[ParlTrack]

Proposal for a directive
Article 1 – paragraph 18

Directive 2014/59/EU
Article 27 – paragraph 1 – point i

18. In Article 27(1), the following point (i) is added: ‘(i) Article 29a are complied with, suspend any payment or delivery obligation to which an institution or entity referred to in point (b), (c) or (d) of Article 1(1) is a party.’.deleted where the conditions laid down in

2018/01/29
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 19

Directive 2014/59/EU
Article 29a

~~[...]~~deleted

2018/01/29
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 20 a (new)

Directive 2014/59/EU
Article 32 – paragraph 4 – subparagraph 3

20 a. In Article 32(4), subparagraph 3 is replaced by the following: “Support measures under point (d)(iii) of the first subparagraph shall be limited to injections necessary to address capital shortfall established in the national, Union or SSM-wide stress tests, asset quality reviews or equivalent exercises conducted by the European Central Bank, EBA or national authorities, where applicable, confirmed by the competent authority. The injection of own funds or purchase of capital instruments can only follow after losses have been absorbed by shareholders as well as by the conversion or write down of junior and senior non- preferred debt via the instrument of bail- in.”

2018/01/29
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 21 a (new)

Directive 2014/59/EU
Article 33 a (new)

21 a. The following Article 33a is inserted: “Article 33a Power to suspend certain obligations 1. Member States shall establish that their respective resolution authorities have the power to suspend payment or delivery obligations to which an institution or an entity referred to in points (b), (c) or (d) of Article 1(1) is party when the resolution authority, after the determination that the institution is failing or likely to fail pursuant to Article 32(1)(a) has been made, decides that the exercise of the suspension power is necessary to avoid the further deterioration of the financial condition of the institution or entity referred to in points (b), (c) or (d) of Article 1(1), to reach the determination that the conditions under Article 32(1)(b) and (c) are met or to choose the appropriate resolution actions. The decision to exercise the suspension power to avoid the further deterioration of the financial conditions of the institution or to reach the determination that the conditions under Article 32(1)(b) and (c) are met has to be made by the resolution authority, after consulting the competent authority. 2. Any suspension under paragraph 1 shall not apply to: (a) payment and delivery obligations owed to systems or operators of systems designated for the purposes of Directive 98/26/EC, central counterparties and third country central counterparties recognised by ESMA pursuant to Article 25 of Regulation (EU) 648/2012, and central banks; (b) eligible claims for the purpose of Directive 97/9/EC. 3. The resolution authorities may extend the suspension of payment or delivery obligations in particular to covered deposits if this is necessary to avoid a deterioration of the financial condition of the institution. When using this power, the resolution authority should carefully assess the necessity and proportionality of the suspension and the impact on depositors. 4. The period of the suspension pursuant to paragraph 1 shall be as short as possible and in any event not exceed 5 days. 5. When exercising a power under this Article, resolution authorities shall have regard to the impact the exercise of that power might have on the orderly functioning of financial markets and the institution concerned. 6. If an institution's payment or delivery obligations under a contract are suspended under paragraph 1, the payment or delivery obligations of the counterparties of this institution under that contract shall be suspended for the same period of time. 7. A payment or delivery obligation that would have been due during the suspension period of paragraph 1 shall be due immediately upon expiry of that period. 8. Member States shall ensure that resolution authorities shall follow the notification procedure set out in Article 82 and Article 83 in exercising the powers referred to in paragraph 1 without delay. 9. Member States may maintain or adopt the national rules related to the suspension of payment or delivery obligation applicable to institutions which can be wound down in normal insolvency proceedings and that exceed the scope and duration foreseen in this article. The conditions provided for in this Article shall be without prejudice to the conditions related to such power of suspension payment or delivery obligations.”

2018/01/29
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45b – paragraph 1

1. Eligible liabilities shall be included in the amount of own funds and eligible liabilities of resolution entities only where they satisfy the conditions referred to in Article 72a, except for point (d) of Article 72b(2) of Regulation (EU) No 575/2013 if it can be justified that the exclusion of the criteria in point (d) would not materially affect resolvability.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45b – paragraph 3 – subparagraph 1

Resolution authorities may decide that the requirement referred to in Article 45f is fully or partially met by resolution entities with instruments that meet all conditions referred to in Article 72a of Regulation (EU) No 575/2013 ~~with a view to ensure that the resolution entity can be resolved in a manner suitable to meet the resolution objectives~~.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45b – paragraph 3 – subparagraph 1 a (new)

