What is the key responsibility of the BoE's SRU in relation to failing UK banks?

The key responsibility of the Bank of England's Resolution Division (SRU) in relation to failing UK banks is to implement resolutions under the Special Resolution Regime (SRR). This framework is designed to ensure that, in the event of a bank failure, there is an orderly resolution process that minimizes disruption to the financial system and protects depositors.

The SRU has the authority to take actions that facilitate the resolution of a failing bank, such as transferring its assets and liabilities to another institution or putting the bank into a process that enables it to continue its critical functions. This is crucial for maintaining financial stability and public confidence in the banking system. The implementation of resolutions ensures that the interests of depositors are safeguarded while also allowing for the restructuring or winding down of the failed institution in a manner that is as least disruptive as possible.

The other responsibilities mentioned in the other options do not pertain to the direct action taken in response to failing banks but rather relate to governance and oversight roles that do not fall within the SRU's primary mission of resolution management.