Under the Bank Recovery and Resolution Directive (BRRD) national resolution funds were set up to collect banks' required contributions under the BRRD for 2015. For the Member States that are part of the Banking Union, these national resolution funds are replaced by the Single Resolution Fund (SRF) as of 2016. The SRF will be built up over the transitional period of eight years (2016-2023), and shall reach at least 1% of covered deposits by the end of 2023. It will be fully funded by the banking industry. Following the Agreement on the Transfer and Mutualisation of Contributions to the SRF, €4.3bn of 2015 ex-ante contributions was transferred to the SRF by the deadline of 31 January 2016.