Notice concerning the 2024 contribution cycle to the Single Resolution Fund

As of 1 January 2016, financial intermediaries falling within the scope of the Single Resolution Mechanism (SRM) are required to contribute to the Single Resolution Fund (SRF) through annual ex-ante contributions set according to a payment plan distributed over an eight-year initial period (from 2016 to 2023).

After the initial period, the Single Resolution Board (SRB) will verify, on an annual basis, whether the available financial means of the SRF have decreased to below the target level (amounting to at least 1 per cent of the covered deposits of the credit institutions falling within the scope of the SRM) and, following this evaluation, will assess whether contributions to the SRF have to be calculated and collected.

Consequently, as the findings of this evaluation are not currently known, the SRB has to take the same preparatory steps, which had already been implemented during the transitional period, to ensure that, if necessary, it will be in a position to calculate and collect the 2024 contributions, in compliance with the applicable legal framework.

To this end, the data collection exercise for the 2024 contribution cycle has been started.

In this respect, the Italian financial intermediaries falling within the scope of the SRF are required to send to the Bank of Italy the data for the 2024 contribution cycle from 13 November 2023 to 4 January 2024, in accordance with the instructions transmitted to the concerned institutions by the Bank of Italy.

Further information on the 2024 contribution cycle to the SRF is available on the website of the SRB.