EC: Statement on Banking Union and bridge financing arrangements for the Single Resolution Fund

The statement welcomes the forthcoming entry into force of the intergovernmental agreement on the transfer and mutualisation of contributions to the SRF which will allow it to be fully operational on 1 January 2016. Once the SRF enters into force and when participating Member States have ratified the agreement and fully transposed the BRRD, Member States will consider the establishment of the bridge financing arrangements and the way forward and timing regarding the work on the common backstop.