The Single Resolution Fund is a fund made up of the contributions from credit institutions of Member States that belong to the European Banking Union and is intended to be used for the resolution of failing credit institutions in the situation of emergency (crisis).
Single Resolution Board
The Single Resolution Fund is managed by the Single Resolution Board. The Single Resolution Board, in close cooperation with the national resolution authorities of the Member States (in Latvia – Latvijas Banka), is responsible for transferring the calculated annual ex-ante contributions of credit institutions to the Single Resolution Fund.
Target Level
The target level of the Single Resolution Fund established by the Single Resolution Mechanism Regulation (Regulation (EU) 806/2014) over an eight-year period (2016–2023) was at least 1% of the amount of covered deposits of all credit institutions authorised in all of the participating Member States. This target level was reached on 31 December 2023.
In the future, the monitoring of the Single Resolution Fund's volume will rely on the information submitted by credit institutions at the beginning of the year, assessing the adequacy of the funds. If necessary, a decision will be made to resume fund collection.