The Fund will start from national compartments but it will gradually, in eight years, mutualise to become a truly single European Fund. Underlying the new regime is the Bank Recovery and Resolution Directive (BRRD) which dramatically changes the culture. It ends the era of the bail-out and moves us to the culture of the bail-in. Bail-in will be the rule, bail-out a rare exception.
As from the beginning of 2016, or in some countries even earlier, the BRRD requires bail-in of shareholders and creditors equal to at least 8% of the total liabilities of a bank. In most cases this should be enough.