We, as a supervisory body, decide only whether a bank is viable or not. Then the resolution authority has to decide what to do with the bank: close it, split it up or sell it. The problem is, when we say that the bank is not viable, steps then have to be taken extremely quickly.
And it is certain that it does not work when hundreds of people across Europe have to discuss what needs to be done. SPIEGEL: But is that certain with the decision taken now? Draghi: If urgent action is needed we’ll have a fast-track procedure that gives the Council and the Commission 24 hours to decide on proposals of the Board of the resolution mechanism.