08/02/2017 (Agence Europe) – On Wednesday 8 February, the Single Resolution Board (SIB) announced the finalisation of the work to ensure that the Single Resolution Fund (SRF). The financial arm of banking union in the Eurozone, has more than €50 billion for the entire duration of its build-up period, which will take until the end of 2023. The European agency is responsible for organising the resolution of a defaulting major bank in the Eurozone. The 19 countries of the Eurozone have now signed agreements to create national credit lines aiming to guarantee the national compartments of the SRF fund. If these credit lines should be mobilised, the national public money will ultimately be paid back out of ex-post contributions from the banking industry. At the end of 2015, the Ecofin Council agreed on the terms and conditions of the bridge financing of the SRF fund (see EUROPE 11448). (MB)