The Committee on Economic and Monetary Affairs' (ECON) rapporteur has finished her draft report on the Regulation creating an SRM for credit institutions based in Member States participating in the Banking Union. The draft report calls for the triggering of the resolution fund before the bail-in reaches deposits. While it is being built up, the resolution fund should be backstopped with an EU public loan facility. Regarding allocation of responsibilities, the draft report wants the decision to resolve a credit institution to be preceded by a communication from the European Central Bank (ECB) and a recommendation from the Resolution Board. (Source: ECON SRM Draft Report)