•  A prerequisite of the Single Resolution Mechanism is the Bank Recovery and Resolution Directive (BRRD), which provides for a complete framework for the crisis management of banks in the EU and lays out specific measures for bank recovery and resolution.
•  The third pillar of the Banking Union is the EU harmonized framework for the European deposit guarantee schemes, which includes certain provisions to ensure the establishment of sufficiently robust national deposit insurance systems in each Member State, and an appropriate degree of depositor protection in the European Union.