5 Amendments of Gay MITCHELL related to 2008/0191(COD)
Amendment 144 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 1 – introductory part
Article 122a – paragraph 1 – introductory part
1. A credit institution shall only be exposed to the credit risk of an obligation or potential obligation or a pool of obligations or potential obligations where it was not involved in directly negotiating, structuring and documenting the original agreement which created the obligations or potential obligations, if and provided that the said commitment is from either a credit institution or a corporate entity which has total liabilities (including contingent liabilities) that do not exceed eight times own funds:
Amendment 164 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 1 – introductory part
Article 122a – paragraph 2 – subparagraph 1 – introductory part
2. Paragraph 1 shall not apply to obligations or potential obligations that constitute claims or contingent claims on or wholly, unconditionally and irrevocably guaranteed by:
Amendment 185 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 4 – introductory part
Article 122a – paragraph 4 – introductory part
4. Before investing and on an ongoing basis, credit institutions shall be able to demonstrate at all times, prior to investing and thereafter, to the competent authorities for each of their individual securitisation positions that they have a comprehensive and thorough understanding of and have implemented formal policies and procedures for analysing and recording, in writing
Amendment 205 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 4 – point g
Article 122a – paragraph 4 – point g
(g) all the structural features of the securitisation that can materially impact the performance of the credit institution's securitisation position. To this end, credit institutions shall prior to investing and regularly thereafter perform and record appropriate stress tests, such stress tests to be conducted independently of the ECAI or ECAIs who have rated the securitisation and to be based on all relevant information provided by the originator for this purpose. and provided in the same format as it was provided to the ECAI.
Amendment 220 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 7 – save for last sentence
Article 122a – paragraph 7 – save for last sentence
7. Sponsor and originator credit institutionsThe relevant credit institution or corporate entity shall disclose to investors the level of their commitment under paragraph 1 to maintain a net economic interest in the securitisation. Sponsor and originator credit institutionsThe relevant credit institution or corporate entity shall ensure that prospective investors have readily available access to all materially relevant data on the credit quality and performance of the individual underlying exposures, cash flows and collateral supporting a securitizsation exposure as well as such information that is necessary to conduct comprehensive and well informed stress tests on the cash flows and collateral values supporting the underlying exposures.