On May 21, the Council of the EU published the agreement on the transfer and mutualisation of contributions to the single resolution fund (SRF) (also referred to as the intergovernmental agreement (IGA)).  

The Single Resolution Mechanism (SRM) implements the Bank Recovery and Resolution directive in the eurozone and any other participating Member State in the Banking Union. Under the IGA, the SRF will be built up over eight years, reaching a target level of at least one percent of the amount of covered deposits of all credit institutions authorized in all participating Member States.  Agreement.  Press Release.