On 6 June the E.U. stated that it is planning to establish a banking union for Europe that would be responsible for managing bank-related crises and bailouts. It is expected that the plan encompasses an EU deposit for all banking institutions in the union, which would have a close concept to the Federal Deposit Insurance Corporation. Further, the banking union would have a mutual authority as well as a mutual fund necessary for bailing out major foreign banks in the banking structure of Europe. On top of that, the banking union would also include a sole supervisor with final decision making authority for the key banks as well as unified set of banking regulations.