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The Single Resolution Board (SRB) was established in 2014 by the European Union (EU) Regulation on the Single Resolution Mechanism (SRM). It is in charge of the calculation of the contributions to the Single Resolution Fund (SRF) to finance the restructuring of failing financial institutions in the 19 (Euro) Member States within the European Banking Union.
The National Resolution Authorities (NRAs) are responsible for the collection of the data and contributions from their institutions as well as the transfer to the SRF. The SRB allows the NRAs to provide an option for financial institutions to either opt for a management sign-off or for an Agreed upon Procedures (AUP) Report of factual findings by a qualified external auditor on their contributions.
The scope of the AUP includes three data-points that are used in the calculation for the contribution (based on a predetermined formula): covered deposits, derivative liabilities (leverage methodology) after floor and other deductions (if any). The objective of this survey is to take stock of the different requirements and practices across Eurozone countries and to share the key conclusions with for instance the SRB.