The European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2015 provide that every person who on 30 November 2015 is an institution within the meaning of Regulation 166 of the Bank Recovery and Resolution Regulations is required to pay a levy in respect of the levy period to the Central Bank for the account of the Central Bank and Investment Firm Resolution Fund. The Regulations also:
- set the annual target level for contributions;
- determine the aggregate liabilities of institutions authorised in the State for the relevant period;
- provide for risk adjustment of contributions in respect of Union branches and Limited Activity Investment Firms;
- prescribe the process for raising contributions in respect of Union branches and Limited Activity Investment Firms;
- provide for the service of notice on all institutions;
- detail the mechanism for calculating partial contributions in respect of newly supervised Union branches and Limited Activity Investment Firms; and
- provide for a period of 21 days within which an institution is required to provide evidence concerning lump sum amounts by institutions.