The Single Resolution Board (SRB) takes note of today’s judgments of the General Court of the European Union on the 2021 ex-ante contributions to the Single Resolution Fund vis-à-vis seven credit institutions in France and Germany.
The SRB notes that Court did not find any flaws affecting the substance of the decisions in these cases, however, it considered that the SRB did not provide sufficient reasons in setting the annual target level for ex-ante contributions to the Single Resolution Fund, which is an industry-funded crisis fund for use in resolving failing banks.
SRB Chair Dominique Laboureix said: “Despite the annulment on procedural grounds, the Court’s decision provides legal clarity for the Single Resolution Fund, which is a key element of financial stability in Europe, as well as for our stakeholders.”
The SRB will carefully consider the content of the judgments in order to determine the next steps, in cooperation with the relevant National Resolution Authorities.
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