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Resolution funds financed by contributions from institutions

In France,the costs entailed by resolution are financed from two separate funds: either the Single Resolution Fund (SRF) or the National Resolution Fund (NRF).

Two resolution funds

Scope of application:

  • The Single Resolution Fund, which is managed by the Single Resolution Board, is used to finance the resolution of the following entities:
    • all credit institutions whose head office is located on French territory, excluding overseas countries and territories (notion in European law covering Member States' departments and collectivities that are not party to the European Union. In the case of France, this means Wallis and Futuna, French Polynesia, New Caledonia, Saint Pierre and Miquelon, and Saint Barthélemy);
    • all investment firms whose head offices are located on French territory (excluding the overseas countries and territories), are subsidiaries of a credit institution deemed "significant" under the European SSM mechanism, and are required to have initial capital of at least EUR 730,000.


  • The National Resolution Fund can be used to finance the resolution of credit institutions whose head office is located in the French overseas countries and territories, subsidiaries of third-country credit institutions, investment firms required to have initial capital of at least EUR 730,000 and which do not fall within the scope of the SRF, and Monegasque credit institutions.

The European legislative texts specify that the target level for each fund, to be reached by 2024, should be at least 1% of the amount of covered deposits of all participating institutions. According to SRF estimates, the fund should reach EUR 55.7 billion by 2023. 40% of the funds in the SRF were mutualised as of 2016, and this should rise to 60% in 2017 then to 70% in 2018. The NRF is expected to have available means of over EUR 60 million by 2024.

Method for calculating and collecting contributions

Since 2016, the contributions of credit institutions falling within the resolution regime have been set by the SRB (for the SRF) and the ACPR (for the NRF). Amounts are calculated on the basis of defined annual targets and according to the financial data declared by the institutions. The annual targets for the two funds are set with a view to gradually increasing their resources to the final target level, and based on the average amount of covered deposits in the previous year, calculated quarterly, of all the participating institutions.

Contributions for year n are calculated on the basis of financial data as at 31 December in year n-2.

The ACPR notifies the institutions of the annual amount they are required to contribute to the SRF and NRF no later than 1 May each year. The contributions are collected by the Fonds de garantie des dépôts et de résolution (FGDR - Deposit Guarantee and Resolution Fund) which then transfers the amounts due to the SRF by 30 June at the latest.

Up to 15% of annual contributions to the SRF and 30% of those to the NRF can be paid in the form of irrevocable payment commitments.

Useful links:

Single resolution fund


National resolution fund

Updated on: 03/19/2019 15:40