Where the resolution authority determines that, within a class of liabilities which includes eligible liabilities, the amount of liabilities that are reasonably likely to be excluded from the application of the write-down or conversion powers in accordance with Article 44(2) or Article 44 (3) totals more than 10% of that class, it shall require the requirement laid down in Article 45(1) to be met with subordinated instruments in full or for the amount specified in the second subparagraph of paragraph 2.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45b – paragraph 3 – point c

(c) the amount of subordinated liabilities shall ~~not exceed the amount necessary~~be at least sufficient to ensure that creditors referred to in point (b) shall not incur losses above the level of losses that they would otherwise have incurred in a winding up under normal insolvency proceedings.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 1 – point a

(a) the need to ensure that the resolution ~~entity~~group can be resolved by the application of the resolution tools including, where appropriate, the bail-in tool, in a way that meets the resolution objectives;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 1 – point b

(b) the need to ensure, in appropriate cases, that the resolution entity and its subsidiaries that are institutions, but not resolution entities have sufficient eligible liabilities to ensure that, if the bail-in tool or write down and conversion powers were to be applied to them, respectively, losses could be absorbed and the ~~total capital ratio and~~requirements in Article 92(1)(c) of Regulation (EU) No 575/2013 and Articles 104(1)(a) and 128(6) of Directive 2013/36/EU, or the leverage ratio in the form of Common Equity Tier 1, of the relevant entities can be restored to a level necessary to enable them to continue to comply with the conditions for authorisation and to obtain sufficient market confidence to carry on the activities for which they are authorised under Directive 2013/36/EU or Directive 2014/65/EU;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

(c) the need to ensure that, if the resolution plan anticipates that certain classes of eligible liabilities might be excluded from bail-in pursuant to Article 44(3) or might be transferred to a recipient in full under a partial transfer, the resolution entity has sufficient other eligible liabilities to ensure that losses could be absorbed and the ~~capital~~ requirements~~, or as applicable,~~ in Article 92(1)(c) of Regulation (EU) No 575/2013 and Articles 104(1)(a) and 128(6) of Directive 2013/36/EU, or the leverage ratio in the form of Common Equity Tier 1 of the resolution entity can be restored to a level necessary to enable it to continue to comply with the conditions for authorisation and to carry on the activities for which it is authorised under Directive 2013/36/EU or Directive 2014/65/EU;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 1 – point e

~~(e) the extent to which the Deposit Guarantee Scheme could contribute to the financing of resolution in accordance with Article 109;~~deleted

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 2 – subparagraph 1 – point a

(a) the losses that ~~might~~are expected to be incurred by the entity are fully absorbed ('loss absorption');

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 2 – subparagraph 1 – point b

(b) the resolution entity orand its subsidiaries that are institutions, but not resolution entities are recapitalised to a level necessary to enable them to continue to comply with the conditions for authorisation and combined buffer requirements and to carry out the activities for which they are authorised under Directive 2013/36/EU, Directive 2014/65/EU or equivalent legislation ('recapitalisation') and to ensure sufficient market confidence;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 2 – subparagraph 2

Where the resolution plan provides that the entity ~~shall~~is to be wound up under normal insolvency proceedings, the requirement referred to in Article 45(1) for that entity shall ~~not~~only exceed an amount sufficient to absorb losses in accordance with point (a) of the first subparagraph to cover additional costs due to the process of winding up the institution.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – introductory part

Without prejudice to the last subparagraph, for resolution entities, the amount referred to in paragraph 2 shall ~~not exceed~~be the greater of the following:

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point a – point i

(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)~~(a),(b) and~~ (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the resolution entity at ~~sub-~~ consolidated resolution group level,

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore its ~~total capital ratio~~requirements referred to in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirements referred to in Article 104a and Article 128(6) of Directive 2013/36/EU at resolution group ~~sub-~~ consolidated level and any additional amount that the resolution authority considers necessary to maintain sufficient market confidence after implementation of the resolution action;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point b – point i

(i) the amount of losses to be absorbed in resolution that corresponds to the resolution entity's leverage ratio requirement referred to in ~~the~~Article 92(1)(d) of Regulation (EU) No 575/2013 at resolution group ~~sub-~~ consolidated level; and

