83 Amendments of Pablo ZALBA BIDEGAIN related to 2012/0150(COD)
Amendment 387 #
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that each institutionsignificant institution within a group draws up and maintains a recovery plan providing, through measures takena range of potential measures to be evaluated by the management of the institution or by a group entity, for the restoration of its financial situation following significant deterioration. Recovery plans shall be considered as a governance arrangement within the meaning of Article 22 of Directive 2006/48/EC.
Amendment 397 #
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Member States shall ensure that the institutionssignificant institutions within a group update their recovery plans at least annually or after change to the legal or organisational structure of the institution, its business or its financial situation, which could have a material effect on, or necessitates a change to the recovery plan. Competent authorities may require institutionssignificant institutions within a group to update their recovery plans more frequently.
Amendment 400 #
Proposal for a directive
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Recovery plans shall not assume any access to or receipt of extraordinary public financial support but shall include, where applicable, an analysis of how and when an institution significant institution within a group may apply for the use of central bank facilities in stressed conditions and available collateral.
Amendment 407 #
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The competent authorities shall ensure that institutionssignificant institutions within a group include in recovery plans appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options. Competent authorities shall ensure that firms test their recovery plans against a range of scenarios of financial distress, varying in their severity including system wide events, legal-entity specific stress and group-wide stress.
Amendment 417 #
Proposal for a directive
Article 5 – paragraph 6 – subparagraph 1
Article 5 – paragraph 6 – subparagraph 1
With the aim of harmonizing, the EBA, in consultation with the European Systemic Risk Board (ESRB), shall develop draft technical standards specifying the range of scenarios to be included in recovery plans and used for the purposes of paragraph 5 of this Article in accordance with Article 25(3) of Regulation (EU) No 1093/2010.
Amendment 421 #
Proposal for a directive
Article 5 – paragraph 7 a (new)
Article 5 – paragraph 7 a (new)
7a. The resolution college, provided it is composed by the competent authorities of the countries where the group entity mainly operates, shall determine which institutions are deemed "significant" within a group.
Amendment 422 #
Proposal for a directive
Article 5 – paragraph 7 b (new)
Article 5 – paragraph 7 b (new)
7b. EBA shall develop draft regulatory technical standards specifying the meaning of "material effect" referred to in paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 423 #
Proposal for a directive
Article 5 – paragraph 7 c (new)
Article 5 – paragraph 7 c (new)
7c. EBA shall develop draft regulatory technical standards specifying the criteria by which institutions may be required to update their recovery plans more frequently as referred to in paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 424 #
Proposal for a directive
Article 5 – paragraph 7 d (new)
Article 5 – paragraph 7 d (new)
7d. EBA shall develop draft regulatory technical standards specifying the meaning of "significant deterioration" in paragraph 1 that triggers a timely implementation of recovery actions as referred to in paragraph 5. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 435 #
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Where competent authorities assess that there are deficiencies in the recovery plan, or potential impediments to its implementation, they shall notify the institution of their assessment and require the institution to submit, within three six months, a revised plan demonstrating how those deficiencies or impediments have been addressed.
Amendment 439 #
Proposal for a directive
Article 6 – paragraph 4 – introductory part
Article 6 – paragraph 4 – introductory part
4. If the institution fails to submit a revised recovery plan, or if the competent authority determines that the revised recovery plan does not adequately remedy the deficiencies or potential impediments identified in its original assessment, the competent authorities shall require the institution to take any measure it considers necessaryentity's management shall draw up, in consultation with the competent authorities, a mutually agreed framework of measures to ensure that the deficiencies or impediments are removed. In addition to the measures that may be required in accordance with Article 136 of Directive 2006/48/EC, the competent authorities may, in particular, require the institution to take actions to:
Amendment 458 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each significant institution that is part of the group.
Amendment 469 #
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The consolidating supervisor shallmay, provided adequate confidentiality requirements exist, transmit the group recovery plans to the relevant competent authorities referred to in Article 131a of Directive 2006/48/EC and to EBA.
Amendment 474 #
Proposal for a directive
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
The group recovery plan shall include arrangements to ensure the coordination and consistency of measures to be taken at the level of the parent undertaking or relevant institution subject to consolidated supervision, and at the level of the companies referred to in points (c) and (d) of Article 1 as well as measures to be taken at the level of individual institutions. significant institutions within a group.
