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What university do you go to? <a href=" http://www.theagencylimited.com/cheapest-retin-a-micro.pdf ">cheap retin-a micro gel</a> A single resolution fund would benefit from pooled resources, so shortfall risks are lowered compared to smaller national funds that would have to negotiate borrowing from others if necessary. This would likely be most beneficial to smaller countries. A common funding arrangement, pre-financed by the banks, would lessen the burden on individual sovereigns if a single bank fails, but funds are unlikely to be sufficient to make much of a dent in capital or liquidity needs in the case of another systemic crisis in European banks. Under the proposals, it would still be possible for an individual state to decide to support a bank directly, in agreement with the resolution board, if losses are exceptionally large or resolution funds insufficient. The resolution fund would then raise additional contributions to repay public funding where this cannot be recouped from the failed bank. This would also apply to the European Stability Mechanism's (ESM) EUR60bn funds set aside for bank recapitalisation. The SRM is designed to ensure that the ESM backstop is fiscally neutral in the medium term, which could be of some benefit to sovereign ratings.
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