On 14 July 2014, the Council of the EU announced that it had adopted the Single Resolution Mechanism (“SRM”) Regulation. The SRM, which is part of the  Single Supervisory Mechanism, provides for the orderly resolution of Eurozone banks under the BRRD. The SRM Regulation must still be finalized and will only come into force when it has been published in the Official Journal of the European Union.

The press release is available at:

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/14392 5.pdf.