Eurozone's Single Resolution Fund may face month delay

A new eurozone fund for troubled banks may face a one-month delay and not go live in January, a prospect that would be a major embarrassment for a critical element of banking union, its chair said in Dublin yesterday.

The eurozone’s Single Resolution Fund will only become operational on January 1 if participating member states representing not less than 90% of the aggregate of weighted votes ratify the agreement underpinning it by Monday.

“All of you know how Brussels works, how member states work, there’s always big trouble until the end,” said fund chairwoman Elke Koenig.