In line with the commitment made in December 2013, the Member States participating in the banking union agree to set up a system of bridging finance agreements to ensure adequate financing of the SRF during the transition period. From 2016, each participating Member State will enter into a harmonised loan agreement with the Single Resolution Committee (SRB) that will provide the SRB with a national individual line of credit in support of its national part of the SRF in the event of a possible default on financing following a failure of the banks of the Member State concerned. Through this agreement, participating Member States will ensure a credible launch of the SRF from the beginning of 2016. In accordance with the December 2013 agreement, a common SRF backstop will also be developed during the transition period and will be fully operational by the end of the transition period, when SRF resources are fully mutated. Progress will be reviewed shortly after the SRF enters into force. The single guarantee will be fiscally neutral in the medium term and will guarantee equivalent treatment in all participating Member States and will not entail any cost for Member States that do not participate in the banking union. “From 2016, each participating Member State will enter into a harmonised loan agreement with the Single Resolution Committee (SRB) that will provide the SRB with an individual national line of credit to support its national part in the SRF in the event of a possible failure to finance following resolution incidents by the banks of the Member State concerned” they said. “Ecofin ministers reaffirm the importance of deepening the banking union within the framework of a well-functioning economic and monetary union. Following the successful implementation of the MSU, we welcome the imminent entry into force of the Intergovernmental Agreement on the Transfer and Communitisation of Contributions to the SRF (PRI), which will allow the Single Resolution Fund to be fully operational on 1 January 2016. The SRF can also borrow money for the security of future bank contributions, and this option must also be used before using national credit lines. The SRF ensures that the financial industry as a whole stabilizes the financial system. “The loan agreements guarantee the agreement on the financing of public bridges concluded by the Member States in 2013, in order to make the single resolution fund fully operational during the implementation phase of the resolution.