06/07/2023 (Agence Europe) – When it is fully up and running at the end of 2023, the total allocation to the ‘Single Resolution Fund’ (SRF), the financial arm of the ‘resolution’ strand of banking union in the euro area, will reach €77.6 billion, said the Single Resolution Board (SRB) responsible for managing it, in a statement. For 2023, the major banks in the 21 participating EU countries (Eurozone + Bulgaria) will have to contribute €11.3 billion. The SRF, which has never been used before and has a target of 1% of bank deposits covered, is responsible for resolving the problems of large failing banks. The European Stability Mechanism (ESM), the euro area’s permanent rescue fund, is due to act as a safety net for the SRF, but Italy has not yet ratified the treaty revising the ESM (see EUROPE 13203/7). (MB)