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1. Each Member State shall establish one or more financing arrangements to ensure that the resolution authority has at its disposal adequate funds through ex ante or ex post contributions or a combination thereof from insurance and reinsurance undertakings authorised in that Member State and from Union branches of third-country undertakings located in the territory of that Member State to cover at least the payment of the difference to shareholders, policy holders, beneficiaries, claimants or other creditors referred to in Article 57. Member States may provide for the possibility to use financing arrangements referred to in the first subparagraph also to cover other costs associated with the use of resolution tools, insofar as the use of financing arrangements is necessary for the achievement of the resolution objectives. Member States may use the same administrative structure for their financing arrangements as for their insurance guarantee schemes, taking into account Regulation (EC) No 883/2004 of the European Parliament and of the Council .

2. Member States shall ensure that the use of financing arrangements complies with the principles laid down in Article 22.

3. Where the undertaking under resolution operates within the Union under the right of establishment or the freedom to provide services, the relevant financing arrangement of the Member State in which the undertaking is authorised shall be used to provide compensation to shareholders, policy holders, beneficiaries, claimants or other creditors in accordance with Article 57.

4. Member States shall notify the Commission and EIOPA of the established financing arrangements.