Oliver Schütz, the Managing Director for Banking Resolution at the FMA has been chosen to become the Chairperson of the European Banking Authority’s Resolution Committee (ResCo). This standing committee has central reponsibilities in relation to bank resolution in the European Union. The EU Bank Recovery and Resolution Directive (BRRD) allows EBA , which is located in Paris, to draw up Guidelines, Technical Standards and Opinions, with the objective of ensuring harmonised and consistent processes, particularly in relation to financial institutions functioning on a cross-border basis. EBA is an independent EU authority, tasked with ensuring an effective and consistent level of regulation and supervision within the European banking sector. Its primary aims exist in maintaining financial stability in the EU as well as safeguarding the integrity, efficiency and the orderly functioning of the banking sector.
National resolution authorities – in Austria’s case the FMA – are represented in EBA’s Resolution Committee (ResCo). ResCo prepares EBA decisions that have a relevance for resolution, such as draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for duties that are conferred upon resolution authorities. It contributes towards the development and coordination of resolution plans and develops methods for the resolution of failing financial institutions. Oliver Schütz succeeds Sebastiano Laviola, Executive Director of the Single Resolution Board, as Chairperson.
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