The Eurogroup proposed on 27 June 2013 that after 2018, bank shareholders would be first in line to assume the losses of a failed bank before bondholders and certain large depositors. Insured deposits under £85,000 (€100,000) would be exempt and, with specific exemptions, uninsured deposits of individuals and small companies would be given preferred status in the bail-in pecking order for taking losses. That agreement formalised the practice seen earlier in Cyprus. Under the proposal, all unsecured bondholders would be hit for losses before a bank was allowed to receive capital injections directly from the European Stability Mechanism. A tool known as the Single Resolution Mechanism, which was agreed by Eurogroup members on 20 March 2014, was part of an EU effort to prevent future financial crises by pooling responsibility for eurozone banks, known as a banking union. In a first step, the European Central Bank will fully assume supervision of the 18-nation currency bloc's lenders in November 2014. The deal needed formal approval by the European Parliament and by national governments. The resolution fund would be paid for by the banks themselves and will gradually merge national resolution funds into a common European one until it hits the €55 billion target of funding. See the EC FAQ on the SRM. The legislative item was split into three initiatives by Internal Market and Services Commissioner Michel Barnier: BRRD, DGS and SRM.