The Single Resolution Board has introduced a new procedure under its simplification strategy to accelerate authorisations for the early redemption of eligible liabilities instruments, known as prior permissions. From 1 July, eligible applications will be authorised within a maximum of one month. The change is part of a broader push to simplify the resolution framework. In its response to the European Commission’s consultation on the competitiveness of the European Union banking sector, the SRB argued that the current prior permission regime for redeeming eligible liabilities can create undue burden for banks and resolution authorities. It noted that it received around 150 such requests in 2025 and that none raised significant concerns from a resolvability perspective, and it backed further review of relevant Level 1 and Level 2 rules to simplify this area further.
Single Resolution Board2026-06-29
Single Resolution Board introduces one month approval process for early redemption of eligible liabilities
The Single Resolution Board has introduced a faster procedure for authorising early redemptions of eligible liabilities instruments. From 1 July, eligible prior permission applications will be approved within a maximum of one month. The move forms part of the SRB’s wider simplification agenda and its call for further regulatory changes in this area.