Defence, Security and Resilience Bank

The Defence, Security and Resilience Bank (DSR Bank or DSRB) is a proposed international financial institution designed to mobilise capital for defence, security, and resilience across the democratic world. It is being incubated by the DSRB Development Group, a time-bound initiative that works with governments to co-create the Bank's legal charter, governance framework, and operating model. Once nations legally constitute the DSR Bank and transfer ownership into a formal multilateral structure, the Development Group will dissolve, leaving behind a permanent, mission-driven financial institution. The Bank is intended to be owned exclusively by nation-states and backed by sovereigns, addressing three critical challenges: providing affordable long-term, low-cost financing to governments without adding pressure to national balance sheets; enabling smarter, faster defence procurement; and unlocking private capital by providing guarantees that allow commercial banks to fund defence and security firms across the supply chain. The DSR Bank was first proposed in 2025 by Rob Murray, chief executive officer of the DSRB Development Group, who previously led the creation of NATO's Defence Innovation Accelerator for the North Atlantic (DIANA) and the NATO Innovation Fund. The proposal has attracted backing from a coalition of financial institutions, including BMO Bank, CIBC, Commerzbank, Deutsche Bank, ING Group, JPMorgan Chase, Landesbank Baden-Württemberg, National Bank of Canada, Piraeus Bank, RBC Capital Markets, Scotiabank, and TD Bank Group. Its main focus is supporting European and North American states, with priority Indo-Pacific partners identified as Australia, Japan, and South Korea. Canada has emerged as a major supporter and the proposed host country. Prime Minister Mark Carney spoke in support of Canada's bid at the 2026 World Economic Forum, and in January 2026, Finance Minister François-Philippe Champagne officially declared the country's support. Following international treaty negotiations in Montreal in late April, Canada was announced as the location to headquarter the bank, with support from major Canadian financial institutions. The bank is also planned to have a European Hub in Luxembourg. Several Canadian cities expressed interest in hosting the headquarters, including Halifax, Toronto, Montreal, Vancouver, and the National Capital Region, though no clear timeline for host city selection has been announced. The DSR Bank has received political support from leaders of Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine. In the United Kingdom, members of parliament Alex Baker and Luke Charters publicly supported its creation. However, the UK government under Keir Starmer, along with Finland, the Netherlands, and Poland, proposed a rival organisation called the Multilateral Defence Mechanism. Following Andy Burnham's installation as UK prime minister, the Canadian government restarted discussions with the UK in hopes of convincing it to join the Bank. Other countries, including Lithuania, continue to consider joining. The DSR Bank remains a proposed institution, with its legal charter, governance, and operating model still under development by the DSRB Development Group.

The Defence, Security and Resilience Bank (DSR Bank) was first proposed in 2025 by Rob Murray, chief executive officer of the DSRB Development Group. Murray had previously led the creation of NATO's Defence Innovation Accelerator for the North Atlantic (DIANA) and the NATO Innovation Fund. The proposal emerged as a response to the need for collective investment in defence and security among democratic nations. The DSRB Development Group serves as the incubator for the Bank, working with governments to co-create its legal charter, governance framework, and operating model. This is a time-bound initiative: once nations have legally constituted the DSR Bank and transferred ownership into a formal multilateral structure, the Development Group will dissolve. The Bank aims to address three critical challenges: providing affordable long-term, low-cost financing to governments without adding pressure to national balance sheets; supporting governments in streamlining and financing defence acquisitions; and unlocking private capital by providing guarantees that enable commercial banks to fund defence and security firms across the supply chain. It is intended to be owned exclusively by nation-states and backed by sovereigns. The proposal gained backing from several financial institutions, including BMO Bank, CIBC, Commerzbank, Deutsche Bank, ING Group, JPMorgan Chase, Landesbank Baden-Württemberg, National Bank of Canada, Piraeus Bank, RBC Capital Markets, Scotiabank, and TD Bank Group. The Bank's main focus is supporting European and North American states, with priority Indo-Pacific partners identified as Australia, Japan, and South Korea. Canada emerged as a major supporter. Prime Minister Mark Carney gave a speech at the 2026 World Economic Forum in support of Canada's bid. In January 2026, Canada's finance minister François-Philippe Champagne officially declared the country's support for the bid. Following the conclusion of international treaty negotiations in Montreal in late April, Canada was announced as the location to headquarter the bank, with the support of many Canadian financial institutions including the Royal Bank of Canada, Toronto-Dominion Bank, CIBC, Scotiabank, National Bank of Canada, and Bank of Montreal. The bank is also planned to have a European Hub in Luxembourg. Many cities in Canada expressed interest in hosting the bank, with Halifax, Toronto, Montreal, Vancouver, and the National Capital Region emerging as bid cities. Ontario premier Doug Ford supported Toronto's bid, while Quebec's government and Montreal mayor Soraya Martinez Ferrada supported Montreal, and British Columbia premier David Eby and Vancouver mayor Ken Sim supported Vancouver. Mayors Mark Sutcliffe and Olivia Chow endorsed their respective cities' bids. No clear timeline has been announced on the host city selection. The DSR Bank has received political support from the leaders of Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine. In the United Kingdom, members of parliament Alex Baker and Luke Charters publicly supported its creation. However, the UK government under Keir Starmer, along with the governments of Finland, the Netherlands, and Poland, proposed a rival organisation called the Multilateral Defence Mechanism, intended to both provide financing and coordinate procurement of defence equipment. Following Andy Burnham's installation as UK prime minister, the Canadian government restarted discussions with the United Kingdom in the hope of convincing it to join the Bank. Other countries, including Lithuania, are continuing to consider joining the Bank. The DSR Bank remains a proposed institution, with its legal charter, governance, and operating model still under development.

• DSR Bank first proposed by Rob Murray, CEO of the DSRB Development Group.

• Canada's finance minister François-Philippe Champagne officially declared the country's support for the bid to host the DSR Bank.

• Following international treaty negotiations in Montreal, Canada was announced as the location to headquarter the bank.

A multilateral bank owned exclusively by nation-states, designed to mobilise capital for the defence, security, and resilience of the democratic world.

• Affordable capital for governments

  Long-term, low-cost financing without adding pressure to national balance sheets.

• Smarter, faster procurement

  Supporting governments in streamlining and financing defence acquisitions.

• Unlocking private capital

  Providing guarantees that enable commercial banks to fund defence and security firms across the supply chain.

1. 1DSR Bank | Backed by Democratic Nations. Built for Strategic Impact.dsrb.org
2. 2Defence, Security and Resilience Bank - Wikipediaen.wikipedia.org
3. 3Defence, Security and Resilience Bank - Wikidatawikidata.org