{"id":"circulars/cssf-23-17","title":"Circular CSSF-CODERES 23/17","type":"circular","date":"2023-10-12","kind":"circular","html":"

Circular CSSF-CODERES 23/17 is a CSSF circular, published 12 October 2023 and updated 4 October 2024. Subject: Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2023 ex-ante contribution according to Articles 4 and 14 of the Commission Delegated Regulation (EU) 2015/63. The CSSF marks it as outdated.

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Relevant for: Credit institutions, Investment firms.

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Keywords: Resolution, Single Resolution Mechanism (SRM).

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Text

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Circular CSSF-CODERES 23/17 Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2024 ex-ante contribution according to Articles 4 and 14 of Commission Delegated Regulation (EU) 2015/63

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Circular CSSF CODERES 23/17 Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2024 ex-ante contribution according to Articles 4 and 14 of Commission Delegated Regulation (EU) 2015/63 To all credit institutions subject to Regulation (EU) No 806/2014 of the European Parliament and of the Council

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Luxembourg, 12 October 2023 Ladies and Gentlemen,

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The purpose of this circular is to collect data for the calculation of the 2024 ex-ante contribution to the Single Resolution Fund. Article 67 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (hereinafter “SRMR”) establishes a Single Resolution Fund (hereinafter “SRF”) under the responsibility of the Single Resolution Board (hereinafter “SRB”) for Member States participating in the SSM. Commission Delegated Regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU with regard to ex-ante contributions to resolution financing arrangements (hereinafter \"DR\") and Council Implementing Regulation (EU) 2015/81 of 19 December 2014 specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex-ante contributions to the Single Resolution Fund (hereinafter “CR”) specify together the methodology for the calculation of this contribution and the obligations of the credit institutions 1 as regards the necessary information to be provided in a Single Resolution Mechanism context. The Initial Period for the constitution of the SRF is expected to end on 31 December 2023. Article 69(4) of the SRMR, read in conjunction with Article 69(1) of that Regulation, requires the raising of contributions to the SRF after the end of the Initial Period, where the amount of available financial means in the SRF diminishes below 1% of the amount of covered deposits of all credit institutions authorised in all of the Member States participating in the Banking Union (hereinafter “BU”) 2. Branches established in Luxembourg by institutions which have their head office outside the European Union are not targeted by this circular as they will be covered by the Luxembourg Resolution Fund 3.

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1 In accordance with Article 4(1)(1) of Regulation (EU) 575/2013 credit institution means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account. 2 This means for Luxembourg: All credit institutions established in Luxembourg with the exception of the branches established in Luxembourg by a credit institution which has its head office outside the EU. Branches established in Luxembourg by a credit institution having its head office in another Member State, participating or not participating, are covered by their head office. 3

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See Article 108(1) of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms and CSSF Regulation No 16-06.

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As explained in the 2024 kick-off letter (see Annex 1), the SRB will verify in early 2024 whether the available financial means in the SRF are equal to at least 1% of covered deposits held in the BU. Based on the outcome of that verification exercise, the SRB will decide whether ex-ante contributions to the SRF will be calculated and collected in the 2024 contribution period.

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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