Common Contracts
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LOAN FACILITY AGREEMENT between THE REPUBLIC OF LATVIA as Lender and THE SINGLE RESOLUTION BOARD as BorrowerAgreement • December 22nd, 2015 • Luxembourg
On 18 December 2013, in the context of the discussions on the creation of the Single Resolution Mechanism ("SRM"), the Eurogroup and the ECOFIN Ministers adopted a statement on the financing of the Borrower (the "Statement"), according to which, in order to ensure sufficient funding in situations when the Single Resolution Fund (the "SRF") is not sufficiently funded by the banking sector, especially in the transition period but also in the steady state, Member States participating in the SRM shall put in place a system by which bridge financing would be available as a last resort and in full compliance with State aid rules. In the transition period, bridge financing should be available either from national sources, backed by bank levies, or from the ESM in line with agreed procedures. The arrangements for the transition period should be operational by the time the SRF is established, including the setting up of possibilities for lending between national compartments. The Statement furt
