Bank and Investment Firm Resolution Fund (BIFR)

What is the BIFR?

The Bank and Investment Firm Resolution Fund (BIFR) was established in November 2015. In resolution actions the BIFR may, subject to conditionality, be used to: 

  • Guarantee the assets or the liabilities of an institution under resolution
  • Make loans to or to purchase assets of an institution under resolution
  • Make contributions to a bridge institution and an asset management vehicle
  • Make a contribution to an institution under resolution in lieu of the write-down or conversion of liabilities of certain creditors under specific conditions
  • Pay compensation to shareholders or creditors who incurred greater losses in resolution than under normal insolvency proceedings.

Who is liable to pay?

In accordance with the Bank Recovery and Resolution Directive (BRRD) and European Union (Bank Recovery and Resolution) Regulations 2015 (S.I No. 289 of 2015 ), the following are liable to contribute to the BIFR commencing calendar year 2015:

  • All credit institutions;
  • Irish-authorised branches of credit institutions authorised in a non-European Economic Area territory (‘third country union branches’); and
  • Investment firms in scope of the BRRD.

However, credit institutions and investment firms within scope of the Single Resolution Mechanism (SRM) migrated to the Single Resolution Fund (SRF) from January 2016. Therefore, only investment firms not within scope and third country/union branches not within scope of the SRM continue to contribute to the BIFR.

How is the levy calculated?

The Central Bank calculates the amount of levy payable by an in scope institution by applying the calculation method outlined in the Commission Delegated Regulation(EU) 2015/63. The methodology for calculating the levy due from limited activity investment firms and third country/union branches is set out in the European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2023 (S.I. No. 226 of 2023).

Levying process

BIFR 2023 Reporting Form for Contributions

A Fund Reporting Form for Contributions (reporting form) is to be populated by the institutions each year in order for the Central Bank to gather the data required to calculate the institution's levy. 

The reporting form is to be generated by the institutions in XBRL format. The XBRL taxonomy for the 2023 BIFR contribution period together with related items can be accessed below.

BIFR Taxonomy | zip 8620 KB BIFR-EAC-2023 | xls 88 KB XBRL Sample File | xbr 72 KB List of 2023 XBRL Validation Rules | xls 51 KB

The BIFR 2023 XBRL Taxonomy is derived from the Single Resolution Fund (SRF) 2023 XBRL taxonomy. Information on the 2023 SRF XBRL taxonomy is available on the Single Resolution Board’s 2023 ex-ante contributions webpage.

Instructions for the completion of the reporting form are available in the BIFR 2023 Guidance Document.

Institutions are required to complete the reporting form, by populating it with the institution's financial information at the reference date, which corresponds to the balance sheet date of the latest approved annual financial statements available before 31 December of the year prior to the contribution period.  

Once the reporting form is complete, institutions are required to submit it to the Central Bank by uploading it to the Central Bank's online reporting system (ONR) by early-January of the following year.

Approved Annual Financial Statements

Institutions are also required, when submitting the completed reporting form, to submit their approved annual financial statements (in pdf format) which correspond to the reference date of the reporting form by early-January of the following year.

BIFR 2023 Sign Off Report

BIFR 2023 Sign Off Report | doc 33 KB
  1. The data provided in the reporting form should be signed off by a member of the Board of the institution using the BIFR sign-off report
  2. Institutions are required to submit a completed BIFR sign-off report (in pdf format) through the Central Bank’s ONR by mid-March of the following year

Levy notices are issued to institutions on or before 1 May each year. Institutions are required to make payment to the Central Bank in June each year.


Any questions or requests for additional information can be addressed to the Central Bank and submitted by email: [email protected].