BaFin Announces Contribution of German Firms to Single Resolution Fund
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
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