Mr. Mario Nava:

It is important to understand how the Single Supervision Mechanism, SSM, and the Single Resolution Mechanism, SRM, work. They dramatically reduce the probability that a country will be obliged to use public money. For example, the first articles of the SRM, which few people pay attention to, speak about resolution plans. The first articles try to de-dramatise the famous weekend of resolution and to make sure that at the moment of resolution, which will be a difficult moment, the resolution authorities, who have to intervene, know exactly what to do because they have planned what to do in advance. Those plans differ from one bank to another. That is the resolution plan. There is another point in the Bank Recovery and Resolution Directive that I quoted - the ability to contain losses.