Fabian Demicoli

EU finance ministers reach preliminary agreement on outlines of Single Resolution Mechanism for bank

At
their meetings on 10 December, EU finance ministers reached a preliminary
agreement on the outlines of the mechanism for restructuring or unwinding
ailing banks.

Based on the Commission proposal of 10 July, the new mechanism,
the Single Resolution Mechanism (SRM), would establish an integrated European
resolution system for all countries participating in the Banking Union, thus
enabling the smooth and speedy restructuring of failing banks when necessary.
The SRM would include a single resolution board and a single resolution fund so
that the EU can tackle future bank crises efficiently with minimal costs to
taxpayers and the economy. The Council Regulation establishing the Single
Supervisory Mechanism (SSM), the first leg of the Banking Union, which fully
entrusts the European Central Bank (ECB) with the direct supervision of banks
in the euro area, was adopted and published in October of this year. An
extraordinary ECOFIN meeting will take place during the week of 16 December to
finalise the Council's general approach on the SRM.

 

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