Activities of Corien WORTMANN-KOOL related to 2013/0253(COD)
Plenary speeches (2)
Uniform rules and procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund: outcome of the negotiations (debate)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council PDF (768 KB) DOC (494 KB)
Amendments (40)
Amendment 95 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In order to restore trust and credibility in the banking sector, the ECB will conduct a comprehensive balance sheet assessment of all banks supervised directly. For those banks in the participating Member States that are not subject to direct supervision by the ECB, the competent authorities should, in cooperation with the ECB, perform an equivalent balance sheet assessment that is proportionate to the size and business model of the bank. This would equally contribute to restore credibility and ensure that all banks will be subject to review.
Amendment 111 #
Proposal for a regulation
Recital 13
Recital 13
(13) A centralised application of the bank resolution rules set out in Directive [ ] by a single Union resolution authority in the participating Member States can only be ensured where the rules governing the establishment and functioning of a single resolution mechanism are directly applicable in the Member States to avoid divergent interpretations across the Member States. In order to ensure the harmonised application of the resolution tools, the Board, together with the Commission, should adopt a resolution handbook setting out clear and detailed guidance for the use of the resolution tools set out in Directive [ ]. This should bring benefits to the internal market as a whole because it will contribute to ensuring fair competition and to preventing obstacles to the free exercise of fundamental freedoms not only in the participating Member States but in the whole internal market.
Amendment 117 #
Proposal for a regulation
Recital 15
Recital 15
(15) Within the single resolution mechanism, decisions should be taken at the most appropriate level. The Board, and in particular the executive session of the Board, should be empowered to prepare and take all decisions concerning the resolution procedure to the fullest extent possible, while respecting the role of the Commission as established in the TFEU, in particular in Articles 114 and 107 thereof.
Amendment 121 #
Proposal for a regulation
Recital 16
Recital 16
(16) The Supervisory Board of the ECB, as the supervisor within the SSM, is the best placed to assess whether a credit institution is failing or likely to fail and whether there is no reasonable prospect that any alternative private sector or supervisory action would prevent its failure within a reasonable timeframe. The Board, upon notification of the ECB, should provide a recommendation to the Commission. Given the need to balance the different interests at stakedraft decision to the Commission should decide whether or not to place an institution under resolution and should also decide on a clear and detailed resolution framework establishing the resolution actions to be taken by the Board. This draft decision should include a recommendation for the framework of the resolution tools and, where appropriate, the framework of the use of the Fund. Given the need to balance the different interests at stake the Commission should decide to adopt the draft decision. Within this framework, the Board should decide on a resolution scheme and instruct the national resolution authorities on the resolution tools and powers to be executed at national level. The Commission may ask the Board to revise its draft decision.
Amendment 143 #
Proposal for a regulation
Recital 23
Recital 23
(23) To ensure a uniform approach for institutions and groups the Board should be empowered to draw up resolution plans for such institutions and groups. The Board should assess the resolvability of institutions and groups, and take measures aimed at removing impediments to resolvability, if any. The Board should require national resolution authorities to apply such appropriate measures designed to remove impediments to resolvability in order to ensure consistency and the resolvability of the institutions concerned. Because of the institution-specific and confidential nature of the information contained in the resolution plans, decisions concerning the drawing up and assessment of the resolution plans and the application of appropriate measures should be taken by the Board in its executive session.
Amendment 154 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary to take an informed decision in the resolution process. Where the Commission decides to adopt the draft decision prepared by the Board to put an institution under resolution, the Board should immediately adopt a resolution scheme establishing the details of the resolution tools and powers to be applied, and the use of any financing arrangements.
Amendment 168 #
Proposal for a regulation
Recital 36
Recital 36
(36) The Commission, based on a draft decision prepared by the Board, should provide the framework for the resolution action to be taken depending on the circumstances of the case and should be able to designate for use all necessary resolution tools. Within that clear and precise framework, the Board should decide on the detailed resolution scheme. The relevant resolution tools should include the sale of business tool, the bridge institution tool, the bail-in tool and the asset separation tool, which are also provided for by Directive [ ]. The framework should also make it possible to assess whether the conditions for the write- down and conversion of capital instruments are met.
Amendment 195 #
Proposal for a regulation
Recital 52
Recital 52
(52) In order to carry out its tasks effectively, the Board should have appropriate investigatory powers. It should be able to require all necessary information either directly or through national resolution authorities, and to conduct investigations and on-site inspections, where appropriate in cooperation with national competent authorities, making full use of all information available at the ECB and the national competent authorities. In the context of resolution, on-site inspections would be available for the Board to effectively monitor implementation by national authorities and to ensure that the Commission and the Board take their decisions on the basis of fully accurate information.
