Clifford Chance, Linklaters, Hogan Lovells and PwC have made it onto a new panel formed by the European Union's (EU) Single Resolution Board (SRB), which is responsible for winding up failing banks.

In the first half of 2016, the SRB tendered for legal advisers for contracts worth an estimated total value of €15m (£12.5m).

The EU's SRB was created at the start of 2016 and was tasked with winding up failed eurozone banks. The board will play a key role in finding resolutions for failing banks that minimise the impact on the wider economy and member states.

The SRB website states: "The role of the SRB is proactive: rather than waiting for resolution cases to handle, the SRB focuses on resolution planning and preparation with a forward-looking mindset to avoid the potential negative impact of a bank failure on the economy and on financial stability.

"The SRB aims to become a centre of expertise in bank resolution."

The two magic circle law firms and Hogan Lovells have been awarded contracts that will last for two years, with the option to renew for up to two further years.

The firms will help advise the SRB on areas that include corporate law, banking law, capital markets, labour law, real estate and intellectual property.