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46 Amendments of Peter SIMON related to 2015/0270(COD)

Amendment 112 #
Peter SIMON
Proposal for a regulation
Recital 5
(5) In June 2015, the Five Presidents Report on Completing Europe’s Economic and Monetary Union pointed out that a single banking system can only be truly single if confidence in the safety of bank deposits is the same irrespective of the Member State in which a bank operates. This requires single bank supervision, single bank resolution and single deposit insurance. The Five Presidents report therefore proposed to complete the Banking Union by establishing a European Deposit Insurance Scheme (EDIS), the third pillar of a fully-fledged Banking Union alongside bank supervision and resolution, which should be completed with a final fiscal safeguard at the European Stability Mechanism. Concrete steps in that direction should already be taken as a priority, with a re-insurance system at the European level for the national deposit guarantee schemes as a first step towards a fully mutualised approach. The scope of this reinsurance system should coincide with that of the SSM.
2016/12/20
Committee: ECON
Amendment 158 #
Peter SIMON
Proposal for a regulation
Recital 15 a (new)
(15a) It should be possible for the DIF and the participating DGSs to withdraw from a purely paybox system function and use the available financial resources for alternative measures to avoid compensation cases and the related costs, reimbursing depositors or potential risks to financial stability. These measures must be carried out within a clearly defined legal framework and the participating DGSs must be equipped with the appropriate structures and competences, so that they can plan and carry out such measures effectively and recognise potential risks. The implementation of such alternative measures should take place in accordance with Directive 2014/49/EU. The alternative measures taken to prevent a pay-out situation may not exceed the cost of fulfilling the legal or contractual mandate of the DGS and must be initiated by the DGS in consultation with the Board. Before a participating DGS may use financial resources for a compensation case, it is obligated, in consultation with the board, to carry out an ex-ante assessment of whether a pay- out situation can be prevented through the use of appropriate and cost-efficient alternative measures under Article 11 of Directive 2014/49/EU.
2016/12/20
Committee: ECON
Amendment 176 #
Peter SIMON
Proposal for a regulation
Recital 18
(18) EDIS should be established in three sequentialwo stages, first a reinsurance scheme that covers an increasing share of the liquidity shortfall and of the excess losses of participating DGSs, followed by a co- and an insurance scheme that covers a gradually increasing share of the liquidity shortfall and losses of participating DGSs and eventually resulting in a full insurance scheme that covers all liquidity needs andexcess losses of participating deposit guarantee schemeDGSs.
2016/12/20
Committee: ECON
Amendment 191 #
Peter SIMON
Proposal for a regulation
Recital 20
(20) As the Deposit Insurance Fund, in the re-insurance stage, would only provide an additional source of funding and would only weaken the link between banks and their national sovereign, without however ensuring that all depositors in the Banking Union enjoy an equal level of protection, the reinsurance stage should, after three years, gradually progress into a co-insurance scheme and ultimately into a fully mutualised deposit insurance scheme.deleted
2016/12/20
Committee: ECON
Amendment 202 #
Peter SIMON
Proposal for a regulation
Recital 21
(21) While the reinsurance and coinsurance stages would share many common features, ensuring a smooth gradual evolution, pay-outs under the co- insurance stage would be shared between national DGS and the Deposit Insurance Fund as of the first euro of loss. The relative contribution from the Deposit Insurance Fund would gradually increase to 100 percent, resulting in the full mutualisation of depositor risk across the Banking Union after four years.deleted
2016/12/20
Committee: ECON
Amendment 233 #
Peter SIMON
Proposal for a regulation
Recital 26
(26) Contributions would be directly levied on bankparticipating DGSs to finance the Deposit Insurance Fund. The Board would collect the contributions and administer the Deposit Insurance Fund, while national DGSs would continue to collect national contributions and administer national funds using their own methodology. In order to ensure fair and harmonised contributions for participating bankDGSs and provide incentives to operate under a model which presents less risk, both contributions to EDIS and to national DGS should be calculated on the basis of covered deposits and a risk-adjustment factor per bank. During the re-insurance period the risk-adjustment factor should consider the degree of risk incurred by a bank relative to all other banks affiliated to the same participating DGS. Once the stage of co-insurance is reached, the risk- adjustment factor should consider the degree of risk incurred by a bank relative to all other bankparticipating DGS. Furthermore, risk- based contributions for each participating DGS should be calculated in accordance with the provisions in Article 13(2) of Directive 2014/49/EU and the EBA “Guidelines on methods for calculating contributions to deposit guarantee schemes”. During both stages, the risk- adjustment factor should consider the degree of risk incurred by a participating DGS and its affiliated credit institutions relative to all other participating DGSs and their affiliated credit institutions established in the participating Member States. This would ensure that, overall, EDIS is cost-neutral for banks and national DGSs and avoid any redistribution of contributions during the build-up phase of the Deposit Insurance Fund.
