You are here: 

The Resolution Fund

Contributions to the Single Resolution Fund (SRF) 2023

The Single Resolution Board (SRB ) has decided on the following changes/updates for the 2023 contribution period for contributions to the Single Resolution Fund (SRF ):

  • In 2023, the harmonised data template are to be submitted to the SRF in XBRL format. If an institution wishes to submit the data template to the FMA in Excel format, then it should do so via the FMA ‘s Incoming Platform (Tab: Meldewesen/Neue Meldung/Einheitliches Datentemplate zum SRF 2023)
  • Introduction of the NSFR  risk indicator
  • Adjustment of liabilities arising from derivatives contracts (excluding credit derivative contracts) in accordance with the definition in cell 2C1 of the data reporting form template for 2023 for the 2023 contribution period (Derivatives Adjustment Method)
  • Submission of changes or revisions of reported data (restatements) for calculation of contributions 2015-2022 by 31.12.2022 at the latest
  • Additional Assurance: Data confirmations will be exclusively in the form of Agreed-upon Procedures (AuP )
  • Information about the SRB ’s 2023 consultation process will appear on the SRB Website in March 2023 (http://srb.europa.eu/) There will not be a separate announcement!

General information about the 2023 SRF contribution cycle and the calculation of the contribution for 2023 can be found in the following document: Information SRF - Beitragszyklus 2023 (Format: pdf, Size: 780,1 KB, Language: German)

Template for Data Reporting for Calculating the Contribution to the SRF for 2023

All CRR institutions pursuant to point 1 of Article 3 of Delegated Regulation(EU) 2015/63, that hold licences as of the cut-off point of 1 January 2023 are required to make a contribution to the resolution financing arrangement (AFM) for the 2023 calendar year.

Since 1 January 2016, the Single Resolution Board (SRB ) in Brussels has been the competent authority for calculating each institution’s contribution. The Financial Market Authority (FMA) is its capacity as national resolution authority supports the SRB in this regard. It collects the required data for calculating the contributions from the Austrian credit institutions and forwards them onto the SRB , which then calculated the contributions based on the data collected by the national resolution authorities for all credit institutions liable to pay contributions in the euro area.

The FMA makes the SRB ’s prescribed harmonised data reporting form template for the euro area available to credit institutions for data submission for calculating contributions to the Single Resolution Fund (SRF ) via the link below in German: SRF 2023 Template (Format: xlsx, Size: 68,5 KB, Language: German)

The cut-off point for the data is 31 December 2021. The template is required to be filled out for each institution on an individual level by all CRR institutions. Important guidance on filling out the template can be found in the document “Consolidated_Guidance_2023”. In addition the SRB also makes further information material in English, that has also been made available for download. In this regard, the FMA advises of the following:

  • Generally all fields in the template are required to be filled out (exception: institutions paying lump sum contributions that do not wish to perform any voluntary risk adjustment).
  • The filled template may only use the following naming convention:

[20 character LEI code]_AT_SRF080002_EACIND_2023-01-31_20200115161452154.xlsx (with all 17 numeric characters must be filled) and must be submitted via the Incoming Platform under the “Meldewesen/Neue Meldung/Einheitliches Datentemplate zum SRF 2023” tab.

  • In principle, a submission may be made via the Incoming Platform at any time once the template is made available. The FMA validates the template and returns incorrectly filled-out templates to the institution for correction.
  • In order to guarantee the completeness of the reported data within the EURO area, the template must be submitted by 13 January 2023 at the latest.

The SRB performs the calculation of the contribution. The calculated contributions for each institution are communicated by the FMA by 1 May 2023 at the latest (Article 13 Delegated Regulation (EU) 2015/63).

Changes or revisions of the data reported for the calculation of contributions 2015-2022 (Article 17 (3) Delegated Regulation (EU) 2015/63)

In the event that the data reported for the calculation of contributions 2015-2022 (the respective cut-off points for data were 31 December 2013-2020) require a change or revision, then the changed data must be submitted to the FMA by 31 December 2022. Should an institution make use of this option, then the relevant form with be made available following an enquiry made to the e-mail address [email protected].