Amendment 205 #
Proposal for a regulation
Recital 58
Recital 58
(58) It is necessary to ensure that the Fund is fully available for the purpose of the resolution of failing institutions. Therefore, the Fund should not be used for any other purpose than the efficient implementation of resolution tools and powers. Furthermore, it should be used only in accordance with the applicable resolution objectives and principles, fully respecting the provisions laid down in Directive [BRRD]. The Fund should not be used to directly absorb the losses of an institution or for recapitalisation purposes. Accordingly, the Board should ensure that any losses, costs or other expenses incurred in connection with the use of the resolution tools are first borne by the shareholders and the creditors of the institution under resolution. It is only if the resources from shareholders and creditors are exhausted, that the losses, costs or other expenses incurred with the resolution tools should be borne by the Fund.
Amendment 210 #
Proposal for a regulation
Recital 59 a (new)
Recital 59 a (new)
(59a) Where Member States have already imposed bank levies, taxes or resolution contributions in response to the crisis, those should be replaced by contributions to the Fund in order to avoid double payments.
Amendment 227 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
Those uniform rules and procedure shall be applied by the Commissiona Board together with a Boardthe Commission and the resolution authorities of the participating Member States within the framework of a single resolution mechanism established by this Regulation. The single resolution mechanism shall be supported by a single bank resolution fund (hereinafter called the Fund).
Amendment 244 #
Proposal for a regulation
Article 3 – paragraph 1 – point 1 a (new)
Article 3 – paragraph 1 – point 1 a (new)
(1a) 'ECB' means the Supervisory Board of the European Central Bank as established by Council Regulation (EU) No [ ];
Amendment 296 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 a (new)
Article 6 – paragraph 2 – subparagraph 1 a (new)
When exercising the resolution powers in accordance with the provisions of Directive [BRRD ], it shall be ensured that any losses, costs or other expenses are first borne by shareholders and the creditors of the institution under resolution, before the Fund is used to support the efficient implementation of the resolution tools and powers;
Amendment 321 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The Board, in its executive session, shall draw up resolution plans for the entities referred to in Article 2 and for groups.
Amendment 360 #
Proposal for a regulation
Article 7 – paragraph 9 a (new)
Article 7 – paragraph 9 a (new)
9a. Decisions regarding the drawing up and assessment of the resolution plans and the application of appropriate measures shall be taken by the Board in its executive session.
Amendment 404 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
The ECB or competent authorities of participating Member States, after having requested an opinion from the ECB, shall inform the Board of any measure that they require an institution or group to take or that they take themselves pursuant to Article 13b of Council Regulation (EU)No[ ], pursuant to Articles 23(1) or 24 of Directive [ ], or pursuant to Article 104 of Directive 2013/36/EU.
Amendment 432 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The Board and the Commission shall balance the objectives referred to in paragraph 2 as appropriate to the nature and circumstances of each case.
Amendment 463 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The Commission, based on a draft decision prepared by the Board, shall take a resolution action in relation to a financial institution, when the conditions specified in Article 16(2) are met with regard to both the financial institution and with regard to the parent undertaking.
Amendment 479 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3), the Commission, based on a draft decision prepared by the Board, shall decide on, and the Board and the national resolution authorities of the participating Member States shall exercise the write down and conversion powers to claims following a reverse order of priority to the following order for normal insolvency procedures:
Amendment 521 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Where the ECB or a national resolution authority, after having requested an opinion from the ECB, assesses that the conditions referred to in points (a) and (b) of paragraph 2 are met in relation to an entity referred to in Article 2, it shall communicate that assessment without delay to the Commission and the Board.
Amendment 523 #
Proposal for a regulation
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. The Board shall prepare and take all its decisions related to the resolution procedure in its executive session in accordance with Article 50.
Amendment 540 #
Proposal for a regulation
Article 16 – paragraph 5 – introductory part
Article 16 – paragraph 5 – introductory part
5. If all the conditions established in paragraph 2 are met, the Board shall recommendpropose to the Commission a draft decision that the entity be placed under resolution. The recommendatdraft decision shall include at least the following:
Amendment 550 #
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
6. Having regard to the urgency of the circumstances in the case, the Commission shall decide, on its own initiative or taking into account, if any, the communication referred to in paragraph 1 or the recommendation of the Board referred to in paragraph 5, whether or not to place the entity under resolutUpon receiving the draft decision from the Board, the Commission shall decide to adopt the draft decision, and on the framework of the resolution tools that shall be applied in respect of the entity concerned and of, where appropriate, the use of the Fund to support the resolution action. The Commission, on its own initiative, may decide to place an entity under resolution if all the conditions referred to in paragraph 2 are met may ask the Board to revise its draft decision.
