The Single Resolution Mechanism would have a Single Resolution Authority at its centre that would govern the resolution namely of significant banks, coordinate the application of resolution tools and reflect an organisational set-up similar to the SSM. It should have a comprehensive set of enforceable tools, powers and authority to resolve all banks in the SSM.
In order for the Single Resolution Mechanism to be perceived as credible, it should have sufficient funding. Let me be very clear I am not talking about bailing-out banks with public money.