The BRRD provides a toolkit for resolving banks, such as the bailing in of unsecured liabilities in lieu of the bailing out of the banks by taxpayers. The Central Bank has been designated as the National Resolution Authority and is already working with the banks to develop resolution plans in line with the BRRD requirements.
For larger Eurozone banks, including our own, resolution decisions will be made from January next year by the Single Resolution Board in Brussels. It will avail of the new prefunded resolution funds in the Eurozone, which are to be gradually mutualised. Let me now turn to the transformation of the supervision of Eurozone banks from 2014.