14/07/2015 (Agence Europe) - Board's decision on procedure to follow for single resolution mechanism. On Tuesday 14 July, the Ecofin Council adopted a decision on the procedure to be followed from 2016 if it is consulted on the resolution of a failing bank initiated by the Single Resolution Board (SRB). Having 24 hours from the time the SRB decides on a resolution scheme, the Council says that it will be able to object, by simple majority, to a resolution scheme or to a material modification of the scheme desired by the Commission (for example, a significant increase in the mobilisation of the Single Resolution Fund) on the basis of documents solely in English. (MB)