19/07/2019 (Agence Europe) – The Single Resolution Committee, the European authority responsible for resolving major banking groups within the framework of the euro area banking union, reported on Wednesday 17 July that it had received €7.8 billion in annual contributions from 3,186 banks. These contributions, which depend on the size and risks that the banks concerned pose to the financial system, contribute to the Single Resolution Fund, which now has a budget of €33 billion that can be mobilised conditionally in the event of a bank resolution. Gradually increasing in size, the Fund will reach the target of an endowment set at 1% of the deposits covered, i.e. approximately €60 billion, at the end of 2023. (MB)