Although the organisational aspects of the SRA still need to be decided, in order to achieve its objectives, the SRA should be strong, independent and preferably a standalone authority and should collaborate closely with the SSM and the European Commission. Second, the SRA should have adequate funds for resolution financing.
Indeed, for the resolution framework to work well and be credible, the SRA must have access to a privatelyfunded European Resolution Fund. This Fund should be pre-funded by levies from the private sector. This would ensure that the SRA has access to the necessary financing to take resolution action and achieve least-cost solutions, as the Federal Deposit Insurance Corporation (FDIC) does in the US.