This is an attempt to make a truly pan-European proposal, coming from Budapest. Most large European banks, including large Irish bank, operate in Europe, so we need a European Financial Supervisory Agency to effectively supervise them. Banks with subsidiaries or branches in other EU countries or outside the EU would need a European banking pass and would automatically come under the EFSA. This would make their supervision more effective. Banks with a European banking pass would participate in a European deposit insurance (EDI) scheme, and the EFSA could draw on a European Financial Rescue Fund (EFRF) if a rescue operation is needed. The EDI would be financed by contributions and the EFRF by national budgets according to the shares of their banks participating. EFSA would be a European Agency, with its own staff and budget covered by the EU budget. That is, finally, we would have a proper European institution to supervise European banks, like in the US. It works there, it would work here. Simple and cost efficient, so vote for it.