Brussels, 19/12/2014 (Agence Europe) - On Friday 19 December, the Council of the EU officially appointed Elke König of Germany to be the head of the Single Resolution Board (SRB), the new European authority to be set up in 2015 to oversee the ordered resolution or winding up of failing banks in the eurozone.
König is currently chair of BaFin in Germany. The other members of the board will be Timo Löyttyniemi of Finland (vice-chairperson), Mauro Grande of Italy (strategy director) and, as resolution planning directors, Antonio Carrascosa of Spain, Joanne Kellermann of the Netherlands and Dominique Laboureix of France.
Under the resolution arm of Banking Union in the eurozone, the SRB will manage the future Single Resolution Fund (SRF), which will be funded by banks to the tune of a total of €55 billion by 2024, corresponding to at least 1% of eligible deposits.
On Friday, the member states also formally endorsed the agreement in principle on annual bank contributions to the SRF that was reached by the Ecofin Council recently (see EUROPE 11214). For banks that are not deemed to be small, the contributions shall be based on the size of the bank and will be risk-adjusted. The methodology that has been decided upon will be reviewed in June 2015. (MB)