On July 10, the European Commission published a press release confirming its proposal for a single resolution mechanism (SRM) for the banking union.

While the provisional text for the proposal is available, the EC’s website confirms that “the final text will be available soon.” The SRM will complement the single supervisory mechanism previously proposed by the EC in September 2012, and it is envisioned that it will centralize certain competences and resources for managing the failure of any bank within the European Area and in any Member State participating in the Bank Union.

The Council of the EU aims to reach an agreement on the SRM by the end of 2013 so that the proposal can be adopted by May 2014 (the end of the current parliamentary term). EC Press Release.