In the Greek case, funds from the Economic Adjustment Programme were earmarked specifically for resolution and recapitalization. As a result, there was never any doubt about our ability to resolve and recapitalize banks.
In this connection it has been agreed that the Single Resolution Fund is to be composed of contributions from banks over an eight-year period, while the pace of mutualisation envisaged is frontloaded. At the same time an enabling clause has been approved by the Council, so that the Fund can seek public bridge financing.