27 Amendments of Jakob von WEIZSÄCKER related to 2015/0270(COD)
Amendment 113 #
Proposal for a regulation
Recital 5
Recital 5
(5) In June 2015, the Five Presidents Report on Completing Europe’s Economic and Monetary Union pointed out that a single banking system can only be truly single if confidence in the safety of bank deposits is the same irrespective of the Member State in which a bank operates. This requires single bank supervision, single bank resolution and single deposit insurance. The Five Presidents report therefore proposed tocalled for completeion of the Banking Union by establishing a European Deposit Insurance Scheme (EDIS), the third pillar of a fully-fledged Banking Union alongside bank supervision and resolution, that should be completed by a common fiscal backstop based in the European Stability Mechanism. Concrete steps in that direction should already be taken as a priority, with a re-insurance system at the European level for the national deposit guarantee schemes as a first step towards a fully mutualised approach. The scope of this reinsurance system should coincide with that of the SSM.
Amendment 150 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure parallelismcoherence with the SSM and the SRM, EDIS should apply to participating Member States. Banks established in the Member States not participating in the SSM should not be subject to EDIS. As long as supervision in a Member State remains outside the SSM, that Member State should remain responsible for ensuring the protection of depositors against the consequences of the insolvency of a credit institution. As Member States adopt the Euro and join the SSM, or join the SSM, they should also automatically become subject to the EDIS. Ultimately, the EDIS cshould potentially extend to the entire internal market.
Amendment 211 #
Proposal for a regulation
Recital 22
Recital 22
(22) Safeguards should be built into EDIS so as to limit moral hazard risk and to ensure that the coverage by EDIS is only provided where nationals DGSs act in a prudent manner. Firstly, national DGSs should comply with their obligations under this Regulation, the Directive 2014/49/EU and other relevant EU law, in particular their obligation to build up their funds in accordance with Article 10 of Directive 2014/49/EU as further specified in this Regulation. In order to benefit from coverage by EDIS, participating DGSs need to raise ex-ante contributions in accordance with a precise funding path. This also implies that the possibility of a target level reduction in accordance with Article 10(6) of Directive 2014/49/EU is no longer available if the DGS wants to benefit from EDIS. Secondly, coverage under EDIS is only provided where the banks affiliated to a DGS adhere on an aggregate basis to sovereign exposure limits as set out in this Regulation. Thirdly, in case of a pay-out event or where its funds are used in resolution, a national DGS should bear a fair share of the loss themselves. It should therefore be required to collect ex-post contributions from its members to replenish its fund and to repay EDIS to the extent that the initially received funding exceeds the share of loss to be borne by EDIS. ThirdFourthly, following a pay-out event, the national DGS should maximise the proceeds from the insolvency estate and repay the Board and the Board should have sufficient powers to safeguards its rights. Fourifthly, the Board should have the powers to recover all or part of funding in case of a participating DGS did not comply with key obligations.
Amendment 220 #
Proposal for a regulation
Recital 23
Recital 23
(23) The Deposit Insurance Fund is an essential element without which the progressive establishment of EDIS could not be achieved. Different national systems of funding would not provide for homogenous deposit insurance across the Banking Union. Throughout the three stages, the Deposit Insurance Fund should help ensuring the stabilising role of DGSs, a uniform high level of protection to all depositors in a harmonised framework throughout the Union and avoiding the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to different levels of protection at national level, since savers have the right to open a bank account in any Member State irrespective of their legal domicile.
Amendment 244 #
Proposal for a regulation
Recital 27
Recital 27
(27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit insurance action. When prior funding is insufficient to cover the losses or costs incurred by the use of the Deposit Insurance Fund, additional contributions should be collected to bear the additional cost or loss. Moreover, the Deposit Insurance Fund should be able to contract borrowings or other forms of support from credit institutions, financial institutions or other third partiesrequest funding from the European Stability Mechanism in the event that the ex-ante and ex post contributions are not immediately accessible or do not cover the expenses incurred by the use of the Deposit Insurance Fund in relation to deposit insurance actions.