2016/12/20
Committee: ECON
Amendment 255 #
Peter SIMON
Proposal for a regulation
Recital 29
(29) The initial and final target level of the Deposit Insurance Fund should be established as a percentage of the total minimum target levels of participating DGSs. It should progressively reach 20% of four ninth of the total minimum target levels by the end of the reinsurance period and the sum of all minimum target levels by the end of the co-insurance periodThe target level of the Deposit Insurance Fund should reach 50 % of the total minimum target levels that participating DGSs are to reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU. The possibility to apply for approval to authorise a lower target level in accordance with Article 10(6) of Directive 2014/49/EU should not be considered when setting the initial or final target levels of the Deposit Insurance Fund. An appropriate time frame should be set to reach the target level for the Deposit Insurance Fund.
2016/12/20
Committee: ECON
Amendment 328 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Regulation (EU) No 806/2014
Article 3 – paragraph 1 – point 57 a (new)
57a. “Measures to preserve the access of depositors to covered deposits in the context of national insolvency proceedings” all measures to preserve access to covered deposits, including the transfer of assets and liabilities and deposit book transfer in the context of national insolvency proceedings under Article 11(6) of Directive 2014/49/EU.
2016/12/20
Committee: ECON
Amendment 350 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 -a (new)
Article 41 -a Prior to the start of a reinsurance phase, steps must be taken to ensure that all participating DGSs may use their available financial resources to fund alternative measures taken pursuant to Articles 11(3)(a)-(f) and 11(6) of Directive 2014/49/EU.
2016/12/21
Committee: ECON
Amendment 360 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
(1) As from the date of application set out in Article 99(5a), pParticipating DGSs are reinsured by EDIS in accordance with this Chapter for a period of threat least five years (‘'reinsurance period’)'), from 1 January 2019 to the commencement of the insurance period referred to in Chapter 3.
2016/12/21
Committee: ECON
Amendment 367 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 2
(2) In case a participating DGS (2) encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may claim funding from the DIF of up to 20% of its liquidity shortfall as set out in Article 41b, the Board shall first check whether the following conditions have been met: (a) that before requesting funding to cover a payout event the participating DGS has assessed the scope for using alternative measures pursuant to Article 41ja(5); (b) that if the participating DGS has already taken alternative measures at an earlier juncture, but after the start of EDIS, it has complied with and implemented the decision taken in conjunction with the Board concerning the implementation of such measures pursuant to Article 41ja(1); (c) that the payout event could not have been prevented by taking alternative and cost-effective measures pursuant to Article 11(3) of Directive 2014/49/EU. If the Board finds that at least one of the conditions set out in points (a) to (c) has not been met, the participating DGS may use only those financial resources which it itself has set aside at national level pursuant to Article 41j(1) or in individual risk-weighted subfunds pursuant to Article 74b(1a) in order to cover the liquidity shortfall created by the payout event. The use of financial resources from the joint risk-based subfund shall not be permissible in such cases.
