An essential task of the resolution authorities under the current institutional framework is the drawing up of resolution plans, outlining the resolution actions which the resolution authority may take where an institution meets the conditions for resolution. A resolution plan includes a description of the key characteristics and critical functions of the institution and identify any impediments to its resolvability. Furthermore, it should identify the most appropriate resolution tools for that particular institution and set the level of the minimum requirement for own funds and eligible liabilities (MREL).
Institution-specific resolution plans are drawn up for all institutions and updated at least annually, aimed to ensure that an efficient resolution strategy is in place, enabling, to the extent possible, the orderly and smooth implementation of resolution actions in an institution that meets the conditions for resolution.
Since the entry into force of Resolution 806/2014 (SRM Resolution), the responsibility for drawing up resolution plans for institutions under the direct supervision of the ECB and cross-border groups lies with the Single Resolution Board (SRB), in close cooperation with the Bank of Greece. The Bank of Greece remains responsible for drawing up resolution plans for all other institutions within the scope of the SRM Regulation and for institutions within the scope of the BRRD only.