Resolve and thou art free

The Regulation to establish the Single Resolution Meachanism (SRM) and the Single Resolution Fund (SRF) has been published in the OJ today. Regulation (EU) No 806/2014 enters into force on the twentieth day following publication- 19 August 2014. Excepting certain derogations, the majority of the Regulation’s 99 Articles will apply from 1 January 2016.

When even cheerleader-in-chief Michel Barnier refers to a piece of EU legislation with less than fulsome praise, “The Single Resolution Mechanism might not be a perfect construction..”, we are unlikely to have to hunt far in search of flaws. Late to arrive, torturously slow to implement, riven by compromise and political infighting- in all, a resolution regulation wholly lacking in resolve. Nevertheless, the third and final “pillar” of EU Banking Union is officially cemented in place as of today.