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
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
