The Council of the EU has announced that, as a sufficient number of Member States have ratified the intergovernmental agreement on the transfer and mutualisation of contributions to the single resolution fund, the single resolution mechanism (SRM) will enter into force on 1 January 2016 as planned.

The SRM is a key element of the EU banking union along with the single supervisory mechanism (SSM). It will cover all banks within the euro area and other Member States that choose to participate. As the UK has chosen not to participate in the SSM, banks established in the UK will not be subject to the SRM.

View Banking union: Single resolution fund on schedule for 1 January 2016, 30 November 2015