The SRM and the Banking Union Contenido de la páginaThe SRM and the Banking UnionThe Banking Union was set up in 2012 in response to the financial crisis and is made up of three key pillars:the Single Supervisory Mechanism (SSM), a banking supervision system made up of the European Central Bank and by the competent supervisory authorities of its Member States.the Single Resolution Mechanism (SRM), tasked with the resolution of banks in difficulties in an orderly fashion, minimising costs for taxpayers and for the real economy.a European Deposit Insurance Scheme (EDIS), still at the negotiating stage. The SRM is a centralised resolution system made up of the national resolution authorities and a single authority - the Single Resolution Board (SRB) - the European agency to which many of the powers of the Member States in matters of resolution were transferred. These authorities are joined by the European Central Bank (ECB), the European Commission and the Council in the terms established in the SRM Regulation. Similarly, the SRM has a Single Resolution Fund (SRF) that is raised and managed by the SRB with contributions from all the entities of the Banking Union to be used in the case of resolution. More information Video: What is the Single Resolution Mechanism?