SRB Consults on Single Resolution Fund Contributions for 2021
SRB launched a consultation in relation to the 2021 ex-ante contributions to the Single Resolution Fund (SRF). With this consultation, institutions have the opportunity to review the preliminary Master Decision of SRB for the 2021 ex-ante contributions before its adoption and are invited to comment on any aspect they consider pertinent to the calculation exercise. The consultation process will end on March 19, 2021. The responses to the consultation will be analyzed and integrated in the decision-making process, further to which SRB will publish a final decision on the contributions for the 2021 cycle.
SRB considers that the consultation will allow it to better structure its dialog with the institutions in scope and facilitate the decision-making process. The aim of the consultation is to:
- Structure the ad hoc, bilateral, and institution-specific dialogs ongoing with ex-ante contribution debtors
- Set a clear timeframe and communication channel for the submission of requests or considerations
- Facilitate communication with SRB
- Further enhance the transparency and robustness of the ex-ante contributions process
SRF is an emergency fund that is being built up over eight years between 2016 and 2023. It is an important tool in the financial stability toolbox of EU 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 SRB envisages determining the 2021 ex-ante contributions. More than 3,000 banks and other financial institutions across the 21 Banking Union countries contribute to SRF each year.
Related Links
Comment Due Date: March 19, 2021
Keywords: Europe, EU, Banking, Single Resolution Fund, SRF, Banking Union, Resolution Framework, SRB
Previous Article
FCA Proposes Updates to Guidance on Mortgage RepossessionsRelated Articles
BoE Seeks Information Before Migrating Statistical Reporting to BEEDS
The Bank of England (BoE) published the Statistical Notice 2021/09 requiring additional information from firms and software vendors to assist in the onboarding and testing phases for migrating statistical reporting to the BEEDS portal.
FCA Publishes Final Rules on Investment Firms Prudential Regime
The Financial Conduct Authority (FCA) published the final rules on the Investment Firms Prudential Regime (IFPR) to streamline and simplify the prudential requirements for solo-regulated UK firms authorized under the Markets in Financial Instruments Directive (MiFID).
CFRF Publishes Guides to Manage Financial Risks from Climate Change
The working groups of the Climate Financial Risk Forum (CFRF) published a second round of guides (or Session 2 guides), written by the industry for the industry, to help financial firms manage climate-related financial risks.
PRA Finalizes Policy for Non-Performing Exposure Securitizations
The Prudential Regulation Authority (PRA) published the final Policy Statement PS24/21 that contains the new Non-Performing Exposures Securitization Part of the PRA Rulebook and an updated Supervisory Statement SS10/18 on the general requirements and capital framework with respect to securitizations.
EBA Updates Filing Rules for Supervisory Reporting
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
ECB Amends Guideline on Procedures for Collection of AnaCredit Data
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
ECB Amends Guideline on Procedures for Collection of AnaCredit Data
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
EBA Publishes Standards on Disclosure of Investment Policy Under IFR
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
EU to Explore Potential of Establishing a Joint Cyber Unit
The European Council adopted conclusions inviting the European Union (EU) and the member states to further develop the cybersecurity crisis management framework.
EC Sets Out Work Program for 2022
The European Commission (EC) adopted the work program for 2022.