2016/12/21
Committee: ECON
Amendment 371 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a - paragraph 2 a (new)
(2a) In case a participating DGS encounters a payout event in the context of national insolvency proceedings, and provided that the conditions set out under points (a) - (c) of paragraph 2 have been met, the participating DGS shall, in conjunction with the Board, also verify that the following conditions have been met: (a) that measures can be taken to safeguard depositors’ access to covered deposits, including the transfer of assets and liabilities and deposit book transfer to another credit institution in the participating DGS pursuant to Article 11(6) of Directive 2014/49/EU; (b) that the cost of measures to safeguard depositors’ access to covered deposits, including the transfer of assets and liabilities and deposit book transfer to another credit institution in the participating DGS pursuant to Article 11(6) of Directive 2014/49/EU, are lower than the cost of a payout to meet the legal or contractual requirements applicable to the DGS in the context of the payout event in question. If the participating DGS, acting in conjunction with the Board, takes the view that the conditions set out in points (a) and (b) have been met, it shall be required to take measures to transfer assets and liabilities and deposit book transfer to another credit institution in the participating DGS pursuant to Article 11(6) of Directive 2014/49/EU, rather than making a payment to meet the legal or contractual requirements applicable to it in the context of the payout event in question. In such cases the participating DGS may claim funding from the DIF for its liquidity shortfall. The share of liquidity shortfall coverage a participating DGS may claim from the DIF is laid down in paragraph 2c.
2016/12/21
Committee: ECON
Amendment 375 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a - paragraph 2 b (new)
(2b) If the DGS is used to fund measures to safeguard access to covered deposits in the context of national insolvency proceedings, or in resolution pursuant to Rule 79, it may claim its liquidity shortfall from the DIF as provided for in Article 41b. The share of liquidity shortfall coverage a participating DGS may claim from the DIF is laid down in paragraph 2c.
2016/12/21
Committee: ECON
Amendment 376 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a - paragraph 2 c (new)
(2c) The share of coverage under paragraph 2 shall increase during the reinsurance period as follows: – in the first year of the reinsurance period it shall be 20%; – in the second year of the reinsurance period it shall be 40%; – in the third year of the reinsurance period it shall be 60%; – in the fourth year of the reinsurance period it shall be 80%; – in the fifth and subsequent years of the reinsurance period it shall be 100%.
2016/12/21
Committee: ECON
Amendment 380 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a - paragraph 3
(3) The DIF shall also cover 20% of the excess loss of the participating DGS as set out in Article 41c. The participating DGS shall repay the amount of funding it obtained under paragraph 2 of this Article, less the amount of excess loss cover, in accordance with the procedure set out in Article 41o.deleted
2016/12/21
Committee: ECON
Amendment 389 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41b - paragraph 1
(1) In case the participating DGS encounters a payout event, even though it has complied with paragraphs 2 and 2a of Article 41a, its liquidity shortfall shall be calculated as the total amount of covered deposits within the meaning of Article 6(1) of the Directive 2014/49/EU that is held by the credit institution at the time of the payout event less:
2016/12/21
Committee: ECON
Amendment 392 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41b - paragraph 1 a (new)
(1a) If the participating DGS is used to fund measures to safeguard depositors’ access to covered deposits in the context of national insolvency proceedings, its liquidity shortfall shall be calculated as the costs incurred by the DGS, which, pursuant to Article 11(6) of Directive 2014/49/EU, may not exceed the cost of paying out the covered deposits for the institution concerned, less a) the amount of available financial means the participating DGS should have at the time of the payout event if it had raised ex-ante contributions in accordance with Article 41j; b) the amount of extraordinary contributions as defined in Article 10(8) of Directive 2014/49/EU the participating DGS can raise within three days from the payout event.
