Mr. Mario Nava:

It is interesting that when we speak about the single resolution mechanism, everyone focuses their attention on the single resolution fund. The fund is unique and a first in European legislation and is deserving of attention but if one looks at the directive, one sees that this comes at the end. What comes before are resolution plans and especially important, the possibility of using private sources - bail-ins - in order to make sure that eventual losses are contained within stakeholders and do not spill over to taxpayers. The single resolution fund will be constructed over eight years. Final agreement on that was reached a little less than a year ago in the European Council and Parliament. It will be constructed over eight years and by the eighth year, it will be at its maximum level. It is being progressively constructed. I must stress the point, which is well known, that the single resolution fund is made up of private contributions from the banks and is not made up, in any way, shape or form, of public money.