Single Resolution Fund
Single Resolution Fund
Resolution funds, which may be used by resolution authorities in certain circumstances, comprise contributions of the credit institutions and investment firms established in Spain (as well as the contributions from branches of the credit institutions of the other member countries of the Banking Union, in the case of the Single Resolution Fund).
In the particular case of the Single Resolution Fund (hereinafter, “SRF”), an objective has been set to collect a minimum amount equivalent to 1% of the credit institutions’ covered deposits, which must be achieved by 31 December 2023 (i.e., by the end of the initial eight-year period as from 1 January 2016)
Pursuant to Regulation (EU) 806/2014, FROB is only authorised to collect contributions comprising this fund and to transfer them. Consequently, the annual contributions to the fund and the ordinary contributions of each entity are set by the SRB.
Within this framework, FROB’s activity primarily focuses on carrying out the steps needed to effectively determine and collect contributions and, specifically:
- Identify the entities required to contribute to the SRF and to the NRF, with the collaboration of national supervisors, Banco de España and CNMV.
- Obtain from entities the data needed to calculate the contributions for each entity.
- Perform an initial assessment of the quality of the data reported by institutions by comparing it with the information reported in previous years and the information collated by the Banco de España, the CNMV and the Deposit Guarantee Fund (DGF).
- Declare and collect the contributions of Spanish credit institutions and investment firms that are subsidiaries of such entities, transferring the contributions to the SRF.
- Act as point of contact for any queries or requests from entities required to make contributions.
- Commission Delegated Regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements.
- Council Implementing Regulation (EU) 2015/81 of 19 December 2014specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex ante contributions to the Single Resolution Fund.
- Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund.