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The SRB’s mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy, financial system and public finances of the participating Member States and beyond.
The SRB is in charge of administering the Single Resolution Fund (‘the Fund’), which was established by the SRB’s constituent act to support the Single Resolution Mechanism (the ‘SRM’). The Fund will be gradually built up during the 2016-2023 period and should reach the target of at least 1 % of the amount of covered deposits of all credit institutions within the Banking Union by 31 December 2023.
The SRB has an autonomous budget, which is not part of the EU budget. Contributions are raised from credit institutions established in Member States that are part of the Banking Union.
Article 64 of the SRB’s constituent act states that the SRB, after consulting the ECA and the Commission, shall adopt internal financial provisions specifying, in particular, the detailed procedure for establishing and implementing its budget. As far as is compatible with the particular nature of the SRB, the financial provisions shall be based on the Framework Financial Regulation.
The ECA notes that the proposed Financial Regulation is largely based on the Framework Financial Regulation and that most differences concern clarifications or explanations of terminology and the specific nature of the SRM. However, in the ECA’s opinion, some differences are not justified.
Furthermore, in the last part of this opinion, the ECA reiterates its concern about the budgetary and discharge procedure that applies to the SRB.