2016/12/21
Committee: ECON
Amendment 393 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41b - paragraph 1 b (new)
(1b) If the participating DGS is used to fund alternative measures pursuant to Article 41ja, its liquidity shortfall shall be calculated as the costs incurred by the DGS, which, pursuant to Article 11(6) of Directive 2014/49/EU, may not exceed the cost of paying out the covered deposits for the institution concerned, less the amount of available financial means the participating DGS should have at the time of the payout event if it had raised ex-ante contributions in accordance with Article 41j;
2016/12/21
Committee: ECON
Amendment 396 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41c
(1) encounters a payout event, its excess loss shall be calculated as the total amount it repaid to depositorArticle 41c deleted Excess loss iIn accordance with Article 8 of Directive 2014/49/EU less: a) the amount the participating DGS recovered from subrogating to the rights of depositors in winding up or reorganisation proceedings under the first sentence of Article 9(2) of Directive 2014/49/EU; b) means the participating DGS should have at the time of the payout evecase the participating DGS the amount of available financial the amount iof it had raised ex-ante contributions in accordance with Article 41j; c) contributions the participating DGS may raise in accordance with the first sentence of the first subparagraph of Article 10(8) of Directive 2014/49/EU within one calendar year, which shall contain the amount raised in accordance with point (b) of Article 41b(1) of this Regulation. (2) participating DGS are used in resolution proceedings, its excess loss shall be the amount determined by the resolution authority in accordance with Article 79 less: a) participating DGS was paid in accordance with Article 75 of Directive 2014/59/EU; b) means the participating DGS should have at the time of the determination if it had raised ex-ante contributions in accordance with Article 41j.ex-post In case the funds of the the amount of any difference the the amount of available financial
2016/12/21
Committee: ECON
Amendment 403 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 2
[...]Chapter 2 deleted Co-insurance
2016/12/21
Committee: ECON
Amendment 428 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 3 – title
Full insurance Insurance
2016/12/21
Committee: ECON
Amendment 440 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h – Paragraph 2
(2) In case a participating DGS encounters a payout event or is used in resolution in accordance with, the Board shall first check whether the following conditions have been met: (a) that before requesting funding to cover a payout event the participating DGS has assessed the scope for employing alternative measures pursuant to Article 41ja(5); (b) that if the participating DGS has already taken alternative measures at an earlier juncture, but after the start of EDIS, it has complied with and implemented the decision taken in conjunction with the Board concerning the implementation of such measures pursuant to Article 41ja(1); (c) that the payout event could not have been prevented by taking alternative and cost-effective measures pursuant to Article 1091(3) of Directive 2014/549/EU or Article 79 of this Regulation, it may claim funding from the DIF for its liquidity need as defined by Article 41f of this Regulation. . If the Board finds that at least one of the conditions set out in points (a) to (c) has not been met, the participating DGS may use only those financial resources which it itself has set aside at national level pursuant to Article 41j(1) or in individual risk-weighted subfunds pursuant to Article 74b(1a) in order to cover the liquidity shortfall created by the payout event. The use of financial resources from the joint risk-based subfund shall not be permissible in such cases.
2016/12/21
Committee: ECON
Amendment 443 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h - paragraph 2 a (new)
(2a) In case a participating DGS encounters a payout event in the context of national insolvency proceedings, and provided that the conditions set out under points (a) - (c) of paragraph 2 have been met, the participating DGS shall, in conjunction with the Board, also verify that the following conditions have been met: (a) that measures can be taken to safeguard depositors’ access to covered deposits, including the transfer of assets and liabilities and deposit book transfer to another credit institution in the participating DGS pursuant to Article 11(6) of Directive 2014/49/EU; (b) that the cost of measures to safeguard depositors’ access to covered deposits, including the transfer of assets and liabilities and deposit book transfer to another credit institution in the participating DGS pursuant to Article 11(6) of Directive 2014/49/EU, are lower than the cost of a payout to meet the legal or contractual requirements applicable to the DGS in the context of the payout event in question. If the participating DGS, acting in conjunction with the Board, takes the view that the conditions set out in points (a) and (b) have been met, it shall be required to take measures to transfer assets and liabilities and deposit book transfer to another credit institution in the participating DGS pursuant to Article 11(6) of Directive 2014/49/EU, rather than making a payment to meet the legal or contractual requirements applicable to it in the context of the payout event in question. In that event, the participating DGS can claim from the DIF funding for its liquidity shortfall pursuant to Article 41b or funding for part of its excess loss pursuant to Article 41ha.
2016/12/21
Committee: ECON
Amendment 444 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h - paragraph 2 b (new)
(2b) In case a participating DGS encounters a payout event after complying with paragraphs 2 and 2a of this article, or if the DGS is used to fund measures to safeguard access to covered deposits in the context of national insolvency proceedings, or, pursuant to Article 79, is used in resolution, it may claim from the DIF funding for its liquidity shortfall as calculated pursuant to Article 41b of this Regulation. The share of liquidity shortfall coverage a participating DGS may claim from the DIF shall be 100%.
