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 EU (Bank Recovery and Resolution) Regulations 2015 (S.I 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 county 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 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 branches is set out in the European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2022 (S.I No.190 of 2022).

Levying process

BIFR 2022 Reporting Form for Contributions

BIFR 2022 Reporting Form for Contributions | xls 1083 KB

The Central Bank issues a Fund Reporting Form for Contributions (reporting form) to the institutions each year in order to gather the data required to calculate the institution's levy. 

  1. Institutions are required to complete this 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. The reporting form contains general instructions related to its completion.
  2. 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 mid-January of the following year.

BIFR 2022 Sign Off Report

BIFR 2022 Sign Off Report | doc 29 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 10 March 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 mid-January 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].