Eurozone banks are required to pay their annual contributions to a rescue fund by the end of June so that it can reach a €10 billion target in 2016, a member of the fund’s board said yesterday.

The Single Resolution Fund (SRF), set up to rescue failing eurozone banks, was agreed after the 2009-2012 banking and debt crisis as part of plans so that taxpayers would not have to pay for bank bailouts.

The fund is financed by banks and aims to have €55 billion at its disposal by 2024 when a transitional phase ends.

“Approximately 4,000 banks or credit institutions in the euro area will have to pay by the end of June,” Timo Loyttyniemi, vice president of the fund’s board, told a news conference.

Each bank will pay an amount tailored to its liabilities, Loyttyniemi said. The fund should have at least €10 billion by the end of 2016 from contributions, he said.

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