I am pleased to learn from last year’s winners, that participating in the Awards has helped them raise their strategies, goals and ways to improve and achieve a better future. Furthermore it has inspired their respective communities, highlighting the hard work and discipline that is needed in keeping a small business running.
The SSM represents the first pillar of Banking Union. The second pillar consists of the Single Resolution Mechanism (SRM), which came into effect on January 1st. By ensuring that financial institutions can be resolved in an orderly manner, the SRM should significantly reduce the adverse impact of an institution’s failure on the wider financial system and the taxpayer.