The EU Single Resolution Fund plans to hold nearly €33 billion in 2019, Single Resolution Board Chair Elke König told a banking conference in Brussels.
The amount is up from €25 billion in 2018, Reuters reported Oct. 15, adding that the move is in line with plans to increase the fund to at least 1% of all covered deposits in eurozone banks by the end of 2023.
"The amounts will be invested to ensure value protection and high liquidity," König said.
The fund, which receives funding from eurozone banks, is meant to rescue failing banks.
König previously said she expects a so-called backstop of about €60 billion for the fund to be launched soon. Details of the backstop, a credit line from which the fund could get if it runs out of funds, are due to be finalized in December, the news agency said.
The eurozone's state rescue fund, the European Stability Mechanism, is also set to be allowed to act as a backstop and could offer a revolving credit line of the same size as the bank fund, Reuters added.
König also told participants at the Single Resolution Board Conference that the board will carry on work in 2019 to strengthen resolution plans.
"Our tasks will increasingly focus on tailoring resolution strategies to a bank’s structure and business model, and identifying and addressing impediments to resolvability," she said, noting that a key tool to achieve resolvability is the minimum requirement for own funds and eligible liabilities.
As for Britain's impending exit from the EU, König said it "will no doubt have an impact on our core business." She also called on banks planning to set up legal structures in the banking union to ensure that their operations in the EU are "sufficiently equipped to be resolvable in case of crisis."