Answer to Written Question: Opacity of contributions to the SRF

(Source: European Parliament)

EN

E-001642/2021

Answer given by Ms McGuinness

on behalf of the European Commission

(1.6.2021)

The EU resolution framework protects financial stability and public funds in case of a banking crisis by mandating the establishment of resolution funds that are financed by contributions by the financial industry. Within the Banking Union, Article 67(1) of Regulation (EU) No 806/2014 (Single Resolution Mechanism Regulation – SRMR)[1] established the Single Resolution Fund (SRF) for the purposes of ensuring efficient application of resolution tools and powers by the Single Resolution Board (SRB). In particular, Article 70 SRMR obliges the SRB to calculate and raise individual contributions to the SRF from banks in the Banking Union at least annually, and to adjust these contributions in proportion to the risk profile of institutions in line with Commission Delegated Regulation (EU) 2015/63[2].

In the Landesbank Baden-Württemberg judgment[3]  the Court found Articles 4 to 7, 9 of and Annex I to Delegated Regulation 2015/63 to be of illegal nature. Yet, the legal effects of that judgement are limited to that particular case and do not restrict the SRB’s obligation to collect mandatory ex-ante contributions. The judgement is currently under appeal at the Court of Justice.


[1] Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010, OJ L 225, 30.7.2014, p. 1–90.

[2] Commission Delegated Regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements, OJ L 11, 17.1.2015, p. 44–64.

[3] Judgment of the General Court of 23 September 2020, Landesbank Baden-Württemberg v Single Resolution Board, Case T-411/17.

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