SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion
SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion. The Fund is designed to reduce costs for taxpayers when banks fail, by having a pot of money available. The target size of the Single Resolution Fund is intended to be at least 1% of covered deposits, or about EUR 60 billion (as expected), by the end of 2023.
The Single Resolution Fund pools contributions raised on an annual basis at the national level from credit institutions and certain investment firms within the 19 participating member states that make up the Banking Union. These contributions are calculated according to Regulation (EU) 2015/81 and are collected via the national resolution authorities. The Single Resolution Fund is being built-up over a period of eight years (2016-2023). The Fund was established by Regulation (EU) No 806/2014 (Single Resolution Mechanism, or SRM, Regulation). Where necessary, the Single Resolution Fund may be used to ensure the efficient application of resolution tools and the exercise of the resolution powers conferred to SRB by the SRM Regulation. The Single Resolution Fund ensures that the financial industry, as a whole, finances the stabilization of the financial system.
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Keywords: Europe, EU, Banking, Single Resolution Fund, Regulation 2015/81, Regulation 806/2014, SRM Regulation, Banking Union, SRB
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