2016/12/21
Committee: ECON
Amendment 445 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h - paragraph 3
(3) The DIF shall also cover the lossIn case a participating DGS encounters a payout event after complying with paragraphs 2 and 2a of the pis articipatingle, or if the DGS ais defined by Article 41g. The participating DGS shall repay the amount of funding it obtained under paragraph 2, less the amount of loss cover, in accordance with the procedure set out inused to fund measures to safeguard access to covered deposits in the context of national insolvency proceedings, or, pursuant to Article 79, is used in resolution, it may claim from the DIF funding for its liquidity shortfall as calculated pursuant to Article 41ha of this Regulation. The share of excess loss coverage a participating DGS may claim from the DIF is laid down in paragraph 3a of this Article 41o.
2016/12/21
Committee: ECON
Amendment 448 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41h - paragraph 3 a (new)
(3a) The share of coverage under paragraph 3 shall increase during the insurance period as follows: – in the first year of the insurance period it shall be 20%; – in the second year of the insurance period it shall be 40%; – in the third year of the insurance period it shall be 60%; – in the fourth year of the insurance period it shall be 80%; - in the fifth and subsequent years of the insurance period it shall be 100%.
2016/12/21
Committee: ECON
Amendment 451 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 h a (new)
Article 41 ha Excess loss (1) In case the participating DGS encounters a payout event, its excess loss shall be calculated as the total amount it repaid to depositors in accordance with Article 8 of Directive 2014/49/EU less: a) the amount the participating DGS recovered from subrogating to the rights of depositors in winding up or reorganisation proceedings under the first sentence of Article 9(2) of Directive 2014/49/EU; b) the amount of available financial means the participating DGS should have at the time of the payout event if it had raised ex-ante contributions in accordance with Article 41j; (2c) the amount of extraordinary contributions as defined in Article 10(8) of Directive 2014/49/EU the participating DGS can raise within three days from the payout event. (2) If the participating DGS is used to fund measures to safeguard depositors’ access to covered deposits in the context of national insolvency proceedings, its excess loss shall be calculated as the costs incurred by the DGS, which, pursuant to Article 11(6) of Directive 2014/49/EU, may not exceed the cost of paying out the covered deposits for the institution concerned, less a) the amount the participating DGS recovered from subrogating to the rights of depositors in winding up or reorganisation proceedings under the first sentence of Article 9(2) of Directive 2014/49/EU; b) the amount of available financial means the participating DGS should have at the time of the payout event if it had raised ex-ante contributions in accordance with Article 41j; (2c) the amount of extraordinary contributions as defined in Article 10(8) of Directive 2014/49/EU the participating DGS can raise within three days from the payout event.
2016/12/21
Committee: ECON
Amendment 479 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41j - paragraph 1
(1) A participating DGS shall only be reinsured, co-insured or fully insured by EDIS during the year following any of the dates set out below, if, by that date, its available financial means raised by contributions referred to in Article 10(1) of Directive 2014/49/EU amount to at least the following percentages of the total amount of covered deposits of all credit institutions affiliated to the participating DGS: – by 3 July 2017: 0.1405%; – by 3 July 2018: 0.210%; – by 3 July 2019: 0.2815%; – by 3 July 2020: 0.280%; – by 3 July 2021: 0.26 5%; – by 3 July 2022: 0.230%; – by 3 July 2023: 0.1135%; – by 3 July 2024: 0.40%.
