Mr. Aidan Carrigan:

The single resolution mechanism, SRM, involves a single resolution board, SRB, which will be an authority. Essentially, it will be equivalent to the Central Bank or whatever else at a European level. The SRM will be the European supervisory mechanism and the SRB will be an organisation under the aegis of the European Commission which will be fully staffed to deal with the central single resolution function. It will work with national authorities on day-to-day resolution issues.