SRB published a statement on judgments of the General Court of EU, annulling the decisions of SRB on the 2016 ex-ante contributions of Banco Cooperativo Español, Portigon, and Hypo Vorarlberg Bank to the Single Resolution Fund or SRF. In the judgments, the Court identified certain flaws related to procedural elements of the decision-making process in 2016, when SRB was in its start-up phase. It made no comment on the calculation methodology, nor on the validity of the legal framework for calculating the ex-ante contributions. SRB will carefully assess the content of the judgments to determine the next steps, which will be taken in cooperation with the relevant national resolution authorities. The banks remain under the obligation to pay ex-ante contributions for 2016.
The judgments only relate to the ex-ante contributions of the three institutions for 2016. The contributions of these entities represent a very small percentage of the overall ex-ante contributions collected from more than 3,700 institutions in 2016. There will be no impact on the build-up of the Single Resolution Fund. Contributions to the Single Resolution Fund are raised annually from institutions in scope in each of the 19 Banking Union member states. SRB cooperates with national resolution authorities to ensure the raising of all the contributions due by the institutions under its remit. SRB is responsible for the calculation of ex-ante contributions while the national resolution authorities are responsible for the collection of contributions and the transfer to the Single Resolution Fund.
Related Link: Press Release
Keywords: Europe, EU, Banking, Single Resolution Fund, Ex-Ante Contributions, Banco Cooperativo Espanol, Portigon, Hypo Voralberg Bank, National Resolution Authorities, SRB
Previous ArticleRBI Announces Opening of First Cohort under Regulatory Sandbox
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.
The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.