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point b – point ii

(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore the leverage ratio referred to in Article 92(1)(d) of Regulation (EU) No 575/2013 and its requirement in Article 128(6) of Directive 2013/36/EU at resolution group ~~sub-~~consolidated level and any additional amount that the resolution authority considers necessary to maintain sufficient market confidence after implementation of the resolution action.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 3 – subparapgraph 4

TWhe ~~resolution authority shall set~~n setting the recapitalisation amounts referred to in the previous subparagraphs in accordance with the resolution actions foreseen in the resolution plan and may adjust those recapitalisation amounts to adequately reflect risks that affect resolvability arising from the resolution group’s business model, funding profile and overall risk profile. is paragraph, the resolution authority shall: (a) use the most recent reported values for the relevant total risk exposure amount or leverage ratio denominator, as applicable, unless all the following factors apply: (i) the resolution plan identifies, explains, and quantifies any change in regulatory capital needs immediately as a result of resolution action; (ii) the change referred to in point (i) is considered in the resolvability assessment to be both feasible and credible without adversely affecting the provision of critical functions by the institution, and without recourse to extraordinary financial support other than contributions from resolution financing arrangements, consistently with Article 101(2) and the principles governing their use set out in Article 44(5) and (8).

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23 (new)

Directive 2014/59/EU
Article 45c – paragraph 3 – subparapgraph 4 a (new)

The resolution authority may determine, in consultation with the competent authority and taking into account information received from the competent authority relating to the institution's business model, funding model, and risk profile pursuant to Article 4, that, notwithstanding the provisions of previous paragraph, it would be feasible and credible for all or part of any additional own funds requirement or buffer requirements currently applicable to the entity not to apply after implementation of the resolution strategy. In this case that part of the requirement may be disregarded for the purposes of determining the recapitalisation amount.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – introductory part

4. Without prejudice to the last subparagraph, for entities that are not themselves resolution entities, the amount referred to in paragraph 2 shall ~~not exceed~~be the greater of ~~any of~~ the following:

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point a – point i

(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)~~(a),(b) and~~ (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the resolution entity, andt consolidated resolution group level,

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point a – point ii

(ii) a recapitalisation amount that allows the entity to restore ~~its total capital ratio~~compliance with its requirement referred to in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirements referred to in Article 104a of Directive 2013/36/EU and in Article 128(6) of that Directive and any additional amount that the resolution authority considers necessary to maintain sufficient market confidence after implementation of the resolution action;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

(ii) a recapitalisation amount that allows the entity to restore its leverage ratio referred to in ~~the~~ Article 92(1)(d) of Regulation (EU) No 575/2013 and its requirement in Article 128(6) of Directive 2013/36/EU and any additional amount that the resolution authority considers necessary to maintain sufficient market confidence after implementation of the resolution action;

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 4 – subparapgraph 4

TWhe ~~resolution authority shall set~~n setting the recapitalisation amounts referred to ~~the previous subparagraphs in accordance with the resolution actions foreseen in the resolution plan and may adjust those recapitalisation amounts to adequately reflect risks that~~in this paragraph, the resolution authority shall: (a) use the most recent reported values for the relevant total risk exposure amount or leverage ratio denominator, as applicable, unless all of the following factors apply: (i) the resolution plan identifies, explains, and quantifies any change in regulatory capital needs immediately as a result of resolution action; (ii) the change referred to in point (i) is considered in the resolvability assessment to be both feasible and credible without adversely affecting the ~~recapitalisation needs arising from the entity's business model, funding profile and overall risk profile.~~ provision of critical functions by the institution, and without recourse to extraordinary financial support other than contributions from resolution financing arrangements, consistently with Article 101(2) and the principles governing their use set out in Article 44(5) and (8).

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 4 – subparapgraph 4 a (new)

The resolution authority may determine, in consultation with the competent authority and taking into account information received from the competent authority relating to the institution's business model, funding model, and risk profile pursuant to Article 4, that, notwithstanding the provisions of previous paragraph, it would be feasible and credible for all or part of any additional own funds requirement or buffer requirements currently applicable to the entity not to apply after implementation of the resolution strategy. In this case that part of the requirement may be disregarded for the purposes of determining the recapitalisation amount.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 5 – introductory part

5. Where the resolution authority expects that certain classes of eligible liabilities might be excluded from bail-in pursuant to Article 44(3) or might be transferred to a recipient in full under a partial transfer, the requirement referred to in Article 45(1) shall ~~not exceed~~be an amount sufficient to:

