As the national resolution authority in Germany, BaFin announced that German institutions have contributed the bank levy worth EUR 2.23 billion to the Single Resolution Fund. By the end of 2023, the Single Resolution Fund is expected to reach its target volume of 1% of covered deposits of the banks in the member states, in accordance with the statutory requirements.
In Germany, nearly 1, 411 institutions are subject to these contributions, with EUR 1.34 billion of contributions by large and regional banks, EUR 392 million by state banks and top institutions in the savings and cooperative sector, EUR 145 million by institutions such as mortgage banks and financial service providers, EUR 217 million by savings banks, and EUR 133 million by cooperative banks. In addition, BaFin also raised about EUR 16.6 million from 66 EU branches, subject to contributions from third-country institutions and CRR investment firms under its supervision. BaFin manages these funds nationally. In total, the member states have raised nearly EUR 9 billion from 3,066 institutions subject to contributions through the 2020 bank levy for the Single Resolution Fund.
Related Link (in German): Press Release
Keywords: Europe, EU, Germany, Banking, Single Resolution Fund, Resolution Framework, CRR Investment Firms, SRB, BaFin
The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.
The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).
The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.
The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.
The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.
The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.
The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).