On 23 March 2023 the Single Resolution Board (SRB) launched a consultation on the stability contributions to the Single Resolution Fund (SRF) in spring 2023. The consultation ended on 5 April 2023.
SRB’s bulletin on the launch of the consultation
During the consultation procedure, the relevant institutions will be given a chance to express their views of the SRB’s provisional calculations for stability contributions, the conclusions drawn during the calculation process prior to its finalisation, and the final decisions taken.
They will also be able to make comments on factors of relevance to the calculation. It is hoped that the consultation will mean institutions will be better placed to predict how much in stability contributions they have to pay annually. The procedure will aid the dialogue between the institutions and the SRB during the stability contribution process.
In the consultation procedure the institutions will receive the following;
- The SRB’s draft decision on the calculation of stability contributions;
- A set of statistics appended to the draft decision showing the common points of information;
- An appendix template for the draft decision, customised for each individual institution;
- A calculation tool produced by the SRB to help each institution work out its stability contribution;
- Instructions for calculating the stability contribution.
The documentation mentions the SRF’s annual target and describes the coefficient it uses to set it. The consultation also involves reference to a set of common points of information used in the calculation. An institution can make its assessment of the size of its stability contribution in 2023 using the information it gave the Financial Stability Authority on the report form for stability contributions at the end of January.
The Financial Stability Authority informed Finnish credit institutions of the SRB’s consultation in its ’kick-off’ letter for the payment cycle and as part of its request for information on 25 October 2022. The password for responding to the consultation on the EUSurvey platform is given in the Kick-off letter.
Responding to the consultation on the EUSurvey platform
Following the consultation, the SRB will take its final decisions on the size of stability contributions for 2023 in the beginning of May. The Financial Stability Authority will send Finnish credit institutions copies of these decisions and tell them that their contributions need to be paid by the end of May.
Further information is available from Resolution Expert Kristiina Tuomikoski ([email protected])
Read more about the FFSA's current topics on the Authority’s website
