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Informational notice for the member institutions of the Resolution Fund on the procedure to be followed due to the difference between the European Union regulations and Hungarian national regulations on the payment of fees.

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According to Resolution No. 22/2014. (XII. 1.) of the Board of Directors of the Resolution Fund, due to the ongoing EU harmonization, until the adoption of the concept of the risk-based annual fee payment obligation for 2015, credit institutions and investment firms authorized in Hungary shall be required to make a quarterly advance payment in 2015, equal to one-quarter of their annual fee payment obligation for 2014 (i.e., their fee payment obligation for the fractional year of 2014), until the 15th day of each quarter, with a retrospective settlement following the adoption of the fee policy and fee payment rules in accordance with the final regulation of the European Commission.

The Board of Directors of the Resolution Fund has approved the Fee Payment Rules for the performance of the annual risk-based fee payment obligation of the member institutions.

Based on Act XXXVII of 2014 on the Further Development of the Institutional System Strengthening the Security of Certain Participants of the Financial Intermediary System and the proposal of the Central Bank of Hungary (MNB), the Board of Directors of the Resolution Fund approved the fee policy, and the fee payment rules of the Resolution Fund, on the basis of which it determined the obligation of its members to pay their membership fees for 2014. Credit institutions and investment firms are required to pay a fee commensurate with their size; however, their riskiness has also been taken into account in setting the fee due to the risk-based variable fee component. The sector’s contributions to the Resolution Fund this year (including accession fees) represent an amount of HUF 2.5 billion. The Fund’s assets may only be used to contribute to the costs of resolution, whereby helping to achieve the resolution objectives, including the maintenance of the stability of the financial intermediary system and the protection of deposits.