Mr. Aidan Carrigan:

The single resolution mechanism regulation provides for an accountability structure. I do not have the detail of it but as it has been established as an agency within the European Commission, it will be accountable to the Commission. As a European body, it is accountable to the European Parliament and the Council. Provisions in the regulation set out how it will be accountable to the Parliament. There is also a specific provision requiring it to reply to national parliaments where they challenge it or raise questions, and to provide annual reports to national parliaments.