2/4  BIS central bankers' speeches  After six years from the implementation of the BRRD in the EU, the resolution planning activity of the European Resolution Authority is well on track, while the MREL buffers have been built by the significant banks. Moreover the resolution plans are quite advanced and the policy framework by the EBA and SRB is in place.
Focusing on cross border banking groups, the effective cooperation between resolution authorities is of paramount importance. Additional improvements are needed, in particularly to ensure that the resolution decisions of the home authorities are recognised cross border and TLAC/MREL instrument issued in third countries can be actually bailed-in.