Financial Stability – new EU Agency "Single Resolution Board" holds its first Plenary Meeting in Brussels officially establishing second pillar of European Banking Union

Today, the Single Resolution Board (SRB) held its first Plenary Meeting which was attended by the representatives of all National Resolution Authorities of the Eurozone Member States as well as the Observers of the European Commission and the European Central Bank (ECB). The SRB, next to the ECB's Single Supervisory Mechanism (SSM), is the second pillar of the Banking Union and will contribute to re-establishing a fully functioning financial market by implementing credible resolution planning and by removing obstacles to resolution. The SRB will use its powers to resolve failing banks in an orderly fashion at minimum - or ideally no - cost to the real economy and the taxpayers.