Circulaire CSSF-CODERES 23/16 (uniquement en anglais)

On 15 May 2023, Circular CSSF-CODERES 23/16 was published by the CSSF, providing an announcement about the Single Resolution Fund and raising the 2023 ex-ante contributions as per Articles 69 and 70 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014.
The SRB has determined the 2022 ex-ante contribution for all institutions as defined in Article 2 of SRMR and the amounts are due by 15 June 2023.
According to the Law of 18 December 2015, implementing the agreement on the transfer and mutualisation of contributions to the Single Resolution Fund, the concerned credit institutions must transfer the requested amounts to the Fonds de résolution Luxembourg account upon instruction given by the CSSF, which will, in turn, transfer the collected amounts to the SRF. The CSSF will distribute the individual invoices in the coming days as described in Annex 4.
The SRB describes the details of the calculation for the 2023 ex-ante contribution in Annex 1, which has been determined by taking into account the data provided by the credit institutions as per Circular CSSF-CODERES 22/15. The SRB concludes that, despite the deceleration of the growth rate of covered deposits in 2022, it is reasonable to expect continued growth in covered deposit levels in the Banking Union in 2023, i.e., an estimated growth rate of 4.5%.
Therefore, the target level of the SRF at the end of the initial period (31 December 2023) is expected to reach EUR 77.60 billion, and the expected available net financial means amount to EUR 65.90 billion. Out of the estimated target amount, the concerned banks in Luxembourg must pay an aggregate amount of EUR 243.3 million in 2023 compared to EUR 323.4 million paid in 2022. The SRB provides some aggregated statistics (Annex 2) and its reply to the 2023 consultation (Annex 3), which was conducted from 23 March to 5 April 2023.
The SRB has allowed the use of IPCs during the initial period, under normal circumstances, as per Article 8(3) of CR upon request from a bank, and the conditions concerning IPCs compared to the 2022 contribution cycle remain similar. For the 2023 contribution period, the SRB has decided that banks can provide IPCs equal to an amount of 22.5% of the amount to be paid, which must be fully backed by collateral exclusively in the form of cash collateral in euros. Banks who want to apply for IPCs should read Annex 5, Annex 6, and Annex 7 carefully and comply with the instructions.