The Single Resolution Board (SRB) has raised close to EUR 66 billion in contributions to the Single Resolution Fund
- The Single Resolution Board has raised EUR 13.7 billion in contributions to the Single Resolution Fund corresponding to 2022. The SRF has accumulated a total of around EUR 66 billion through contributions from 2,900 banks and investment firms, collected through National Resolution Authorities.
- The 92 Spanish contributing institutions made contributions in 2022 for a total of EUR 1,133 million. Adding together the contributions for 2015 to 2022, the Spanish institutions included under the scope of the SRF have contributed a total of EUR 6.49 billion.
The Single Resolution Fund, whose funds would be used for the resolution of financial institutions in certain circumstances, will grow over a transitional period of eight years (20162023) and must reach at least 1% of the covered deposits of the Member States that make up the Single Resolution Mechanism by the end of 2023. The 1% of covered deposits is expected to reach around EUR 80 billion by the end of 2023.
During this transitional period, the contributions from the institutions of each country are assigned to different compartments corresponding to each Member State (national compartments). The use of these compartments is subject to progressive mutualisation between all participating Member States. They will therefore cease to exist at the end of this transitional period.
In order to achieve the aforementioned target, institutions must make ex ante contributions annually to the Single Resolution Fund. These contributions are calculated on the general basis of the institutions’ liabilities, excluding own funds and covered deposits. The amount will then be adjusted in accordance with the risk profile of each institution. In order to calculate the ex ante contributions, the Single Resolution Board applies the methodology set out in Commission Delegated Regulation (EU) 2015/63 and Council Implementing Regulation (EU) 2015/81.
In the case of Spain, the 92 contributing institutions made contributions in 2022 totalling EUR 1,133 million, compared with EUR 982 million in 2021.
It is also important to remember the existence of the Spanish National Resolution Fund. The 28 investment firms and 6 branches in Spain of institutions established outside the European Union that are not included under the scope of the Single Resolution Mechanism (mainly applicable to credit institutions) contribute to this Fund. The total amount collected by said fund stands at approximately EUR 12,7 million after collecting 2,9 million in 2021.