Launching the 2024 contributions cycle
The Single Resolution Board (the “SRB”) announces the start of the 2024 data collection exercise for the institutions in scope of Article 67(4) of Regulation (EU) 806/2014 (the “concerned institutions”).
Potentially, this data would be relied upon to calculate the concerned institutions’ contributions under Articles 69(3) and (4) and/or 71 of Regulation (EU) 806/2014 for the 2024 contribution period, in case the conditions for collection materialise.
The SRB has provided the 2024 Data Reporting Form (the “DRF”) and the related documents (the “data collection package”) to the National Resolution Authorities (the “NRAs”), which in turn will distribute the data collection package to the concerned institutions under their remit. The NRAs are responsible for collecting the completed DRFs from the concerned institutions and for providing them to the SRB.
Targel level verification and possible collection in the aftermath of the Initial Period
The initial period referred to in Article 69(1) of Regulation (EU) 806/2014 (the “Initial Period”) is expected to end on 31 December 2023.
After the end of the Initial Period, the SRB will verify on an annual basis whether the available financial means in the Single Resolution Fund (the “SRF”) have diminished below the target level, equal to at least 1% of the total amount of covered deposits held, in the relevant contribution period, by the concerned institutions in all of the participating Member States.
In each contribution period, should the available financial means in the SRF diminish below the target level or not be sufficient to cover the losses, costs or other expenses incurred by the use of the SRF in resolution actions, the Board will assess whether contributions to the SRF have to be calculated and raised.
Consequently, the SRB needs to ensure preparedness for a possible collection, irrespective of whether a collection would ultimately take place or not. In particular, the SRB has to take the same preparatory steps that it has taken during the Initial Period, to ensure that, if necessary, it will be in a position to calculate and raise contributions to the SRF in the 2024 contribution period, in compliance with the applicable legal framework.
For an overview of the key steps and the preliminary timeline of the 2024 contributions cycle, you can consult the 2024 cycle Kick-off letter
Data format accepted by the SRB
In the 2024 contributions cycle, the data of concerned institutions shall be submitted to the SRB exclusively in XBRL-XML (eXtensible Business Reporting Language) format.
SRF Taxonomy
In order to facilitate the choice of the XBRL format and in line with the common practice for XBRL-based data collections, the SRB provides the following material:
- The SRF taxonomy package for the 2024 data collection
- The SRF taxonomy complete package (2016-2024) data collection
- The SRB XBRL filing rules for the 2024 cycle
- The SRB validation rules in a user-friendly format
- The data privacy statement of the 2024 SRF reporting form
- SRF XBRL Sample File - EACIND - 2024 cycle