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Debt Office plans to comply with guidelines on improving resolvability
News 21 April 2022
The Swedish National Debt Office – Sweden’s resolution authority – has informed the European Banking Authority (EBA) that it intends to comply with the EBA’s guidelines for institutions and resolution authorities on improving banks’ resolvability.
On 13 January 2022, the EBA published guidelines for institutions and resolution authorities on how to improve the resolvability of banks (EBA/GL/2022/01), as issued in accordance with Article 16 of Regulation (EU) 1093/2010. The guidelines apply as of 1 January 2024.
Legal status of the guidelines
The Debt Office views guidelines from the EBA directed to resolution authorities and financial institutions as equivalent to Swedish general guidelines. Under Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), the competent authorities and financial institutions shall make every effort to comply with these guidelines. The EU regulation has direct effect, and the Debt Office does not currently plan to issue any general guidelines of its own. By virtue of its authority, the Debt Office has the right to adapt the EBA’s guidelines to create binding rules in the form of regulations.