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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, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
The SRM Regulation establishes the framework for member states participating in the Banking Union when banks need to be resolved.
It provides that the Single Resolution Fund (SRF) will be built up over a period of eight years with ‘ex-ante’ contributions from the banking industry. Member states agreed to define some of the rules, particularly relating to the transfer of those contributions from National Resolution Authorities to the SRF, and for the progressive mutualisation of their use over time, in an inter-governmental agreement (IGA).
In the Banking Union, the SRM allows for:
Source: Press Release: Single resolution mechanism to come into effect for the banking union
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