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The CRD IV requires institutions to have in place an internal capital adequacy assessment process (ICAAP); and an internal liquidity adequacy assessment process (ILAAP). These processes are key risk management instruments for institutions, and competent authorities (CAs) review them as part of the Supervisory Review and Evaluation Process (SREP).
In the EU, the ECB assumed responsibility for the supervision of significant institutions (SIs) within the Single Supervisory Mechanism (SSM) from November 2014 onwards. Thus, the ECB is responsible for carrying out the SREP with respect to these institutions.
In November 2016, the EBA published the Final Guidelines (GL) intended to ensure convergence of supervisory practices in the assessment of ICAAP and ILAAP as required by the SREP. In January 2016, the ECB published its expectations on ICAAP and ILAAP, together with a description of what ICAAP and ILAAP-related information institutions should submit; and in March 2018 the ECB launched a public consultation on its Draft Guide to the ICAAP and on its Draft Guide to the ILAAP.
This Technical Note summarises the content of the EBA GL, and also the ECB supervisory expectations and the Draft Guides on ICAAP and ILAAP.