2016/12/21
Committee: ECON
Amendment 506 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41j a (new)
Article 41ja (new) Alternative measures (1) Acting in coordination with the Board, the participating DGS shall take a decision on the use of alternative measures pursuant to Article 11(3) of Directive 2014/49/EU and on the requirements to be met by the credit institution. (2) Paragraph 1 notwithstanding, institutional protection schemes pursuant to Article 1(2c) of Directive 2014/49/EU shall take a decision on the use of alternative measures, in coordination with the national resolution authority and the competent national authority. (3) Alternative measures must be such as to prevent a payout event and their cost may not exceed that of fulfilling the legal or contractual requirements applicable to the DGS. (4) Subject to strict compliance with the criteria set out in paragraphs 1 to 3, alternative measures may be funded from the financial means available to the participating DGS at national level and, in the event of a liquidity shortfall pursuant to Article 41b(1b), from the resources of the DIF in accordance with the liability cascade set out in Article 74a(3b). (5) Before a participating DGS can draw on financial resources for a payout event, it shall be required to carry out, in coordination with the Board, checks to determine whether the use of appropriate and cost-effective alternative measures pursuant to Article 11 of Directive 2014/49/EU can obviate the need for a payout. (6) If financial resources available at national level are used to fund alternative measures pursuant to paragraphs 1 and 2 of this Article, the affiliated credit institutions shall make the resources used to fund the alternative measures available to the DGS immediately - if necessary in the form of extraordinary contributions - if investors have to be compensated and if, at the time the payout is made, the financial resources available to the DGS at national level amount to less than two- thirds of the target level set pursuant to Article 41j(1).
2016/12/21
Committee: ECON
Amendment 573 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 1
(1) The DIF is hereby established. It shall be filled by risk-based contributions owed to the Board by credit institutions affiliated to participating DGSs. The risk-based contributions shall be calculated and invoiced, on behalf of the Board, by participating DGSs by the Board.
2016/12/21
Committee: ECON
Amendment 575 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a - paragraph 1 a (new)
(1a) The risk-based contributions owed by credit institutions to participating DGSs shall be calculated and invoiced by the participating DGSs.
2016/12/21
Committee: ECON
Amendment 584 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 3 a (new)
(3a) The DIF shall consist of: (a) individual risk-based subfunds, which are to be filled by each participating DGS; (b) a joint risk-based subfund, which is to be filled by all participating DGSs.
2016/12/21
Committee: ECON
Amendment 586 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 3 b (new)
(3b) When liquidity shortfall as set out in Article 41b or excess loss as set out in Article 41h and Article 41ha is made available to a participating DGS, this shall be financed from: (a) firstly, the individual risk-based subfund of the participating DGS that receives the support after all available funds set aside by the participating DGS at national level in accordance with the funding path set out in Article 41j(1) have been exhausted; (b) secondly, once the individual risk- based subfund referred to in subparagraph (a) is exhausted, the joint risk-based subfund; (c) thirdly, once the joint risk-based subfund falls below 50% of the target level set out in Article 74b(1b), funds from a fiscal backstop provided by the European Stability Mechanism in accordance with Article 74h; (d) fourthly, where the joint risk-based subfund and the funding from the fiscal backstop are exhausted, the individual risk-based subfunds of all other participating DGSs, proportionate to the level of covered deposits of the participating DGSs. The use of financial resources from other DGSs’ remaining funds at national level as referred to in Article 41j(1) shall not be permissible;
2016/12/21
Committee: ECON
Amendment 594 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b – paragraph 1
(1) By the end of the reinsurance period3 July 2024 the available financial means of the DIF shall reach an initial target level of 20% of four ninth of the sum of the50 % of the aggregated minimum target levels that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
2016/12/21
Committee: ECON
Amendment 604 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b - paragraph 1 a (new)
(1a) The target level for each individual risk-based subfund shall be equal to 25% of the minimum target level that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
2016/12/21
Committee: ECON
Amendment 606 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b - paragraph 1 b (new)
(1b) The target level for the joint risk- based subfund shall be equal to 25% of the aggregated minimum target level that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
2016/12/21
Committee: ECON
Amendment 609 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b - paragraph 1 c (new)
(1c) The individual risk-based subfunds and the joint risk-based subfund shall each adhere to the following funding path as a percentage of covered deposits: – by 3 July 2017: 0.025%; – by 3 July 2018: 0.05%; – by 3 July 2019: 0.075%; – by 3 July 2020: 0.10%; – by 3 July 2021: 0.125%; – by 3 July 2022: 0.150%; – by 3 July 2023: 0.175%; – by 03 July 2024: 0.20%;
2016/12/21
Committee: ECON
Amendment 611 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b - paragraph 1 d (new)
(1d) Institutional protection schemes as referred to in Article 1(2)(c) of Directive 2014/49/EU may have their contributions to the individual subfund under Article 1a set off against the minimum for available financial means set out in Article 11(5)(b) of Directive 2014/49/EU.
