ECA: SRB ought to thoroughly reassess its risks for 2020 accounts in light of recent and future judgments

The European Court of Auditors (ECA) has issued a press release in which it endorses the Single Resolution Board’s (SRB) 2019 disclosure of financial risk, but recommends that it carry out a ‘thorough reassessment’ of the 2020 accounts’ risks.

The reason for that, according to the ECA, is that in the light of a number of recent judgments by EU courts, the SRB will have to reassess all pending and new judicial proceedings linked to the calculation of ex-ante contributions to the Single Resolution Mechanism. Some of these cases have only been notified recently to the SRB, and thus a reassessment is needed that includes the risks deriving from those judgments, as well as the current pending cases.

The auditors stress that most