Proposal for a directive
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g a (new)
Article 45g a Waiver for credit institutions permanently affiliated to a central body The resolution authority may, in accordance with national law, waive the application of Articles 45f or 45g to one or more credit institutions permanently affiliated to a central body, where all the following conditions are met: (a) the credit institutions and the central body are subject to supervision by the same competent authority and are established in the same Member State and are part of the same resolution group; (b) the commitments of the central body and affiliated institutions are joint and several liabilities or the commitments of its affiliated institutions are entirely guaranteed by the central body; (c) the minimum requirement for own funds and eligible liabilities, solvency and liquidity of the central body and of all the affiliated institutions are monitored as a whole on the basis of consolidated accounts of these institutions; (d) the management of the central body is empowered to issue instructions to the management of the affiliated institutions; and, (e) the relevant resolution group complies with the requirement referred to in Article 45f(3); (f) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the central body and the affiliated credit institutions in case of resolution.