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According to Article 29 of SRB Financial Regulation 2020 (SRB/PS/2020/05):
1. The Board’s budget shall be established and implemented and the accounts presented in accordance with the principle of transparency.
2. A summary of the budget and any...
Although the SRB is an independent EU agency, it is not publicly funded. Instead, banks operating across the Banking Union must pay an annual levy towards the running costs of the SRB.
The determination and raising of Administrative Contributions is based...
The Single Resolution Mechanism is made up of the Single Resolution Board and the National Resolution Authorities in Eurozone countries and Bulgaria. It protects financial stability and the taxpayer by planning for and managing bank failures. The SRM is...
The Minimum Requirement for Own Funds and Eligible Liabilities (MREL) is set by resolution authorities to ensure that a bank maintains at all times sufficient eligible instruments to facilitate the implementation of the preferred resolution strategy.
Proceedings contesting SRB decisions
Decisions of the SRB may be challenged before the Appeal Panel of the SRB
Which decisions? The competence of the Appeal Panel is determined by Article 85(3) of the SRM Regulation. Only the decisions of the SRB referred...
On 23 June 2017, following the decision taken by the European Central Bank to declare Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A. ‘failing or likely to fail’, the Single Resolution Board decided that resolution action is not warranted for...
One of the key tasks of the SRB and NRAs is to draft resolution plans for the banks. Resolution plans are prepared by the SRB and NRAs within the forum of IRTs. IRTs are the main forum in which the SRB and NRAs cooperate in performing resolution...
When applying resolution tools and exercising resolution powers, the SRB and, where relevant, NRAs, take into account the resolution objectives, and choose those resolution tools and resolution powers which best achieve the pertinent...
Depending on the tasks, the SRB convenes in different compositions. The ‘restricted’ Executive Session is composed of the Chair and the four further full-time Board Members. The Vice-Chair participates in the ‘restricted’ Executive Session as a non-voting...
What is the Banking Union?
In response to the recent financial crisis, the European Commission pursued a number of initiatives to create a safer financial sector for the Single Market. These initiatives form a Single Rulebook for all financial actors in...
In line with the Single Resolution Mechanism Regulation, the SRB is accountable to the Council, the European Parliament and the Commission. Furthermore, the Board is required to reply to questions addressed to it by the European Parliament and by national...
Target level and amount collected
- The 2017 target level was based on 1.05% of covered deposits (2016).
- The amount of ex-ante contributions collected by the SRF at the end of June 2017 was €6.6bn. This amount takes into account the deduction of 2015...
Upon request to the Appeal Panel's Secretariat other language versions of the previous versions of the Rules of procedure can be made available.
Target level and amount collected
- The 2016 target level is based on 1.05% of covered deposits (2015)
- In 2016, the amount of ex-ante contributions collected by the SRF at the end of June is €6.4bn, which takes into account the 1/8 deduction of 2015...
Raising of the contributions
The annual fees levied on banks by EU law are known as ex-ante contributions or simply ‘contributions’. Almost all banks, big and small, across the Banking Union, must pay into the fund.
The SRB is responsible for the...