Press Release: Commission proposes Single Resolution Mechanism for the Banking Union

The European Commission proposed on 10 July 2013 a Single Resolution Mechanism (SRM) for the Banking Union. The mechanism would complement the Single Supervisory Mechanism (SSM) which, once operational in late 2014, would see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism would ensure that – not withstanding stronger supervision - if a bank subject to the SSM faced serious difficulties, its resolution could be managed efficiently with minimal costs to taxpayers and the real economy.

• Primary Source

ESO: Background Information: Commission seeks sweeping new powers over failed banks http://www.europeansources.info/record/commission-seeks-sweeping-new-powers-over-failed-banks/

ESO: Background information: ECB to become bank union supremo from mid-2013 http://www.europeansources.info/record/ecb-to-become-bank-union-supremo-from-mid-2013/

European Commission: MEMO/13/680, 10.07.13: Extraits de la conférence de presse donnée par le Commissaire Barnier sur le mécanisme de résolution unique des banques de l’union bancaire http://europa.eu/rapid/press-release_MEMO-13-680_fr.htm

European Commission: MEMO/13/679, 10.07.13: A comprehensive EU response to the financial crisis: a strong financial framework for Europe and a banking union for the eurozone http://europa.eu/rapid/press-release_MEMO-13-679_en.htm

European Commission: MEMO/13/675, 10.07.13: Proposal for a Single Resolution Mechanism for the Banking Union – frequently asked questions http://europa.eu/rapid/press-release_MEMO-13-675_en.htm

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