Sweden and the UK said no, but the other 26 members of the European Union today signed the intergovernmental agreement on the transfer and progressive mutualisation of contributions to the Single resolution fund for banks. It is a tool that will serve to manage the bankruptcies of credit institutions in an orderly manner.
The agreement completes the rules of the banking union and the single resolution mechanism. The Single Fund will be established over eight years to reach at least 1% of the amount of guaranteed deposits of all authorized banks in the Member States. The means available will reach 55 billion.