Amendment 480 #
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The group recovery plan shall include for the whole group and for each of its significant entities the elements and arrangements provided in Article 5. It shall also include, where applicable, arrangements for possible intra-group financial support adopted in accordance with any agreement for group financial support that has been concluded in accordance with Article 16Section D of the Annex.
Amendment 485 #
Proposal for a directive
Article 7 – paragraph 5 – subparagraph 1
Article 7 – paragraph 5 – subparagraph 1
The consolidating supervisor shall ensure that the parent undertaking or the institution subject to consolidated supervision referred to in paragraph 1 provide a range of recovery options setting out actions to address those scenarios provided for in Article 5(5)recovery plans.
Amendment 488 #
Proposal for a directive
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The management body of significant individual entities and the management body of the parent undertaking or institution, both subject to consolidated supervision referred to in paragraph 1 and the management body of institutions that are part of the group, shall approve the respective local recovery plans, as part of the group recovery plan. The management body of the parent undertaking subject to consolidated supervision referred to in paragraph 1 shall approve the group recovery plan before submitting it to the consolidating supervisor.
Amendment 492 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
The consolidating supervisor shall review the group recovery plan, including the recovery plans for significant individual institutions that are part of the group, and assess the extent to which it satisfies the requirements and criteria set out in Articles 6 and 7. That assessment shall be made in accordance with the procedure established in Article 6 and the provisions of this Article.
Amendment 494 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
The consolidating supervisor shall carry out the review and assessment of the group recovery plan, including the recovery plans for significant individual institutions that are part of the group, in consultation and cooperation with the competent authorities referred to in Article 131a of Directive 2006/48/EC. The review and assessment in accordance with Article 6(2) of this Directive of the group recovery plan and, if necessary, the request to take measuresproceed in accordance with Article 6(4) of this Directive shall take the form of joint decisions by the authorities referred to in Article 131a of Directive 2006/48/EC.
Amendment 500 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
In the absence of a joint decision between the competent authorities within four months, the consolidating supervisor shall make its own decision on the review and assessment of the group recovery plan or on the measprocedures required in accordance with Article 6(4). The decision shall be set out in a document containing the fully reasoned decision and should take into account the views and reservations of the other competent authorities expressed during the four-month period. The consolidating supervisor shall notify the decision to the parent undertaking of the institution subject to consolidated supervision and to the other competent authorities.
Amendment 525 #
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Resolution authorities, in consultation with competent authorities and in open dialogue with entities, shall draw up a resolution plan for each significant institution that is not part of a group subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC. The resolution plan shall provide for the resolution actions which the resolution and competent authorities may take where the institution meets the conditions for resolution.
Amendment 541 #
Proposal for a directive
Article 9 – paragraph 4 – point c
Article 9 – paragraph 4 – point c
(c) a demonstration of howthe continuity of critical functions andupon resolution and, if necessary, of how core business lines could be legally and economically separated, to the extent necessary, from other functions so as to ensure continuity on the failure of the institution;
Amendment 554 #
Proposal for a directive
Article 9 – paragraph 5 a (new)
Article 9 – paragraph 5 a (new)
5a. EBA shall develop draft regulatory technical standards specifying the meaning of "material changes" referred to in paragraphs 1 and 4b, and of "material effect" referred to in paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 555 #
Proposal for a directive
Article 9 – paragraph 5 b (new)
Article 9 – paragraph 5 b (new)
5b. EBA shall develop draft implementing technical standards describing the templates and standard forms for the arrangements for ensuring that the information required pursuant to Article 11 is up to date and at the disposal of the resolution authorities at all times. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft technical implementing standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 562 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that resolution authorities draw up group resolution plans. Group resolution plans shall include both a plan for resolution at the level of the parent undertaking or institution subject to consolidated supervision pursuant to Article 125 and 126 of Directive 2006/48/EC and the resolution plans for the individual significant subsidiary institutions drawn up in accordance with Article 9 of this Directive. The group resolution plans shall also include plans for the resolution of the companies referred to in points (c) and (d) of Article 1 and plans for the resolution of institutions with branches in other Member States in compliance with the provisions of Directive 2001/24/EC.
