January 19
2021
Trajan Shipley
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8th January 2021
Banking & Finance

Cooperation Agreement between Bank of England and SRB enters into force

The Cooperation Agreement (CA) between the Bank of England and the Single Resolution Board on the exchange of information and cooperation in connection with the Resolution planning and the implementation of such planning with respect to Entities with cross-border operations, became effective on 1 January 2021. 

The CA sets out the framework for consulting, cooperating and exchanging information when preparing for and implementing bank resolution in the United Kingdom and Banking Union, in line with the rules in both jurisdictions. The CA, however, does not constitute an agreement binding under international law, nor does it create any legally binding obligations on the parties.

The CA specifically regulates the mechanism and scope of resolution consultation, cooperation and exchange of information, as well as the execution of requests for assistance and the permissible uses and confidentiality of information.

Read the SRB’s press release here, and access the Cooperation Agreement here.

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