European Parliament approves appointment of a member of the Single Resolution Board

In brief

On 11 March 2025, the European Parliament approved the appointment of a new member of the Single Resolution Board (SRB), the body responsible for managing bank failures in the euro area. The vote was largely favourable: 539 votes in favour, 43 against and 37 abstentions.

Background

The Single Resolution Board is a key European agency created in 2014 as part of the Banking Union. Its main role is to plan and implement the resolution of failing banks in euro area countries, in order to avoid disorderly failures that could destabilise the economy and cost taxpayers dearly. The SRB is composed of a Chair, a Vice-Chair and four full-time members, appointed for a five-year term renewable once. The appointment procedure involves a proposal from the European Commission, followed by a hearing and an approval vote by the European Parliament.

What was decided

Parliament examined the proposal for the appointment of a new SRB member (reference N10-0005/2025). After hearing the candidate at a public hearing, the Committee on Economic and Monetary Affairs recommended approval. The plenary vote confirmed this recommendation: Parliament approved the appointment by 539 votes in favour, 43 against and 37 abstentions. The new member will sit on the SRB for a five-year term, contributing to decisions on the resolution of failing banks.

Vote result

• In favour: 539
• Against: 43
• Abstentions: 37

The vote was taken by secret electronic roll call, as provided for in Parliament's Rules of Procedure for individual appointments.

What this means for citizens

This appointment may seem technical, but it has a direct impact on the protection of your savings and financial stability. The SRB ensures that, if a bank fails, depositors are protected up to €100,000 (thanks to the deposit guarantee scheme) and that the bank is restructured in an orderly manner, without using taxpayers' money. By approving this new member, Parliament ensures that the body has the necessary expertise to fulfil its mission. For you, this means greater security for your bank deposits and better prevention of financial crises.