LUX CSSF issued Circular CSSF-CODERES 24/19 of Oct. 3, 2024, Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2025 contribution according to art 4 and 14 of Commission Delegated Reg 2015/63.
Branches established in LUX by institutions which have their head office outside the EU are not targeted by this cir; they will be covered by the Luxembourg Resolution Fund.
EU SRB will verify in early 2025 if the available financial means in the Single Resolution Fund (SRF) are equal to at least 1% of covered deposits held in Banking Union (BU).
Based on the outcome of that verification exercise, the SRB will decide whether contributions to the SRF will be calculated, collected in the 2025 contribution period.
The purpose of the cir is to launch this data collection exercise, which is done as in the previous year in XBRL format; SRB provided data reporting form, guide for XBRL file.
Submission via XBRL or the API solution (S3 technology) or the eDesk digital portal.
Credit institutions that directly or as part of a group fall under direct ECB oversight, must make available to LUX CSSF resolution department extra assurance documents.
Unless they are subject to lump-sum payment, didn't ask for alternative contribution.
Exceptionally for 2025, the effective application of the extra assurance requirements on the 2025 DRF is conditional on the SRB adopting a decision on the calculation.
And collection of contributions to the SRF based on the 2025 DRFs of the credit institutions in scope in 2025; LUX CSSF will notify institutions through another circular.
In case restatements for the previous years must be taken into account, LUX CSSF must be informed of the intention to send them and of the years, by Nov. 30, 2024.