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 7 – subparagraph 2

The resolution authority may reduce the requirement referred to in Article 45(1) to take account of the amount which a deposit guarantee scheme is expected to contribute to the financing of the preferred resolution strategy in accordance with Article 109 of Directive 2014/59/EU.deleted

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 7 – subparagraph 3

The size of any such reduction shall be based on a credible assessment of the potential contribution from the deposit guarantee scheme, and shall at least: (a) the potential losses which the deposit guarantee scheme would have had to bear, had the institution been wound up under normal insolvency proceedings, taking into account the priority ranking of the deposit guarantee scheme pursuant to Article 108 of Directive 2014/59/EU; (b) guarantee scheme contributions set out in the second subparagraph of Article 109(5) of Directive 2014/59/EU; (c) exhausting the available financial means of the deposit guarantee scheme due to contributing to multiple bank failures or resolutions; and (d) relevant provisions in national law and the duties and responsibilities of the authority responsible for the deposit guarantee scheme. (e) after consulting the authority responsible for the deposit guarantee scheme, document its approach as regards the assessment of the overall risk of exhausting the available financial means of the deposit guarantee scheme and apply reductions in accordance with subparagraph 1, provided that that risk is not excessive.deleted be less than a prudent estimate of be less than the limit on deposit take account of the overall risk of be consistent with any other The resolution authority shall,

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 7 a (new)

7 a. For institutions and groups which have been designated as G-SIIs or O-SIIs by the relevant competent authorities, and for any other institution which the competent authority or the resolution authority considers reasonably likely to pose a systemic risk in case of failure, the resolution authority shall ensure that the MREL is sufficient to permit that the requirements set out in Article 44(5)(a) and 44(8)(a) relating to a contribution to loss absorption and recapitalisation by the resolution financing arrangement would be met. For that purpose, consideration shall be given in particular to the requirement that in resolution a minimum contribution to loss absorption and recapitalisation of 8% of total liabilities and own funds, or of 20% of the total risk exposure amount if additional conditions under Article 44(8) are met, is made by shareholders and holders of capital instruments and eligible liabilities at the time of resolution.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 8

8. EBA shall draft regulatory technical standards which shall further specify the criteria referred to in paragraph 1 on the basis of which the requirement for own funds and permissible liabilities is to be determined in accordance with this Article. EBA shall submit those draft regulatory standards to the Commission by [1 month after the entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1090/2010.deleted

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45d – paragraph 2 – introductory part

2. The resolution authority may impose an additional requirement for own funds and eligible liabilities referred to in point (b) of paragraph 1 ~~only:~~where the requirement referred to in point (a) of paragraph 1 is not sufficient to fulfil the conditions set out in Article 45c.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45d – paragraph 2 – point a

~~(a) where the requirement referred to in point (a) of paragraph 1 is not sufficient to fulfil the conditions set out in Article 45c; an~~deleted

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45d – paragraph 2 – point b

~~(b) to an extent that the amount of required own funds and eligible liabilities does not exceed a level that is necessary to fulfil the conditions of Article 45c.~~deleted

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45d – paragraph 4

4. The resolution authority's decision to not impose an additional requirement of own funds and eligible liabilities under point (b) of paragraph 1, shall contain the reasons for that decision, including a full assessment of the elements referred to in paragraph 2.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 1

The amount of the guidance given in accordance with of paragraph 1 may be set only where the competent authority has already set its own guidance in accordance with Article 104b of Directive 2013/36/EU and shall not exceed the level of that guidance.deleted

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 2

The amount of the guidance given in accordance with point (b) of paragraph 1 shall ~~not exceed~~be equal to the amount of the combined buffer requirement referred to in point (6) of Article 128 of Directive 2013/36/EU, except for the requirement referred to in point (a) of that provision, unless a higher level is necessary to ensure that, following the event of resolution, the entity continues to meet the conditions for its authorisation for an appropriate period of time that is not longer than one year.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 3

The resolution authority shall provide to the entity the reasons and a full assessment for the need ~~and the~~to deviate from the default level of the guidance given in accordance with this Article.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45e – paragraph 3

3. Where an entity ~~consistently~~ fails to have additional own funds and eligible liabilities as expected under the guidance referred to in the first paragraph, the resolution authority may require that the amount of the requirement referred to in Article 45c(2) be increased to cover the amount of the guidance given pursuant to this Article.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45e – paragraph 4

4. An entity that for two or more reporting periods as set out in Article 45i(1) fails to have additional own funds and eligible liabilities as expected under the guidance referred to in the first paragraph shall ~~not~~ be subject to the restrictions referred to in Article 141 of Directive 2013/36/EU.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45f – paragraph 2 a (new)

2 a. For resolution groups as defined in point (b) of Article 2(1)(83b), the relevant resolution authority decides which resolution entities of the resolution group, identified pursuant to point (b) of Article 2(1)(83b), shall comply with the requirement referred to in Articles 45c(3) and 45(e) to ensure that the resolution group as a whole complies with the requirement referred to in paragraphs (1) and (2).

