The National Bank of Belgium as a resolution authority

Abstract

This paper is part of a comparative project, examining how resolution authorities are embedded in Member States' institutional frameworks. In Belgium, the National Bank of Belgium is the institution responsible for exercising the duties of the resolution authority as imposed by Bank Resolution and Recovery Directive 2014/59/EU (BRRD).

Within the National Bank of Belgium, a specific organ, the ‘Resolution College’ (Afwikkelingscollege / Collège de résolution) has been created to deliberate on and take all decisions in respect of the National Bank’s resolution competences.

Since Belgium is a member of the Eurozone, the Resolution College is closely cooperating with the other National Resolution Authorities (NRAs) and the Single Resolution Board (SRB) in the Single Resolution Mechanism (SRM).

This contribution first discusses how the Belgian national resolution authority is institutionally organised, with a special focus on the separation of – and cooperation between – the resolution and prudential oversight functions within the National Bank of Belgium. A second part will then focus on how the independence, transparency and accountability of the resolution function are ensured. The final part concludes.