Amendment 571 #
Proposal for a directive
Article 11 – paragraph 3 – point a
Article 11 – paragraph 3 – point a
(a) set out the resolution actions to be taken with regards to the group as a whole or part of the group, including individual significant subsidiaries, both through resolution actions in respect to the companies referred to in Article 1(d), the parent undertaking and significant subsidiary institutions and through coordinated resolution actions in respect of significant subsidiary institutions, in those scenarios provided for in Article 9(2);
Amendment 575 #
Proposal for a directive
Article 11 – paragraph 3 – point c
Article 11 – paragraph 3 – point c
(c) where a group includes significant entities incorporated in third countries, identify arrangements for cooperation and coordination with the relevant authorities of those third countries;
Amendment 587 #
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
Parent undertakings and institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC shall submit the information required in accordance with Article 11 of this Directive to the group level resolution authority. That information shall concern the parent undertaking or institution subject to consolidated supervision and all the legal significant entities that are part of the group. Institutions subject to consolidated supervisions pursuant to Articles 125 and 126 of Directive 2006/48/EC shall also provide the information required pursuant to Article 11 of this Directive concerning the companies referred to in points (c) and (d) of Article 1.
Amendment 588 #
Proposal for a directive
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
The group level resolution authority shallmay, provided adequate confidentiality agreements exist, transmit the information provided in accordance with this paragraph to EBA, to the resolution authorities of the significant subsidiaries institutions, to the relevant competent authorities referred to in Articles 130 and 131a of Directive 2006/48/EC and to the resolution authorities of the Member States where the companies referred to in points (c) and (d) of Article 1 are established.
Amendment 590 #
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Member States shall ensure that group level resolution authorities, acting jointly with the resolution authorities referred to in the second subparagraph of paragraph 1, in resolution colleges and in consultation with the relevant competent authorities, draw up and maintain group resolution plans. Group level resolution authorities may, at their discretion, involve in the drawing up and maintenance of group resolution plans third country resolution authorities of jurisdictions in which the group has established significant subsidiaries or financial holding companies or significant branches as referred to in Article 42a of Directive 2006/48/EC.
Amendment 621 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States shall ensure that resolution authorities, in consultation with competent authorities, assess the extent to which institutions and groups are resolvable without the assumption of extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. An institution or group shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying the different resolution tools and powers to the institution and group without giving rise to significant adverse consequences for the financial systems, including in circumstances of broader financial instability or system wide events, of the Member State in which the institution is situated, having regard to the economy or financial stability in that same or other Member State or the Union and with a view to ensure the continuity of critical functions carried out by the institution or group either because they can be easily separated in a timely manner or by other means.
Amendment 632 #
Proposal for a directive
Article 13 – paragraph 4 a (new)
Article 13 – paragraph 4 a (new)
4a. Competent authorities will not be authorised to request entities to address any of the matters specified in Section C of the Annex until the Commission has adopted the draft regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 638 #
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the resolution authority assesses that the measures proposed by an institution in accordance with paragraph 2 do not effectively reduce or remove the impediments in question, it shall, in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution. Member States shall ensure that resolution authorities, in consultation with competent authorities, draw up a Code of Conduct on the Assessment of Resolvability which establishes (among others) the principles, criteria, management's right to challenge and deadlines on the authorities' measures to proceed to a removal of impediments to resolvability. EBA shall develop draft implementing technical standards describing the content and standard form of the Code of Conduct. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft implementing technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 660 #
Proposal for a directive
Article 14 – paragraph 4 – point g
Article 14 – paragraph 4 – point g
(g) requiring changes to legal or operational structures of the institution sto as to reduce complexity in order to ensure that critical functions may be legally and economically separated from othersafeguard the continuity of critical functions through the application of the resolution tools;
Amendment 677 #
Proposal for a directive
Article 14 – paragraph 6 – introductory part
Article 14 – paragraph 6 – introductory part
6. A notification within the Code of Conduct on the Assessment of Resolvability made pursuant to paragraph 1 or 3 shall meet the following requirements:
Amendment 690 #
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The group level resolution authorities and the resolution authorities of the subsidiarieinstitutions, in consultation with the relevant competent authorities, shall consult each other within the resolution college and shall take all reasonable steps to reach a joint decision in regards to the application of measures identified in accordance with Article 14(3).
Amendment 696 #
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The group level resolution authority, in cooperation with the consolidating supervisor and EBA in accordance with Article 25(1) of Regulation (EU) No 1093/2010, shall prepare and submit a report to the parent undertakings or institution subject to consolidated supervision and to the resolution authorities of the subsidiarieinstitutions. The report shall be prepared in consultation with the competent authorities, and shall analyse the substantive impediments to the effective application of the resolution tools and the exercising of the resolution powers in relation to the group. The report shall also recommend any measures that, in the authorities' view, are necessary or appropriate to remove those impediments.