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45i – paragraph 1 – introductory part

1. Entities referred to in Article 1(1) shall report to their competent and resolution authorities on the following on at least a ~~yea~~quarterly basis:

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 23 (new)

Directive 2014/59/EU
Article 45i – paragraph 1 – point b a (new)

(b a) the requirement referred to in Article 45(1) after determination by the resolution authority in accordance with Article 45c.

2018/01/31
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – subparagraph 1 – sub paragraph 1 a (new)

1 a. This paragraph shall not apply where the resolution authority of a Member State determines that the liabilities or instruments referred to in the first subparagraph can be subject to write down and conversion powers by the resolution authority of a Member State pursuant to the law of the third country or to a binding agreement concluded with that third country.

2018/02/01
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 1 a (new)

1 a. Member States shall ensure that where an institution or entity referred to in point (b), (c) or (d) of Article 1(1) reaches the determination that it is legally or otherwise impracticable to include the contractual term in the first paragraph of this Article in certain liabilities, such institution or entity referred to in point (b), (c) or (d) of Article 1(1) notifies its determination, including designation of the category the liability falls into and justification, to the resolution authority. The institution or entity shall provide the resolution authority with all information which the resolution authority, after receipt of such notification may request in order to assess the effect of such notification on the resolvability of that institution or entity referred to in point (b), (c) or (d) of Article 1(1). Member States shall ensure that, in case of a notification under the first subparagraph, the obligation to include the contractual term in the first paragraph is automatically suspended from the moment of receipt of the notification by the resolution authority. Should the resolution authority not be satisfied with such notification, it shall require the inclusion of the contractual term in the first paragraph of this Article where it considers either that there is no impracticability or that a contractual recognition clause is necessary to ensure the resolvability of that institution or entity referred to in point (b), (c) or (d) of Article 1(1).

2018/02/01
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2

The requirement referred to in paragraph 1 may not apply where the resolution authority of a Member State determines all of the following conditions are met: (a) that the liabilities or instruments referred to in the first subparagraph can be subject to write down and conversion powers by the resolution authority of a Member State pursuant to the law of the thirddeleted that it is legally, country or to a binding agreement concluded with that third country; (b) economically impracticable for an institution or entity referred to in point (b), (c) or (d) of Article 1(1) to include such a contractual term in certain liabilities; (c) referred to in paragraph 1 for certain liabilities does not impede the resolvability of the institutions and entities referred to in points (b), (c) and (d) of Article 1(1).actually or that a waiver from the requirement

2018/02/01
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 2

The liabilities referred to in p~~oints (b) and (c)~~aragraph 1a shall not include debt instruments which are unsecured liabilities, Additional Tier 1 instruments, and Tier 2 instruments. Moreover, they shall be senior to ~~the~~ liabilities w~~hich count towards the minimum requirement for own funds and permissible liabilities~~ith the ranking referred to in Article 108(2)(a), (b) (c) and Article 108(3).

2018/02/01
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 3

The liabilities for which~~, in accordance with~~ the institution or entity referred to in points (b) ~~and (c), do not~~, (c) or (d) of Article 1(1) fails to include the contractual term re~~fer~~quired ~~to in~~in accordance with paragraph 1 shall not be counted towards the minimum requirement for own funds and eligible liabilities.

2018/02/01
Committee: ECON

Esther DE LANGE

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 6 – subparagraph 1

EBA shall develop draft regulatory technical standards in order to specify the conditions under which it would be legally, contractually or, economically or otherwise impracticable for an institution or entity referred to in point (b), (c) or (d) of Article 1(1) to include the contractual term referred to paragraph 1 in certain liabilities~~, and under which a waiver from the requirement referred to in paragraph 1 would not impede the resolvability of that institution or entity~~.

2018/02/01
Committee: ECON

51 Amendments of Esther DE LANGE related to 2016/0362(COD)

ParlTrack - 2011-2024