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.
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Comment Due Date: March 19, 2021
Keywords: Europe, EU, Banking, Single Resolution Fund, SRF, Banking Union, Resolution Framework, SRB
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