9  Given the format of these auctions, no bank could be sure that it would win funds; moreover, the three-day lag between bidding and receipt of funds implied that any particular bank's submission of a bid would not be interpreted as a signal of immediate distress.
As a general rule, the draft RRD requires member states to set up resolution funds, which are to be funded ex-ante by banks. Within ten years they should reach a target level of 0.8% of covered deposits.