AFME welcomes the significant progress represented by Council and Parliament reaching agreement on the Single Resolution Mechanism.
“While important details remain to be finalised, this agreement achieves the essential outstanding element in creating the framework for a strong and integrated Banking Union in Europe,” said Simon Lewis, AFME Chief Executive.
“It ensures that ultimate responsibility for both supervision and resolution are firmly anchored at European level. The SRM will play a vital role in reducing single market fragmentation and supporting crossborder resolution.
“We look forward to seeing further details of the agreement. Only a truly integrated and effective SRM system based on the key principles of the Bank Recovery and Resolution Directive will ensure that the link between sovereigns and banks is effectively broken.”