AFME welcomes today’s Euro Summit agreement to provide a backstop to the existing Single Resolution Fund Oliver Moullin, Head of Recovery & Resolution, said:

“Today’s agreement to provide a backstop to the SRF by 2024 at the latest is a further step to reinforce the credibility of the Single Resolution Mechanism. Nevertheless, the governance arrangements need to be clear, effective and efficient enough to ensure the backstop can be reliably operationalised if needed. Alongside the SRF, it is important to make progress on the provision of liquidity in resolution and reducing fragmentation within the Banking Union.”