BIS central bankers’ speeches  3  The third reason is that the Single Resolution Authority is an essential complement to the Single Supervisory Mechanism. The Single Supervisory Mechanism will provide a timely and unbiased assessment of the need for resolution, while the Single Resolution Authority will ensure prompt and efficient action once the trigger is reached. This will avoid misaligned incentives that could arise with supervision moved to the European level while resolution responsibility remained national. The fourth reason is that a Single Resolution Authority would help to break the vicious banksovereign nexus. The Single Resolution Authority naturally needs to be strong and effective to deliver what is needed. This requires three features to be fulfilled: First, the Single Resolution Authority needs to dispose of a robust resolution framework, one that provides it with enforceable resolution tools and powers. In this respect, the proposed bank recovery and resolution directive is key. Adoption of the directive, ideally by June, is an urgently needed step towards a strong European resolution framework. Second, the Single Resolution Authority needs access to resolution financing. It should therefore have a European Resolution Fund at its disposal, which should be financed by the private sector via risk-based ex ante levies. The European Resolution Fund should be backed by a public backstop mechanism, the support of which would need to be recouped via special ex post levies on the private sector. This means that it would be fiscally neutral over the medium term.
It was compiled using your perspective as a school student, as an elder of the village, as a hard working stay at home mother and as a danceloving-father when he gets his paycheck without his wife knowing; or to put simply, as an everyday Samoan citizen. MoneyPACIFIC has produced the Guide and made it easy to understand, and made it accessible to everyone so that you can plan, measure, prioritise or just to be aware of how  BIS central bankers’ speeches  1  much you are spending for everyday necessities. Again the intension is not to dictate how much your wallet is crying but to ensure that your wallet is happy to deliver a well sought out purpose for you and your families. To round up my remarks, I would like to take this opportunity to thank the New Zealand and Australian Governments for the support afforded to the MoneyPACIFIC iniative as we have benefitted greatly from the work it carries out for the Pacific communities. I would like to thank each and every one of you for making the time to attend today’s MoneyPACIFIC Money Guide launch.