Press Release: Single Resolution Fund: Council agrees on bank contributions

The Council of the European Union reached a political agreement on the 9 December 2014 on an implementing regulation determining the contributions to be paid by banks to the EU's Single Resolution Fund (SRF).

The fund would be set up under a single resolution mechanism (SRM) that is being established to ensure the orderly resolution of failing banks. The SRF would be built up over a period of eight years to reach a target level of at least 1% of the amount of covered deposits of all credit institutions authorised in all the participating member states.

• Primary Source

European Commission: RAPID: STATEMENT/14/2505: Political agreement on the Proposal for a Council Implementing Regulation specifying uniform conditions of application of Regulation (EU) n° 806/2014 with regard to ex ante contributions to the Single Resolution Fund (SRF) http://europa.eu/rapid/press-release_STATEMENT-14-2505_en.htm

ESO: Background information: Commission adopts detailed rules on contributions of banks to resolution funds http://www.europeansources.info/record/press-release-commission-adopts-detailed-rules-on-contributions-of-banks-to-resolution-funds/

EurActiv, 17.12.14: Bank resolution authority set for launch http://www.euractiv.com/sections/euro-finance/bank-resolution-authority-set-launch-310873

---