Europe's banking union gets single resolution mechanism

european-parliament

European Parliament negotiators this morning reached a deal with their member state counterparts on a final structure of the Single Resolution Mechanism (SRM) to deal with failing banks in the European banking union, after a 16-hour marathon of negotiations in Brussels.

The deal means the SRM can set up and fund a single resolution fund (SRF) through a levy on banks that are supervised by the single supervisory mechanism (SSM), meaning failing banks can be resolved with minimum recourse to publi

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