Amendment 246 #
Proposal for a regulation
Recital 27
Recital 27
(27) In principle, contributions should be collected from the industrybanks prior to, and independently of, any deposit insurance action. When prior funding is insufficient to cover the losses or costs incurred by the use of the Deposit Insurance Fund, additional contributions should be collected to bear the additional cost or loss. Moreover, the Deposit Insurance Fund should be able to contract borrowings or other forms of support from credit institutions, financial institutions or other third parties in the event that the ex-ante and ex post contributions are not immediately accessible or do not cover the expenses incurred by the use of the Deposit Insurance Fund in relation to deposit insurance actions.
Amendment 248 #
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27a) The Board of EDIS should be able to make a request to borrow for the DIF from the European Stability Mechanism. A credit line from the European Stability Mechanism should be pre-approved by Member States and approved by the Board of Governors when EDIS has issued a request.
Amendment 258 #
Proposal for a regulation
Recital 30
Recital 30
Amendment 263 #
Proposal for a regulation
Recital 30
Recital 30
(30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility and efficiency of EDIS. The capacity of the Board to contract alternative funding means for the Deposit Insurance Fund should be enhanced in a manner that optimises the cost of funding and preserves the creditworthiness of the Deposit Insurance Fund. Immediately after the entry into force of this Regulation, the necessary steps should be taken by the Board in cooperation with the participating Member States to develop the appropriate methods and modalities permitting the enhancement of the borrowing capacity of the Deposit Insurance Fund that should be in place by the date of application of this Regulation. It is essential also to create a mutualised credit line via the European Stability Mechanism (ESM) as an effective common fiscal backstop for the Banking Union to be used as a last resort.
Amendment 273 #
Proposal for a regulation
Recital 36
Recital 36
(36) The Board should operate in joint- plenary, plenary and executive sessions. The Board, in its executive session, should prepare all decisions concerning pay-out procedures and, to the fullest extent possible, adopt those decisions. Regarding the use of the Deposit Insurance Fund, it is important that there is no first-mover advantage and that the outflows of the Deposit Insurance Fund are monitored. Once the net accumulated use of the Deposit Insurance Fund in the previous consecutive 12 months reaches the threshold of 25% of the final target level, the plenary session should evaluate the application of the deposit insurance actions or the participations in resolution actions and the use of the Deposit Insurance Fund, and should provide guidance which the executive session should follow in subsequent decisions. Guidance to the executive session should, in particular, focus on ensuring the non- discriminatory application of deposit insurance actions or participation in resolution actions, on measures to be taken to avoid a depletion of the Deposit Insurance Fund.
Amendment 337 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
9a. in Article 34, paragraph 5 is replaced by the following: ‘5. The Board, the ECB, the national competent authorities and, the national resolution authorities and the national designated authorities may draw up memoranda of understanding with a procedure concerning the exchange of information. The exchange of information between the Board, the ECB, the national competent authorities, and the national resolution authorities and the national designated authorities shall not be deemed to infringe the requirements of professional secrecy.’
Amendment 340 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 b (new)Regulation (EU) No 806/2014
Article 1 – paragraph 1 – point 9 b (new)Regulation (EU) No 806/2014
Article 38 – paragraph 2 – point c a (new)
9b. In Article 38(2), the following point (ca) is added: ‘(ca) where they intentionally or negligently fail to comply with decisions of the DGS to which they are affiliated, including a failure associated with the invoices on contributions, in accordance with Article 74e.’;'
Amendment 416 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41d - paragraph 1 a (new)
Article 41d - paragraph 1 a (new)
1a. Chapter 2 of this Regulation shall only apply if the banks affiliated to the participating DGS on the aggregate level comply with large exposure limits at most of 150 % of total own funds for all types of exposures. This requirement shall not apply to future "European risk free assets".
Amendment 439 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h - paragraph 1 a (new)
Article 41h - paragraph 1 a (new)
1a. Chapter 3 of this Regulation shall only apply if the banks affiliated to the participating DGS on the aggregate level comply with large exposure limits at most of 75 % of total own funds for all types of exposures. This requirement shall not apply to future ‘European risk free assets’.
Amendment 475 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 4li a (new)
Article 4li a (new)
Article 41i a Conditions for coverage 1. Without prejudice to the obligations to fund the DIF, a participating DGS shall not be covered by EDIS in the reinsurance, co-insurance or full insurance phase, if the Member State in question has not pre-approved a credit line for the DIF from the ESM of at least 0,4 % of covered deposits to cover shortfalls exceeding the capacities of the DIF. 2. This condition does not apply to DGSs in Member States which are not part of the ESM. 3. DGSs in Member States which are not part of the ESM may not benefit from the ESM's credit line.