2016/12/21
Committee: ECON
Amendment 612 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b - paragraph 2
(2) By the end of the co-insurance period the available financial means of the DIF shall reach the sum of the minimum target levels that participating DGSs shall reach under the first subparagraph of Article 10(2) of Directive 2014/49/EU.deleted
2016/12/21
Committee: ECON
Amendment 620 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b – paragraph 3
(3) During the reinsurance and co- insurance periods contributions to the DIF calculated in accordance with Article 74c shall be spread out in time as evenly as possible until the respective target level is reachdeleted.
2016/12/21
Committee: ECON
Amendment 626 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b - paragraph 4
(4) After the target level specified in paragraph 2 has been reached for the first time and where the available financial means have subsequently been reduced to less than two-thirds of the target level, the contributions calculated in accordance with Article 74c shall be set at a level allowing to reach the target level within six years.deleted
2016/12/21
Committee: ECON
Amendment 674 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 2 – subparagraph 2
It shall adopt onethat delegated act specifying the method for the calculation of risk- based contributions payable toby participating DGSs and, for the reinsurance period only, to the DIFto the joint risk-based subfund. In thisat delegated act the calculation of these contributions shall be based on the amount of covered deposits and the degree of risk incurred by each credit institutionparticipating DGS relative to all other credit institutions affiliated to the same participating DGSparticipating DGSs. The provisions of Article 13(2) of Directive and of Title II, paragraphs 72 and 73, of the EBA Guidelines on methods for calculating contributions to deposit guarantee schemes, shall apply accordingly.
2016/12/21
Committee: ECON
Amendment 687 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – introductory part
BothThe delegated acts referred to in subparagraph 1 shall include a calculation formula, specific indicators, risk classes for memberparticipating DGSs, thresholds for risk weights assigned to specific risk classes, and other necessary elements. TAs a minimum requirement, the degree of risk shall be assessed on the basis of the following criteria:
2016/12/21
Committee: ECON
Amendment 706 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point f a (new)
(fa) any risk reducing effect of a credit institute’s membership of an institutional protection scheme within the meaning of Article 1(2)(c) of Directive 2014/49/EU;
2016/12/21
Committee: ECON
Amendment 729 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 d a (new)
Article 74da Attribution of repaid funding to subfunds (1) The Board shall attribute the received repayments of financial resources provided to a participating DGS for a particular insolvency, for the funding of measures to protect depositors’ access to covered deposits in the framework of a national insolvency procedure, or for a resolution case, to the different subfunds of the DIF. (2) Where necessary, repayments received shall first of all be used to repay all financial resources mobilised by the Board via a communitarised credit line from the European Stability Mechanism under Article 74a(3b)(c) to provide financial resources to a participating DGS for a particular insolvency, for measures to protect depositors’ access to covered deposits in the framework of a national insolvency procedure, or for a resolution case. (3) Once all the financial resources referred to in paragraph 2 are repaid, the allocation of the received repayments shall occur in the reverse order of the hierarchy established by Article 74a(3b)(a), (b) and (d). This allocation shall be based on the amount of funding provided from each subfund to a participating DGS for a particular insolvency or resolution case.
2016/12/21
Committee: ECON
Amendment 752 #
Peter SIMON
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g a (new)
Article 74ga Fiscal backstop (1) Where the level of funds in the joint risk-based subfund falls below 50% of the target level set out in Article 74(1b), the European Stability Mechanism shall constitute a fiscal backstop to replenish the risk-based subfund. (2) In that case the Board shall cover the liquidity requirement of the joint risk- based subfund by drawing down a communitarised credit line of the European Stability Mechanism, in order to maintain confidence in the DIF. (3) The use of funds from such a fiscal backstop must be fiscally neutral in the long term. (4) Where a participating DGS, after encountering a payout event, mobilises funds from the joint risk-based subfund deriving from the fiscal backstop credit line referred to in subparagraph 2 above, it must repay such funds to the European Stability Mechanism. (5) To that end, the Commission shall determine, in a delegated act, the arrangements for repayment to the European Stability Mechanism of the credits granted.
2016/12/21
Committee: ECON
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