9 Amendments of Anneli JÄÄTTEENMÄKI related to 2013/0253(COD)
Amendment 87 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Since the outbreak of the current international financial and economic crisis there has been uncertainty as to the amount of losses pending in the European banks and it is not known how many and which banks should actually be under resolution procedures if objective and uniform criteria were applied. The SSM is to make stress tests before the end of 2014. If according to these stress tests some banks will need extra funding it should be covered by the owners of these banks and the Member States which were responsible for their supervision. A Single Resolution Mechanism may only be applied after all legacy assets have been cleared, capital requirements are fulfilled and the banking system is deemed to be on sound footing also in other respects. Therefore the SRM should start functioning only after the end of 2017.
Amendment 108 #
Proposal for a regulation
Recital 11
Recital 11
(11) A singlenetwork of national bank resolution funds (hereinafter referred to as the ‘'Fund’') is an essential element without which a single resolution mechanism could not work properly. Different systems of national funding would distort the application of uniform bank resolution rules in the internal market. The Fund should help to ensure a uniform administrative practice in the financing of resolution and to avoid the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to divergent national practices. The Fnational funds should be financed directly by banks and should be pooled at Union level so that the resolution resources can be objectively allocated across Member States. Only the national resolution funds of the Member States where the bank under resolution operates would participate in the funding, according to the share of financial activity, thus increasing financial stability and limiting the link between the perceived fiscal position of individual Member States and the funding costs of banks and undertakings operating in those Member States.
Amendment 124 #
Proposal for a regulation
Recital 17
Recital 17
(17) The Board should be empowered to take decisions, in particular, in connection with resolution planning, the assessment of resolvability, the specification of burden sharing in the network of resolution funds, the removal of impediments to resolvability and the preparation of resolution actions. National resolution authorities should assist the Board in resolution planning and in the preparation of resolution decisions. In addition, as the exercise of resolution powers involves the application of national law, national resolution authorities should be responsible for the implementation of resolution decisions.
Amendment 206 #
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. 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 in relation to the share of activity of the failing bank in the Member States concerned.
Amendment 215 #
Proposal for a regulation
Recital 63
Recital 63
(63) In order to ensure a fair calculation of contributions and provide incentives to operate under a model which presents less risk, contributions to the Fund should take account of the degree of risk incurred by credit institutions. In each Member State the contributions should amount to the same percentage target.
Amendment 228 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
Those uniform rules and procedure shall be applied by the Commission together with a Board 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 singlenetwork of national bank resolution funds which is centrally coordinated (hereinafter called the Fund).
Amendment 912 #
Proposal for a regulation
Article 64 – paragraph 1
Article 64 – paragraph 1
1. The Single Bank Resolution Fund is hereby established. as a coordinated network of national resolution funds.
Amendment 931 #
Proposal for a regulation
Article 65 – paragraph 1
Article 65 – paragraph 1
1. In a period no longer than 10 years after the entry into force of this Regulation, the available financial means of the Fund shall in each participating Member State reach at least 1% of the amount of deposits of all credit institutions authorised in the participating Member States which are guaranteed under Directive 94/19/EC.
Amendment 995 #
Proposal for a regulation
Article 71 – paragraph 3 a (new)
Article 71 – paragraph 3 a (new)
3a. The payments from the Fund shall be allocated to the members of the network of national resolution funds in proportion to the level of activity the institution under resolution carries out in the Member States concerned.