Amendment 515 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 m – paragraph 2
Article 41 m – paragraph 2
Amendment 521 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 m – paragraph 3
Article 41 m – paragraph 3
3. The Board shall immediately inform the participating DGS about its decision under paragraphs 1 and 2. The participating DGS may request a review of the Board’s decision within 24 hours after it has been informed. It shall state the reasons why it considers an amendment to the Board’s decision necessary, in particular with respect to the extent of coverage by EDIS. The Board shall take a decision on the request within another 24 hours.
Amendment 555 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 806/2014
Article 50 – paragraph 1 – point b
Article 50 – paragraph 1 – point b
Amendment 556 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 806/2014
Article 50 – paragraph 1 – point d a (new)
Article 50 – paragraph 1 – point d a (new)
(da) decide on the necessity to make a request to the European Stability Mechanism for extraordinary funding contributions in accordance with Article 74h.
Amendment 557 #
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Amendment 563 #
Proposal for a regulation
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Regulation (EU) No 806/2014
Article 52 – paragraph 3
Article 52 – paragraph 3
3. By way of derogation from paragraph 1 of this Article, decisions referred to in Article 50(1) or Article 50a(1), which involve the raising of ex- post contributions in accordance with Article 71 or Article 74d, on voluntary borrowing between financing arrangements in accordance with Article 72 or Article 74f, on alternative financing means in accordance with Article 73, Article 74 or Article 74g, as well as on the mutualisation of national financing arrangements in accordance with Article 78, exceeding the use of the financial means available in the SRF or in the DIF, as well as on requesting funding from the ESM in accordance with Article 75a, shall be taken by a majority of two thirds of the Board members, representing at least 50 % of contributions during the transitional period until the SRF is fully mutualised and respectively the DIF has reached its final target level and by a majority of two thirds of the Board members, representing at least 30 % of contributions from then on. Each voting member shall have one vote. In the event of a tie, the Chair shall have a casting vote.
Amendment 566 #
Proposal for a regulation
Article 1 – paragraph 1 – point 28
Article 1 – paragraph 1 – point 28
Regulation (EU) No 806/2014
Article 60 a – paragraph 1 – point c
Article 60 a – paragraph 1 – point c
Amendment 568 #
Proposal for a regulation
Article 1 – paragraph 1 – point 28
Article 1 – paragraph 1 – point 28
Regulation (EU) No 806/2014
Article 61 a – paragraph 2 – point d
Article 61 a – paragraph 2 – point d
Amendment 720 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 a (new)
Article 74 c – paragraph 5 a (new)
5a. The result of the calculation formula of both delegated acts shall be multiplied by a factor: (a) increasing with the variance of a financial institution's EU sovereign bond holdings as compared to a fully diversified portfolio in proportions of GDP. (b) increasing with the variance of a financial institution's EU sovereign bond holdings as compared to a fully diversified portfolio in proportions of debt outstanding. (c) decreasing in the leverage ratio up to a leverage ratio of 5 percent
Amendment 735 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 f – paragraph 1 – point c
Article 74 f – paragraph 1 – point c
Amendment 738 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g - title
Article 74 g - title
Amendment 755 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g a (new)
Article 74 g a (new)
Article 74ga Borrowing from the ESM as a lender of last resort 1. The Board shall decide to make a request to borrow for the DIF from the European Stability Mechanism in accordance with Article 50d in the event that: (a) the means available to the DIF are not sufficient to cover the losses, costs or other expenses incurred by the use of the DIF in relation to payout events or resolution actions; (b) the amounts raised under Article 74c are not immediately accessible or insufficient to cover the losses, costs or other expenses incurred by the use of the DIF in relation to payout events or resolution actions; 2. The proceeds of such borrowings shall be used exclusively to meet payment obligations towards participating DGSs. 3. The Board of Governors of the ESM shall approve the lending to the DIF by mutual agreement in accordance with Article 4 and Article 5 of the Treaty Establishing the European Stability Mechanism. 4. The funding from the ESM shall be fully recouped in accordance with Articles 74c and 74d.