Signature of the Intergovernmental Agreement on the Single Resolution Fund

more+
less-
more+
less-

On May 21, the Council of the EU published the agreement on the transfer and mutualisation of contributions to the single resolution fund (SRF) (also referred to as the intergovernmental agreement (IGA)).

The Single Resolution Mechanism (SRM) implements the Bank Recovery and Resolution directive in the eurozone and any other participating Member State in the Banking Union. Under the IGA, the SRF will be built up over eight years, reaching a target level of at least one percent of the amount of covered deposits of all credit institutions authorized in all participating Member States. AgreementPress Release.

 

Topics:  Banks, EU, Eurozone, Intergovernmental Agreements

Published In: Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick - Structured Finance Group | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »