Transfer of 2015 ex-ante contributions to the Single Resolution Fund

The total amount of transferred 2015 ex-ante contributions is EUR 4,3bn

National resolution funds were set up under the BRRD. For the Member States that are part of the Banking Union, these national resolution funds are replaced by the Single Resolution Fund (SRF) as of 2016. The SRF will be built up over eight years (2016-2023), the so-called transitional period, and shall reach at least 1% of covered deposits by the end of 2023. It will be fully funded by the banking industry.

Following the Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund ("IGA") an amount of EUR 4,3bn of 2015 ex-ante contributions was transferred to the Single Resolution Fund by the deadline of 31 January 2016.

Next steps:

• The SRB will notify the value of the 2016 ex-ante contribution to each institution at the latest by 1 May 2016 (in accordance with art. 13 of the Commission Delegated Regulation 2015/63).

• The institutions shall transfer 2016 ex-ante contributions by no later than 30 June 2016 (in accordance with art. 3 of the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund - "IGA")

Background:

• SRB's previous press release on ECOFIN endorsement of Public Bridge Financing Arrangement fundamental for credible start of the Single Resolution Mechanism in 2016