The transformation of subsidiaries into branches has emerged as an answer to this debate – however that implies, at least, that: national resolution authorities are involved in the definition of resolution plans and actions when local undertakings are of systemic relevance to the concerned Member State; and domestic supervisors should have the capacity to react to strategic decisions affecting branches as they would, had it been a standalone entity, so that the SSM, SRM and national authorities are accountable to the Member States.
1/3  BIS central bankers' speeches  2. Resolution/winding-down of medium-sized banks The sustainability of business models of medium-sized institutions predominantly financed by capital and deposits is currently endangered, with insufficient instruments available to safeguard financial stability in case of failure.