If a bank is to be restructured or resolved, equity investors should be the first port of call, followed by the providers of debt capital, and only then the depositors, taking due account of deposit guarantees in the respective member states. National and European taxpayers should only be called upon as a very last resort.
If public funds are used, the question arises as to how liability is to be apportioned between the European level and the member states. Joint liability of all member states can only exist at EU level for those institutions directly supervised by the SSM. In such a case, it is also appropriate, however.