The Single Resolution Board (SRB) will collect 77.6 billion in contributions to the Single Resolution Fund
- The Single Resolution Board has collected approximately EUR 11.3 billion in contributions to the Single Resolution Fund (SRF) corresponding to 2023. In total, the SRF will collect some EUR 77.6 billion through the contributions from 2,777 banks and investment firms, collected by means of the National Resolution Authorities.
- The 91 Spanish contributor entities have made total contributions in 2023 of EUR 1.01 billion. The total amount of contributions collected from Spanish entities included within the scope of the SRF from 2015 to 2023 is EUR 7.5 billion.
The Single Resolution Fund, the funds of which are allocated to the resolution of financial institutions in certain circumstances, have increased during the transitional period of eight years (2016-2023), with the aim of achieving at least 1% of the covered deposits of the Member States that make up the Single Resolution Mechanism (SRM) at the end of 2023.
In order to achieve this target, these institutions are under an obligation to make annual ex ante contributions to the Single Resolution Fund. These contributions are calculated on the general basis of the institutions’ liabilities, excluding treasury shares and covered deposits. This general basis is then adjusted according to the risk profile of each institution. In order to calculate the ex ante contributions, the Single Resolution Board applies the methodology established in Commission Delegated Regulation (EU) 2015/63 and Council Implementing Regulation (EU) 2015/81.
It is estimated that 1% of covered deposits at the end of this year will amount to a figure of close to EUR 77.6 billion, a target that is expected to be reached after collecting this year’s contributions. As from 1 January 2024, annual contributions will only be collected from institutions if the SRF’s available financial resources fall below this level.
In the case of Spain, the 91 contributor institutions have made contributions in 2023 for a total amount of EUR 1.01 billion, compared with EUR 1.13 billion in 2022. The total amount of contributions collected from Spanish entities included within the scope of the SRF from 2015 to 2023 is EUR 7.5 billion (approximately 9.7% of the total).
The existence, at a Spanish level, of the National Resolution Fund, should also be recalled, which 28 investment firms and six branches in Spain of institutions established outside of the European Union contribute to (not included within the scope of the Single Resolution Mechanism, basically applicable to credit institutions and certain investment firms that belong to banking groups). The total amount of contributions collected to this fund stands at approximately EUR 16.3 million, after collecting EUR 3.4 million in 2023.