FDIC And European Single Resolution Board Sign "Cooperation Arrangement" For Resolution Planning

The FDIC and the European Banking Union's Single Resolution Board ("SRB") agreed to a "Cooperation Arrangement" ("Arrangement") to facilitate the exchange of information and coordination in resolution planning efforts for banks with cross-border operations.

In accordance with the Arrangement, the FDIC and the SRB committed to enhancing communication and cooperation to facilitate orderly cross-border liquidation. This includes a commitment to conduct regular consultations and to increase communications during times of financial stress.

The Arrangement also sets out a general framework for cooperative efforts and outlines agreed-upon common principles with regard to banks with cross-border operations. It further includes provisions related to information-sharing, interagency training exercises, and notification requirements related to resolution events. Additionally, the Arrangement provides for a review of its provisions every two years.