Amendment 629 #
Proposal for a regulation
Article 19 – paragraph 4 a (new)
Article 19 – paragraph 4 a (new)
4a. For the purpose of carrying out the tasks conferred on it by this Regulation, and with the objective of ensuring a level playing field in the application of the resolution tools, the Board, together with the Commission, shall adopt a resolution handbook setting out clear and detailed guidance for the use of the resolution tools set out in Directive [ ].
Amendment 735 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. For the purpose of exercising the tasks referred to in Articles 7, 8, 11, 16 and 17, the Board may, either directly or through the national resolution authorities, making full use of all information available at the ECB or the national competent authorities, require the following legal or natural persons to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation:
Amendment 740 #
Proposal for a regulation
Article 32 – paragraph 5
Article 32 – paragraph 5
5. The Board, the competent authorities and the national resolution authorities may draw up memorandum of understanding with a procedure concerning the exchange of information. The exchange of information among the Board, the competent authorities and the national resolution authorities shall not be deemed to be a breach of professional secrecy.
Amendment 750 #
Proposal for a regulation
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the Executive Director, with voting rights;
Amendment 757 #
Proposal for a regulation
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
(b) the Deputy Executive Director, with voting rights;
Amendment 765 #
Proposal for a regulation
Article 39 – paragraph 1 – point c
Article 39 – paragraph 1 – point c
(c) a member appointed by the Commission, with voting rights;
Amendment 775 #
Proposal for a regulation
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) a member appointed by the ECB, with voting rights;
Amendment 776 #
Proposal for a regulation
Article 39 – paragraph 1 – point d a (new)
Article 39 – paragraph 1 – point d a (new)
(da) an independent expert appointed by the ECB, with voting rights;
Amendment 782 #
Proposal for a regulation
Article 39 – paragraph 1 – point e
Article 39 – paragraph 1 – point e
(e) a member appointed by each participating Member State, representing the national resolution authority, with voting rights.
Amendment 784 #
Proposal for a regulation
Article 39 – paragraph 1 – point e a (new)
Article 39 – paragraph 1 – point e a (new)
(ea) an observer member appointed by EBA, without voting rights.
Amendment 828 #
Proposal for a regulation
Article 50 – paragraph 2 – point a
Article 50 – paragraph 2 – point a
(a) prepare all decisions to be adopted by the Board in its plenary session;
Amendment 832 #
Proposal for a regulation
Article 50 – paragraph 2 – point b – point i
Article 50 – paragraph 2 – point b – point i
(i) providing the Commission, as early as possible, with any draft decision in accordance with Article 16 accompanied by all relevant information, allowing the Commission to assess and take a reasoned decision pursuant to Article 16(6);
Amendment 833 #
Proposal for a regulation
Article 50 – paragraph 2 – point b – point ii a (new)
Article 50 – paragraph 2 – point b – point ii a (new)
(iia) the preparation and assessment of the resolution plans in accordance with Articles 7 to 9;
Amendment 834 #
Proposal for a regulation
Article 50 – paragraph 2 – point b – point ii b (new)
Article 50 – paragraph 2 – point b – point ii b (new)
Amendment 959 #
Proposal for a regulation
Article 66 – paragraph 3 a (new)
Article 66 – paragraph 3 a (new)
3a. Until the target level specified in Article 65 has been reached, the Board may require institutions to provide a committed credit facility for an amount of 50% of the pro-rata risk weighted target level applicable to that institution. After 50% of the target level has been reached, the committed facility shall be reduced by any additional contributions. Any payment from the Fund before the target level has been reached shall be followed by an increase in the facility by the pro- rata risk weighted amount attributable to each institution.
Amendment 977 #
Proposal for a regulation
Article 70 – paragraph 3
Article 70 – paragraph 3
3. The Board shall invest the amounts held in the Fund in obligations of the participating Member States or intergovernmental organisations, or in highly liquid assets of high credit worthiness. Investments should be sufficiently geographically diversified. The return on those investments shall benefit the Fund. The Board shall make public an investment framework, specifying the details of the Fund's investment policy.
Amendment 992 #
Proposal for a regulation
Article 71 – paragraph 1 a (new)
Article 71 – paragraph 1 a (new)
1a. The Board shall use the Fund to support any of the actions referred to in points (a) to (g) of the previous paragraph, while fully respecting the provisions of Directive [BRRD].