Indeed, a SSM without an SRM will not set the right incentives for national authorities. If they have to pick up the tab when the banks need to be resolved, we cannot expect them to fully cooperate within the SSM. So, we need to put in place a strong SRM. We support the main tenets of the Commission’s proposal on the SRM.
In particular, having a single system with a single Fund is of the essence. 2  BIS central bankers’ speeches  Experience in recent years has in fact shown that any form of coordination of national resolution authorities and national funds was beyond reach.