Under certain conditions, the Single Resolution Fund (SRF) can be used for the implementation of resolution tools, and is endowed by contributions from all credit institutions and certain investment firms in the 19 countries of the Banking Union. It will be built up gradually over the first eight years after its establishment (2016 to 2023) until it reaches its target amount equivalent to 1% of covered deposits in the Banking Union.
The Single Resolution Board calculates annually the contribution to be made by institutions to the SRF so that its target amount is reached by 31 December 2023. In Spain, the FROB, the Spanish Executive Resolution Authority, is responsible for collecting contributions from institutions and transferring them to the SRF.
In addition to the above-mentioned contributions, institutions must contribute to the administrative costs of the SRB.