The EU hopes the common bank rescue fund would be up and running by January 2016, whereby it would be filled with the EUR 55bn over a period of eight years.

The contributions would be made by banks in the member states, whose final contribution would amount to 1% of their guaranteed deposits, making the final size of the fund dependent on the size of the banking sector.

The Slovenian Finance Ministry added that the exact timetable of contributing to the fund would be set by the European Commission.

The agreement on the fund was signed by 26 EU members on Wednesday, with Sweden and Great Britain deciding to stay out. It will take effect when it is ratified by countries which together represent 90% of the weighted votes in the fund.