The Council has confirmed that the single resolution mechanism (SRM) will enter into force on 1 January 2016 as planned. It says enough Member States have ratified the intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a single resolution fund (SRF). This is the second pillar of Europe’s banking union. 17 Member States ratified the IGA by the deadline. The Commission welcomed the ratification. (Source: Council Confirms SRM for 1 January 2016)