SRB launches consultation on 2021 Single Resolution Fund contributions

The SRB has today launched a streamlined consultation process in relation to the 2021 ex-ante contributions to the Single Resolution Fund (SRF).

In particular, institutions have the opportunity to review the SRB’s preliminary Master Decision for the 2021 ex-ante contributions before its adoption, and are invited to comment on any aspects they consider pertinent to the calculation exercise. Any comments received by the SRB in this context will be carefully considered for the purposes of completing the decision-making process.

The aim of the consultation is:

• to structure the ad hoc, bilateral and institution-specific dialogues ongoing with ex-ante contribution debtors;
• to set a clear timeframe and communication channel for the submission of requests/considerations;
• to facilitate communication with the SRB;
• to further enhance the transparency and robustness of the ex-ante contributions process.
   

More than 3,000 banks and other financial institutions across the 21 Banking Union countries contribute to the SRF each year. The SRF is an emergency fund, being built up over eight years between 2016 and 2023. It is an important tool in the EU’s financial stability toolbox and was created in the wake of the last financial crisis in 2008.

Banks and other financial institutions that contribute to the SRF can give their views on how the Board envisages determining the 2021 ex-ante contributions. Visit this page for more information.

Consultation link

Q&A

What are the banks and other financial institutions being consulted on?
They are being asked to comment on the preliminary findings of the SRB for the 2021 SRF ex-ante contribution cycle.

When are they being asked to comment?
Via this link, from March 5 to 19 2021.

What will happen to these comments?
They will be analysed and integrated in the decision-making process, further to which the SRB will publish a final decision on the contributions for the 2021 cycle.

What is new about this year’s process?
The consultation this year aims to be more streamlined and transparent. Banks can review the preliminary Master Decision and submit any comment via an online survey tool.

Has the calculation method changed for 2021?
No. The calculation method has not changed.

How many banks and other financial institutions pay into the SRF?
Upwards of 3,000 institutions operating in the Banking Union pay into the SRF.