The Single Resolution Board has announced that it has collected over 10 billion euros in contributions to the Single Resolution Fund via the National Resolution Authorities in the participating EU Member States. The contributions are made up of the annual contributions of nearly 4,000 banks and investment firms whose individual contributions have been calculated on the basis of their respective liabilities. The Single Resolution Board is aiming to have an industry-funded resource corresponding to at least 1% of covered deposits within the participating EU Member States by the end of 2023.