On November 24, 2014, the European Commission proposed a new regulation to specify uniform conditions for contributions to the Single Resolution Fund (“SRF”), an essential part of the Single Resolution Mechanism which implements the Bank Recovery and Resolution Directive for Eurozone banks and banks from other EU Member States that have opted into the Single Supervisory Mechanism. The SRF is a fund owned and administered by the Single Resolution Board. It is financed through contributions from the banking sector in Member States participating in the SRF, and aims to ensure financial stability without recourse to taxpayers’ money. The proposed regulation provides for the annual contributions of banks and the reporting by banks of information which will be used to calculate such annual contributions.

The proposal is available at:

http://ec.europa.eu/transparency/regdoc/rep/1/2014/EN/1-2014-710-EN-F1-1.Pdf.