July 17, 2019 / 8:05 AM / a month ago

Euro zone bank rescue fund grows to 33 billion euros: SRB

FILE PHOTO: Elke Koenig, Chair of the Single Resolution Board, speaks during an interview with Reuters in Brussels, Belgium, August 10, 2016. REUTERS/Francois Lenoir/File Photo

BERLIN (Reuters) - The euro zone’s Single Resolution Fund (SRF) - a rescue fund for failing lenders - has received a cash injection of 7.8 billion euros ($8.7 billion) this year, bringing the total to almost 33 billion euros, the Single Resolution Board (SRB) said on Wednesday.

“The Fund is steadily being built up and we are about half way there. The SRF is a significant part of the SRB’s toolbox as it ensures that the SRB will be able to implement a resolution decision without recourse to the taxpayer,” SRB chair Elke Koenig said in a statement.

The SRF is meant to finance the winding down of failing banks. Koenig said last year she expected the SRF to hold nearly 33 billion euros in 2019.

Reporting by Thomas Seythal; Editing by Michelle Martin

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