On 1 January 2016 the SRM, which implements the Bank Recovery and Resolution Directive in the euro area, became fully operational, along with the powers of the Single Resolution Board ("SRB"). The EU Commission intends that the SRM will provide for the timely and effective resolution of cross-border and domestic banks participating in the banking union where necessary. The SRM is to be funded over a period of 8 years with contributions from the banking industry. It is intended that the SRB will decide whether to place a bank into resolution and will then oversee the resolution of that bank by the National Resolution Authority tasked with executing the resolution scheme.