The Single Resolution Board takes note of the judgments of the General Court of the European Union annulling the SRB’s decisions on the 2017 ex-ante contributions of Landesbank Baden-Württemberg, Hypo Vorarlberg Bank and Portigon to the Single Resolution Fund and declaring that Delegated Regulation 2015/63 is unlawful in part.
The General Court annulled the SRB’s decision determining the 2017 ex-ante contributions of the three applicants, based on procedural grounds and the partial unlawfulness of the Commission Delegated Regulation (EU) 2015/63.
The SRB will carefully consider the content of the judgments in order to determine the next steps in cooperation with the European Commission and the relevant National Resolution Authorities (NRAs).
About the Single Resolution Fund
The SRF may be used to ensure the efficient application of resolution tools and the exercise of the resolution powers conferred to the SRB by the SRM Regulation.
The SRF is composed of contributions from credit institutions and certain investment firms in the 19 participating Member States within the Banking Union.
The SRF ensures that the financial industry, as a whole, finances the stabilisation of the financial system.
The SRF is gradually built up during the first eight years (2016-2023) and shall reach the target level of at least 1% of the amount of covered deposits of all credit institutions within the Banking Union by 31 December 2023.
About ex-ante contributions
Contributions to the SRF are raised annually from institutions in scope in each of the 19 Member States within the Banking Union. The SRB cooperates with the NRAs to ensure the full and effective raising of all the contributions due by the institutions under its remit. In particular, the SRB is responsible for the calculation of ex-ante contributions. The NRAs are responsible for the collection of contributions and the transfer to the SRF.
About the Single Resolution Board
The Single Resolution Board (SRB) is the central resolution authority within the Banking Union (BU). Together with the national resolution authorities of participating Member States it forms the Single Resolution Mechanism (SRM). The SRB works closely with the European Commission (EC), the European Central Bank (ECB), the European Banking Authority (EBA) and national competent authorities (NCAs). Its mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and public finances of the participating Member States and beyond.
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