The SRM is a necessary complement to the SSM and, together, they represent two sides of the same coin: they aim to facilitate the orderly recovery or resolution of institutions in the event of insolvency. There was also talk of a third pillar in the form of a single deposit guarantee scheme.
4/7  BIS central bankers' speeches  But there are risks to the forecasts in both directions here. On the downside, further bad news on the health front could see additional restrictions on activity and a renewed desire to save.