This is completed and supported by the work of another macro-stability authority, the European Systemic Risk Board (ESRB). While the ESRB doesn’t have as directly impacting tools, it covers all EU member states and the whole financial system rather than only the banking sector. Bank resolution The Single Resolution Mechanism (SRM) begins its operations as of 1 January 2015.
The SRM creates a single authority alike the SSM. It consists consisting of the Single Resolution Board and the national resolution authorities. The SRM is responsible for swift and orderly resolution of banks in the euro area and participating member states. The SRM includes also the Single Resolution Fund at the Banking Union level.