The Gibraltar Financial Services Commission (GFSC) has been appointed as the Resolution Authority pursuant to the Bank Recovery and Resolution Directive (BRRD), and in accordance with the Financial Stability Board’s (FSB) 2011 recommendations, and is delighted to announce the appointment of Séamus Hayes as the Commission’s new Resolution Specialist.
The BRRD provides a framework to deal with banks which are in crisis and builds on the measures taken to ensure firms have a recovery plan in place that minimises disruption to the financial system at large. The financial crisis of 2008 highlighted issues in the financial regulatory process, and resulted in the need to implement the tools necessary to effectively and efficiently negate the economic and financial effects of unstable or failing credit institutions and investment firms.
Financial Secretary, Albert Mena, who acts as chairperson of the resolution authority, says: “The BRRD is Europe’s response to the November 2011 G20 commitment to the FSB’s recommendations aimed towards delivering a global initiative following the financial crisis of 2008. The Resolution Authority in Gibraltar will be essential in ensuring that, in line with BRRD requirements, and FSB recommendations, Gibraltar makes adequate preparation for crises and is equipped with necessary tools to intervene in troubled institutions at a sufficiently early stage to address any developing problems. These key elements of the BRRD are vital to the safeguarding of consumers and the jurisdiction”.
Séamus has been working in the banking industry for over 10 years, initially in the UK and Ireland and for the last 5 years in Gibraltar. During his career, he has led the successful implementation of various technical European Banking Authority legislative transpositions within the business and wider industry, such as the Deposit Guarantee Scheme Directive, Capital Requirements Directive IV and the BRRD. Séamus’ international banking experience has allowed him to forge strong relationships with key stakeholders within and outside of Gibraltar.
Samantha Barrass, GFSC CEO, says: “In previous roles, Séamus has demonstrated a forward thinking and innovative approach and has a proven ability to identify and influence business strategy and vision. The GFSC, as the Resolution Authority, will be required to mitigate the risk of, and minimise the impact of actual and potential failures of relevant institutions. This is an important contribution to Gibraltar’s commitment to deliver to global regulatory standards as well as European ones. Séamus’ experience and technical and strategic skill set makes him the right person for this position, and the GFSC is very much looking forward to having him on board.”
The role of the Resolution Specialist will involve a number of responsibilities, including drawing up resolution plans for banks and certain investment firms in Gibraltar; assessing the recovery plans of institutions as Resolution Authority; and analysing data supplied for institutions to identify risks, and in particular assess whether institutions are failing or are likely to fail.
Séamus said: “The Resolution Specialist role is an exciting opportunity and interesting challenge which I am very much looking forward to. I look forward to joining the GFSC team, and to taking this responsibility and representing Gibraltar from this perspective.”
The GFSC will be welcoming Séamus to his new position on 1 August.