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The Single Resolution Mechanism (SRM), which implements the EU-wide Bank Recovery and Resolution Directive (BRRD) in the euro area, became fully operational on 1 January 2016. The SRM is intended to bolster the resilience of the financial system and help avoid future crises by providing for the timely and effective resolution of cross-border and domestic banks. The full resolution powers of the Single Resolution Board (SRB) will also apply from 1 January 2016.
The SRM entered into force on 19 August 2014. The provisions relating to the co-operation between the SRB and the national resolution authorities for the preparation of the banks’ resolution plans applied from 1 January 2015.
The Banking Union is mandatory for all euro area states and consists of 19 members: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy,
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