The Council of the EU has published a press release announcing that it has agreed a general approach on the single resolution mechanism (SRM).

The press release explains that the Council has agreed a general approach on the proposed single resolution board and a single resolution fund (SRF) for the resolution of banks. The compromise reached within the Council consists of a draft Regulation establishing an SRM for the European banking union, and a decision by euro area Member States committing them to negotiate, by 1 March 2014, an intergovernmental agreement on the functioning of the SRF.

View Council agrees general approach on Single Resolution Mechanism, 18 December 2013

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