Single Resolution Fund 2024 – Application Form –

About the Single Resolution Fund 2024 Application: The Single Resolution Fund 2024 is an emergency fund that is set up for crisis times. It ensures the efficient application of resolution tools for resolving failing banks after exhausting other options, such as the bail-in tool. The SRF ensures that the financial industry as a whole stabilizes the financial system. All banks across the 21 Banking Union countries annually pay a fee by law to the SRF.
These fees are contributions that ensures that taxpayers are not first in line to pump money into a bank if one needs extra funding. In line with EU law, banks would contribute to the fund as necessary. You can find more information about the SRF as you read through this article.
About Single Resolution Fund 2024
The Single Resolution Fund (SRF) serves as a pivotal entity under the Single Resolution Mechanism (SRM) Regulation. This framework mandates that institutions subject to the SRM Regulation contribute to the SRF rather than to national resolution funds. During resolution processes, the SRF, under specified conditions, during resolutions, holds the authority to:
  • Ensure the assets or liabilities of an institution in resolution.
  •  Extend loans to or acquire assets of an institution in resolution.
  • Support bridge institutions and asset management vehicles financially.
  • Provide contributions to institutions in resolution as an alternative to writing down or converting liabilities of specific creditors, with predefined conditions.
  • Compensate shareholders or creditors facing larger losses during resolution than in standard insolvency proceedings.
Launching the SFR 2024 contributions cycle
The Single Resolution Board (SRB) announces the commencement of the 2024 data collection exercise for the institutions falling under Article 67(4) of Regulation (EU) 806/2014 (the “concerned institutions”).

If the conditions for collecting contributions come up, this information could be used to figure out how much each institution needs to pay according to Articles 69(3) and (4) and/or 71 of Regulation (EU) 806/2014 for the 2024 contribution period. The SRB provides the 2024 Data Reporting Form (DRF) and the related documents (the “data collection package”) to the National Resolution Authorities (NRAs). The NRAs are responsible for distributing the data collection package to the concerned institutions under their jurisdiction and collecting the completed DRFs from them, then providing them to the SRB.

Single Resolution Fund 2024 Reach
Article 69(1) of the SRMR requires the SRF to attain 1% of covered deposits by December 31, 2023. After this, the SRB evaluates if the SRF meets this requirement.
Data Format Accepted By The SRB
In the 2024 contribution cycle, institutions are to submit their data exclusively to the SRB in XBRL-XML (eXtensible Business Reporting Language) format.
Targel level verification
1. EU Regulation 806/2014’s Article 69(1) designates the “Initial Period” to end by December 31, 2023.
2. After the initial period, the SRB will annually verify if the Single Resolution Fund (SRF) falls below the target level, set at 1% of total covered deposits across participating Member States.
3. If the Single Resolution Fund (SRF) falls below the target level or is insufficient to cover incurred expenses, the Board will evaluate the need to calculate and raise contributions.
4. The SRB must prepare for potential collection, regardless of whether it ultimately occurs or not.
5. The SRB must undertake preparatory measures akin to the Initial Period to be ready to calculate and raise SRF contributions in the 2024 period, adhering to legal requirements.
Who is Liable To Pay
Banks and investment firms under SRM Regulation are to contribute to the Single Resolution Fund (SRF) as mandated.
How The Levy Calculated
The Single Resolution Board (SRB) calculates the contributions for the Single Resolution Fund (SRF) using data provided by institutions. Generally, institutions with higher risk profiles are required to make larger contributions. Detailed contribution calculation provisions are outlined in EU Commission Delegated Regulation (EU) 2015/63, amended by (EU) 2023/662, providing clear guidelines. Council Implementing Regulation (EU) 2015/81 further supports these regulations.

SRF Contact Information
Treurenberg 22
1049 Brussels, Belgium

Phone number
+32 (0) 2 490 30 00