Amendment 716 #
Proposal for a directive
Article 15 – paragraph 6 – subparagraph 2
Article 15 – paragraph 6 – subparagraph 2
The decision shall be set out in a documentCode of Conduct on the Assessment of Resolvability containing a full reasoning and shall take into account the views and reservations of the other resolution authorities expressed during the four months period. The decision shall be provided to the parent undertaking or institution which is subject to consolidated supervision by the group level resolution authority.
Amendment 728 #
Proposal for a directive
Article 15 – paragraph 6 – subparagraph 4
Article 15 – paragraph 6 – subparagraph 4
Where, at the end of the four-month period, any of the resolution authorities concerned has referred the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the group level resolution authority shall defer its decision and await any decision that EBA may take in accordance with Article 19(3) of that Regulation. EBA shall take its decision within one month and the four-month period shall be deemed the conciliation period within the meaning of that Regulation. The subsequent decision of the group level resolution authority shall be in conformity with the decision of EBA and set out in a Code of Conduct on the Assessment of Resolvability. The matter shall not be referred to EBA after the end of the four month period or after a joint decision has been reached.
Amendment 729 #
Proposal for a directive
Article 15 – paragraph 6 a (new)
Article 15 – paragraph 6 a (new)
6a. EBA shall develop draft implementing technical standards describing the content and standard form of the Code of Conduct on the Assessment of Resolvability which establishes (among others) the principles, criteria, management's right to challenge and deadlines on the authorities' measures to proceed to a removal of impediments to resolvability. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft implementing technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 739 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1 a (new)
Article 16 – paragraph 1 – subparagraph 1 a (new)
A group financial support agreement shall not constitute a prerequisite: (a) to provide group financial support to any group entity that experiences financial difficulties if the institution decides to do so, on a case-by-case basis and according to the group policies if it does not represent a risk for the whole group. (b) to operate in a Member State or third country, even if requested by their competent authorities.
Amendment 741 #
Proposal for a directive
Article 16 – paragraph 3 – subparagraph 1 a (new)
Article 16 – paragraph 3 – subparagraph 1 a (new)
Where in accordance with the terms of the agreement, a subsidiary agrees to provide financial support to the parent undertaking so that the parent undertaking in turn can provide this financial support to another subsidiary that experiences financial difficulties, the agreement shall include a reciprocal agreement by the subsidiary that experiences financial difficulties to provide financial support to the parent undertaking to reimburse the original subsidiary that provided the financial support.
Amendment 744 #
Proposal for a directive
Article 16 – paragraph 6 a (new)
Article 16 – paragraph 6 a (new)
6a. Financial transactions that are part of the group's day-to-day business operations are excluded from the group financial support framework.
Amendment 746 #
Proposal for a directive
Article 16 – paragraph 6 b (new)
Article 16 – paragraph 6 b (new)
6b. Financial transactions that are not part of the Group's day-to-day business operations are excluded from the group financial support framework.
Amendment 766 #
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States mayust require that any proposed agreement that has been authorised by the competent authorities be submitted for approval to the shareholders meeting of every group entity that proposes to enter into the agreement. In this case, the agreement shall be valid only in respect of those parties whose shareholders' meeting has approved the agreement.
Amendment 768 #
Proposal for a directive
Article 18 – paragraph 2
Article 18 – paragraph 2
Amendment 770 #
Proposal for a directive
Article 18 – paragraph 3 a (new)
Article 18 – paragraph 3 a (new)
3a. The group support agreement must be submitted for approval to the shareholders meeting of every group entity that proposed to enter into the agreement on an annual basis. The agreement shall be valid only in respect of those parties whose shareholders' meeting approve the agreement.
Amendment 773 #
Proposal for a directive
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. Financial support may only be provided in accordance within a group financial support agreement may only be provided if the following conditions are met:
Amendment 777 #
Proposal for a directive
Article 19 – paragraph 1 – point f a (new)
Article 19 – paragraph 1 – point f a (new)
(fa) The prudential rules on capital consumption and large exposures apply both for the lender of financial support and the recipient.
