Glossario

The Single Resolution Mechanism was launched in January 2016 with the main purpose of ensuring an orderly resolution of failing banks with minimal costs to taxpayers and to the real economy. It consists of the national resolution authorities and the Single Resolution Board, the EU-level resolution authority. The Bank of Italy is the Italian national resolution authority. When all other solutions have been exhausted, the Single Resolution Fund, financed by contributions from the banking sector, can be used to cover the costs of resolution actions. The SRM, along with the Single Supervisory Mechanism - SSM, is one of the two pillars of the Banking Union.