Brussels, 04/01/2016 (Agence Europe) - The second pillar of Banking Union, the Single Resolution Mechanism ('SRM'), became fully operational on 1 January 2016. It brings in rules introducing the 'bail-in', whereby the shareholders and creditors of a bank will be called upon first of all in the event of bank failure (the 'BRRD' directive).
“The Banking Union already has the tools it needs to supervise the banks within the euro area”, said the European Commissioner for Financial Services,...