Amendment 1056 #
Proposal for a directive
Article 37 – paragraph 2 – introductory part
Article 37 – paragraph 2 – introductory part
2. Member States shall ensure that before resolution authorities may apply the bail-in tool f, a proper assessment of the potential impact on the stability of the financial system in the Member States concerned but also in the rest of the European Union has been carried out. The resolution authorities shall have the possibility to make partial use only of the bail-in tool as long as it respects the waterfall creditors' hierarchy, or to decide not to apply it, according with the economic and financial overall context. For either of the following purposes:
Amendment 1066 #
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 1a (new)
Article 37 – paragraph 3 – subparagraph 1a (new)
Only after Member States have evaluated the resolution tools referred to in points (a), (b) and (c) of subparagraph 2 of Article 31, and the aforementioned evaluation of each one, or of a combination of these, reveals they are insufficient to restore the viability of an institution, shall resolution authorities apply the bail-in tool for the purposes referred to in points (a) and (b) of Article 37.
Amendment 1067 #
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2
Article 37 – paragraph 3 – subparagraph 2
Amendment 1080 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) deposits that are guaranteed in accordance with Directive 94/19/EC;All covered deposits in accordance with Directive 94/19/EC. As provided in paragraph 1 of Article 99, the deposit guarantee scheme to which the institution is affiliated shall be liable, up to the amount of covered deposits, for the amount of losses that it would have had to bear if the institution had been wound up under normal insolvency procedures and for the purpose of recapitalization through the exercise of conversion powers by resolution authorities for the amount that covered deposits would have had to bear if they had not been excluded from the bail-in tool.
Amendment 1100 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) all other liabilities with an original maturity of less than one month;
Amendment 1107 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d a (new)
Article 38 – paragraph 2 – subparagraph 1 – point d a (new)
(d a) derivatives of all maturities;
Amendment 1128 #
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1137 #
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1154 #
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficient aggregate amount of own funds and eligible liabilities expressed as a percentage of the total liabilities of the institution that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC.
Amendment 1168 #
Proposal for a directive
Article 39 – paragraph 3 – introductory part
Article 39 – paragraph 3 – introductory part
3. The minimum aggregate amount pursuant to paragraph 1 shall be determined on the basis of the following criteria:
Amendment 1185 #
Proposal for a directive
Article 39 – paragraph 6
Article 39 – paragraph 6
6. Resolution authorities shall inform EBA of the minimumaggregate amount they have determined for each institution under their jurisdiction. EBA shall report to the Commission by 1 January 2018 at the latestwithin 12 months from the date of entry into force of this Directive on the implementation of the requirement under paragraph 1. In particular EBA shall report to the Commission whether there are divergences regarding the implementation at national level of that requirement.
Amendment 1195 #
Proposal for a directive
Article 39 – paragraph 7
Article 39 – paragraph 7
7. The Commission shall, by means of delegated acts in accordance with Article 103, adopt measures to specify the criteria provided for in points (a) to (e) of paragraph 3 with possible references to different categories of institutions and related ranges of percentages.
Amendment 1201 #
Proposal for a directive
Article 40 – paragraph 1 – introductory part
Article 40 – paragraph 1 – introductory part
1. Resolution authorities may choose to apply the minimum requirement established in Article 39(1) and (3) on a consolidated basis to groups which are subject to consolidated supervision, provided that the following conditions are satisfied:
Amendment 1203 #
Proposal for a directive
Article 40 – paragraph 1 – point a
Article 40 – paragraph 1 – point a
(a) the percentageaggregate amount referred to in Article 39(1) is calculated on the basis of the consolidated level of the liabilities and of the own funds held by the group;
Amendment 1206 #
Proposal for a directive
Article 40 – paragraph 1 – point d
Article 40 – paragraph 1 – point d
(d) each institution, which is a subsidiary, shall comply with the minimumaggregate amount requirement set out in Article 39, paragraph 1. However, by way of exemption from the second subparagraph of Article 39(4),, liabilities which are held by the parent undertaking or the company referred to in points (c) or (d) of Article 1 shall be included in the aggregate amount of own funds and eligible liabilities that the subsidiary is required to maintain pursuant to Article 39(1);
Amendment 1209 #
Proposal for a directive
Article 40 – paragraph 3
Article 40 – paragraph 3
3. Resolution authorities shall take the decision to apply the minimumaggregate amount requirement on a consolidated basis pursuant to paragraph 1 of this Article in the course of developing and maintaining resolution plans pursuant to Article 9 of this Directive. For groups subject to consolidated supervision in accordance with Articles 125 and 126 of Directive 2006/48/EC, resolution authorities shall take the decision to apply the minimum requirement on a consolidated basis in accordance with the procedure laid down in Article 12 of this Directive.