Confirmation of the data (“Additional Assurance”) in relation to data collection for the Single Resolution Fund (SRF) for 2023

In September 2022, the SRB decided as follow with regard to the data submission to the Single Resolution Fund (SRF ) for 2023:

  • Institutions that are part of a group and are directly supervised by the ECB  (“SSM banks”), are required to submit a confirmation. Exception: institutions that are covered by Article 10 Delegated Regulation (“lump sum payments”) are not required to submit a confirmation.
  • Agreed-upon procedures (AuP ): the institutions in question are required a confirmation issued by an auditor on specific arranged audit activities.
  • Scope of the AuP : covered deposits (as deductions), adjustment of derivatives, intragroup or intra-IPS transactions, promotional lending (this last data point is only for institutions, that were granted an exemption by the competent authority for reporting of own funds on an individual basis).

The templates made available by the SRB ensure a harmonised procedure. Affected institutions are requested to submit the signed original documents to the FMA at latest by 10 March 2023.

Possibility to make contributions to the Single Resolution Fund (SRF) by means of irrevocable payment commitments (IPC) for the 2023 contribution year

Within the scope of the payment of contributions to the Single Resolution Fund (SRF) in 2023, institutions required to pay contributions may pay part of the annual contribution in the form of fully collaterisalised promises of payment (known as “irrevocable payment commitments”, “IPCs”).

The maximum amount of the IPC per institution was set by the SRB’s Executive Board pursuant to Article 8 (3) of Implementing Regulation (EU) 2015/81 for the 2023 contribution year as 22.5% of the contribution to be paid per institution.

According to the SRB’s terms, the collateral that guarantees the irrevocable payment commitment may only be made in the form of cash collateral for the 2023 contribution year.

The following two options exist for optionally making use of the IPC:

Option 1 – IPC – Agreement signed by hand | necessary steps:

  1. Fill out the application form in Excel, save it using the naming convention “[Your RIAD/MFI-Code/local identifiication code]_2023_Application Form” and send it  by 9 June 2023 to the FMA (E-mail: [email protected]).
  2. The following must be printed out:
    • Two separate original copies of the IPC agreement, which must then be signed by hand. Scans and photocopies will not be accepted. Both original copies must be signed by the same legal representatives stated on the first page of the IPC agreement. (Where the name of more than one person is stated on page 1, then all the persons listed must sign the agreement.)
    • A signed copy of the application form mentioned in Point 1 above.

and must be sent by recorded delivery to the following address:

SRB [Unit E1 – IPC]
Treurenberg 22
1049 Brussels
Belgium

They must be received by the SRB by 19 June 2023 at the latest.

Option 2 – IPC – Agreement signed by qualified electronic signature | necessary steps:

  1. Please fill out the application form in Excel, save it using the naming convention “[Your RIAD/MFI code/local identification code]_2023_Application Form“ and send it by 9 June 2023 to the FMA (E-mail: [email protected]).
  2. Please fill out the IPC Agreement and sign it using the electronic signature named in Regulation (EU) No 910/2014. It must be signed by the same legal representatives stated on the first page of the IPC agreement. (Where the name of more than one person is stated on page 1, then all the persons listed must sign the agreement.) Scans and photocopies will not be accepted. The SRB will check the validity of the electronic signature(s).
  3. Please send the application form and the electronically signed IPC agreement (pdf) together in an e-mail by 19 June 2023 at the latest to [email protected]. Please state your unique LEI or FMI code in the subject line of the e-mail.

Please find a link below to the necessary documents as well as a letter from the SRB containing further information about IPCs.

Once you have taken all the necessary steps, the SRB will send you a countersigned IPC agreement. If all documents have not been filled out and signed accordingly, it will not be possible to make use of an irrevocable payment commitment for the 2023 contribution year.

SRB_2023_IPC_Letter_to_institutions (EN)_DE (Format: pdf, Size: 305,7 KB, Language: German) SRB_2023_IPC_AGREEMENT_EN_DE (Format: pdf, Size: 273,0 KB, Language: German) SRB_2023_IPC_Application_Form (DE) (Format: xlsx, Size: 27,6 KB, Language: German) Kick Off Letter_DE (Format: pdf, Size: 128,3 KB, Language: German) Kick Off Letter_EN (Format: pdf, Size: 325,5 KB, Language: German) SRB Guidance 2023 (Format: pdf, Size: 340,1 KB, Language: German) Additional Assurance Requirements 2023_DE (Format: docx, Size: 70,2 KB, Language: German) Additional Assurance Requirements 2023_EN (Format: pdf, Size: 445,8 KB, Language: German) Consolidated Guidance 2023 (Format: pdf, Size: 932,8 KB, Language: German) SRB Q&A regarding derivative adjustments (Format: docx, Size: 22,1 KB, Language: German)