If banks sustain losses in the future, private funds will have to be used to absorb these losses in accordance with a clearly defined liability cascade. Only if these funds are insufficient will it be possible to take recourse to the European Single Resolution Fund (SRF), which is financed by the banks themselves. Public finances can only be used as a last resort.
It is now my pleasure to invite our eminent experts to make their presentations and to also encourage the active participation of every one of us in the deliberations. 2  BIS central bankers’ speeches