Brussels, 30/11/2015 (Agence Europe) - On Monday 30 November, the European institutions welcomed the fact that the ratification threshold required for the entry into force of the inter-governmental treaty instituting the Single Resolution Fund (SRF), the financial arm of banking union in the eurozone, has been reached.
The fact that a sufficient number of countries has ratified the IGA treaty is “good news” and means that the SRF fund will be in place from 1 January 2016, announced the Commissioner for Financial Services, Jonathan Hill. Stressing the pressure put on by the EU to complete this process within the given deadline, he said that a process of this kind “could be improved” (see EUROPE 11440), but did not specify how.
In a press release, Elke König, the president of the ESRB board which will be responsible for managing the SRF fund, welcomed the fact that the ESRB board will be able to “take over its full responsibilities as of January 2016”.
The Ecofin Council is called upon to reach a political agreement, on Tuesday 8 December, on the details of the bridge financing which will allow the SRF fund to have an intervention capacity of €55 billion from January 2016. (Original version in French by Mathieu Bion)