body (EU agency) acting as the European Resolution Authority for the Banking Union and which will work in close cooperation with the national resolution authorities of participating Member States carrying out specific tasks to prepare for and execute the resolution of a bank that is failing or likely to fail and controlling the Single Resolution Fund set up to ensure that medium-term funding support is available while a credit institution is being restructured
For participating Member States, in the context of the Single Resolution Mechanism (SRM), a centralised power of resolution is established and entrusted to the Single Resolution Board established in accordance with this Regulation (‘the Board’) and to the national resolution authorities.
The Single Resolution Board has been created to respond to the Euro area crisis and establishes one of the pillars of the Banking Union. By avoiding bail-outs and worst-case scenarios, the SRB will put the banking sector on a sounder footing ...
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