Bank resolution: Council adopts regulation on fund contributions and appoints members of the single resolution board

19 December 2014

The Council adopted two implementing acts to supplement the single resolution mechanism, one of the main elements of Europe's banking union.

It adopted:

1. A decision appointing the chairperson, vice-chairperson and four other full-time members of the single resolution board (15121/14).

The Council appointed:

• As chairperson, Ms Elke König
• As vice-chairperson, Mr Timo Löyttyniemi
• As strategy and coordination director, Mr Mauro Grande
• As resolution planning directors, Mr Antonio Carrascosa, Ms Joanne Kellermann and Mr Dominique Laboureix.

The term of office of the first chairperson appointed after entry into force of the SRM regulation is three years, renewable once for a period of five years. The term of office of the vicechairperson and the four other full-time members is five years. SRB website: http://srb.europa.eu/ 

2. A regulation determining the contributions to be paid by banks to the EU's single resolution fund (14593/14). The single resolution mechanism (SRM) is being set up to ensure the orderly resolution of failing banks. Established by a regulation adopted in July 2014, it will be applicable from 1 January 2016 (see press release 11814/14). The single resolution fund (SRF) is an essential component of the SRM. It will be built up over a period of eight years to reach a target level of at least 1% of the amount of covered deposits of all credit institutions authorised in all the participating member states. Banks will have to make annual contributions to the fund. These will be calculated on the basis of their liabilities, excluding own funds and covered deposits, and adjusted for risk.

Press release

European Commission Press release

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