Niccolò Cirillo and Francesco Pennesi are Policy Experts at the Single Resolution Board. At the time of writing, Sebastiano Laviola was SRB Board Member responsible for Resolution Strategy and Cooperation. This paper describes research being undertaken by the authors on certain technical aspects. It should not be reported as representing the views of the SRB. The views and opinions expressed in this paper are those of the authors and do not necessarily reflect the position of the SRB. The SRB cannot be held liable for the content of this paper and this paper does not represent a statement of official SRB policy, methodology or position on matters addressed therein, nor can this paper be understood as anticipating or pre-empting same. The authors would like to thank Enrique Ezquerra, Giacomo Massa, Antonio Spissu, Jordan Thursby, Miguel Carcano Saenz de Cenzano (all SRB) and Ana Rita Garcia (former SRB), for their meaningful input and comments
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