22.1.2015 Official Journal of the European Union L 15/1 II (Non-legislative acts) REGULATIONS COUNCIL IMPLEMENTING REGULATION (EU) 201 5/81 of 19 December 2014 specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex ante contributions to the Single Resolution Fund THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (*), and in particular Article 70(7) thereof, Having regard to the proposal from the European Commission, Whereas: 1 The Single Resolution Fund (‘the Fund’) was established pursuant to Regulation (EU) No 806/2014 as a single 3 p g g financing arrangement for all the Member States participating in the Single Supervisory Mechanism (the SSM’) pursuant to Council Regulation (EU) No 1024/2013 (%) and in the Single Resolution Mechanism (the SRM) (the participating Member States). (2)  Under Article 67(2) of Regulation (EU) No 806/2014, the Single Resolution Board (‘the Board) established pursuant to that Regulation is entrusted with the administration of the Fund. (3)  In accordance with Article 76 of Regulation (EU) No 806/2014, the Fund should be used in resolution procedures where the Board considers it necessary to ensure the effective application of the resolution tools. The Fund should have adequate financial resources to allow for an effective functioning of the resolution framework by being able to intervene, where necessary, for the effective application of the resolution tools and to protect financial stability without recourse to taxpayers’ money. (4)  The Board is empowered to calculate the individual ex ante contributions due from all of the institutions authorised in the territories of all of the participating Member States, under Article 70(2) of Regulation (EU) No 806/2014. (5)  The Board should calculate the annual contributions to the Fund on the basis of a single target level established as a percentage of the amount of covered deposits of all of the credit institutions authorised in all of the partici- pating Member States. In accordance with Article 69(1) of Regulation (EU) No 806/2014, the Board should ensure that the available financial means of the Fund reach at least the target level referred to in Article 69(1) of that Regulation, by the end of an initial period of eight years from 1 January 2016, or, otherwise, from the date on which Article 69(1) of Regulation (EU) No 806/2014 is applicable by virtue of Article 99(6) of that Regulation. () OJL225,30.7.2014,p. 1. (%) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).