Amendment 1228 #
Proposal for a directive
Article 43 – paragraph 1 – point d
Article 43 – paragraph 1 – point d
(d) if, and only if, the total reduction of liabilities pursuant to points (a), (b) or (c) of this paragraph is less than the aggregate amount, authorities reduce the principal amount of, or outstanding amount payable in respect of, the rest of eligible liabilities, pursuant to Article 38, that are senior debt to the extent required, in conjunction with the write down pursuant to points (a), (b) or (c) of this paragraph to produce the aggregate amount. At this point the deposit guarantee scheme to which the institution is affiliated ranks pari passu with senior debt and is liable, up to the amount of covered deposits, for the amount of losses it would have had to bear if the institution had been wound up under normal insolvency proceedings and for the purpose of recapitalization through the exercise of conversion powers by resolution authorities for the amount that covered deposits would have had to bear if they had not been excluded from the bail- in tool.
Amendment 1235 #
Proposal for a directive
Article 43 – paragraph 4 a (new)
Article 43 – paragraph 4 a (new)
4 a. When deciding on whether liabilities shall be written down or be converted to equity, resolution authorities may respect the terms agreed in the issuance.
Amendment 1237 #
Proposal for a directive
Article 44
Article 44
Amendment 1244 #
Proposal for a directive
Article 45 – paragraph 3
Article 45 – paragraph 3
3. The conversion rate applicable to senior liabilities, and to the deposit guarantee scheme to which the institution is affiliated, shall be higher than the conversion rate applicable to subordinated liabilities, where that is appropriate to reflect the priority of senior liabilities and covered deposits in winding up under applicable insolvency law.
Amendment 1600 #
Proposal for a directive
Article 99 – paragraph 1
Article 99 – paragraph 1
1. Member States shall ensure that, where the resolution authorities take resolution action, and provided that this action ensures that depositors continue having access to their deposits, the deposit guarantee scheme to which the institution is affiliated is liable, up to the amount of covered deposits, for the amount of losses that it would have had to bear if the institution had been wound up under normal insolvency proceedings and for the purpose of recapitalization through the exercise of conversion powers by resolution authorities for the amount that covered deposits would have had to bear if they had not been excluded from the bail- in tool.
Amendment 1605 #
Proposal for a directive
Article 99 – paragraph 2
Article 99 – paragraph 2
2. Member States shall ensure that, under the national law governing normal insolvency proceedings and Article 43 of this Directive, the deposit guarantee schemes rank pari passu with unsecured non- preferred claims.
Amendment 1664 #
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 3
Annex 1 – section 1 – paragraph 1 – point 3
(3) a communication and and EBA- harmonized disclosure plan outlining how the firm intends to manage any potentially negative market reactions;
Amendment 1666 #
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 7
Annex 1 – section 1 – paragraph 1 – point 7
Amendment 1667 #
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 8
Annex 1 – section 1 – paragraph 1 – point 8
(8) a detailed description of the processes for determining the effectiveness and viability value and marketability of the core business lines, operations and assets of the institutiorange of potential measures included in the recovery plan;
Amendment 1672 #
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 15
Annex 1 – section 1 – paragraph 1 – point 15
Amendment 1674 #
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 16
Annex 1 – section 1 – paragraph 1 – point 16
Amendment 1675 #
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 19 a (new)
Annex 1 – section 1 – paragraph 1 – point 19 a (new)
(19 a) EBA shall develop draft regulatory technical standards specifying the meaning of the terms "material changes" referred to in paragraph 2, and of "material impediment" referred to in paragraph 6. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1677 #
Proposal for a directive
Annex 1 – section 2 – paragraph 1 – point 20
Annex 1 – section 2 – paragraph 1 – point 20
Amendment 1678 #
Proposal for a directive
Annex 1 – section 2 – paragraph 1 – point 21
Annex 1 – section 2 – paragraph 1 – point 21
Amendment 1680 #
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 10
Annex 1 – section 3 – paragraph 1 – point 10
(10) The extent to which the institution or the group has tested its management information systems under stress scenarios defined by the resolution authority. EBA shall develop draft regulatory technical standards on stress scenarios. EBA shall submit those regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1682 #
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 19
Annex 1 – section 3 – paragraph 1 – point 19
Amendment 1683 #
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 20
Annex 1 – section 3 – paragraph 1 – point 20
Amendment 1684 #
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 23
Annex 1 – section 3 – paragraph 1 – point 23
(23) The arrangements and means through which resolution could be facilitated in the cases of groups that have subsidiarentities established in different jurisdictions.