability capabilities outlined in the Guidelines and how they have gained assurance of their adequacy;
- require authorities to develop a multi-annual testing programme for institutions under their remit, to obtain assurance of firms’ resolvability while providing sufficient visibility to banks; and
- introduce a master playbook for the most complex banks to ensure a holistic approach to resolution planning.
Under the draft Guidelines attached to the consultation, firms would be expected to submit their first self-assessment report by 31 December 2024, and, where applicable, their first master playbook by 31 December 2025. Resolution authorities would have to communicate the first resolvability testing programme by 31 December 2025.
The deadline for responses is 15 February 2023.
EBA Consultation Paper: Guidelines amending guidelines on improving resolvability for institutions and resolution authorities
EBA resolvability testing guidelines: Background and key measures
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