On Thursday 14 September, the European Commission adopted new rules on the financing of the administrative expenditure of the Single Resolution Board (SRB), the EU agency responsible for the resolution of failing Eurozone banks.
The SRB has its own budget, which is separate from the general EU budget and fed into by annual contributions from the banks to cover its administrative costs. Since its creation in 2014, the SRB has received only advance payments from major banks, in line with the...