The Single Resolution Fund is a fund made up of the contributions from credit institutions of Member States that belong to the European Banking Union and is intended to be used for the resolution of failing credit institutions in the situation of emergency (crisis).
The Single Resolution Fund is managed by the Single Resolution Board. The Single Resolution Board, in close cooperation with the national resolution authorities of the Member States (in Latvia – Latvijas Banka), is responsible for transferring the calculated annual ex-ante contributions of credit institutions to the Single Resolution Fund.
The Single Resolution Mechanism Regulation provides that the target level of the Single Resolution Fund will reach at least 1% of the amount of covered deposits of all the institutions in all the participating Member States by 31 December 2023.