BETA

Activities of Sylvie GOULARD related to 2015/0270(COD)

Shadow opinions (1)

2016/11/22
Committee: AFCO
Dossiers: 2015/0270(COD)
Documents: PDF(545 KB) DOC(146 KB)

Amendments (36)

Sylvie GOULARD, Charles GOERENS

Proposal for a regulation
Recital -1 (new)

(-1) The clear legal basis for the creation of a Single Resolution Mechanism and a European Deposit Insurance Scheme means that the Union legal framework should be used, without the need to utilise intergovernmental agreements.

2016/12/09
Committee: AFCO

Sylvie GOULARD, Charles GOERENS

Proposal for a regulation
Article 1 – paragraph 1 – point 33 a (new)

Regulation (EU) No 806/2014
Article 67

"CHAPTER 2 The Single Resolution Fund Section 1 Constitution of the Fund Article 67 General provisions 1. The Single Resolution Fund ('the Fund') is hereby established. It shall be filled in accordance with the rules on transferring the funds raised at national level towards the Fund as laid down in the Agreement. 2. The Board shall use the Fund only for the purpose of ensuring the efficient application of the resolution tools and exercise of the resolution powers referred to in Part II, Title I and in accordance with the resolution objectives and the principles governing resolution referred to in Articles 14 and 15. Under no circumstances shall the Union budget or the national budgets be held liable for expenses or losses of the Fund. 3. The owner of the Fund shall be the Board. 4. Contributions referred to in Articles 69, 70 and 71 shall be raised from entities referred to in Article 2 by the national resolution authorities and transferred to the Fund in accordance with the Agreement." 5. The Agreement shall cease to exist two years after the entry into force of this Regulation. Those of its provisions that are necessary for the proper functioning of the SRM shall be incorporated into this Regulation by that date." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/?qid=1481048502235&uri=CELEX:32014R0806)

2016/12/09
Committee: AFCO

Draft legislative resolution
Citation 3 a (new)

– having regard to the opinion of the European Central Bank of 20 April 2016,

2016/12/20
Committee: ECON

Proposal for a regulation
Recital 4 a (new)

(4a) An appropriate level of supervision is guaranteed for all banks through the direct supervision of the SSM and the fact that at any time the SSM can decide to directly supervise any one of the "less significant" institutions to ensure that high supervisory standards are applied consistently.

2016/12/20
Committee: ECON

Proposal for a regulation
Recital 4 b (new)

(4b) The Banking Union is a three- pillar system for Member States of the euro area, open to Member States whose currency is not the euro. For Member States whose currency is not the euro, coverage by the EDIS is therefore accessible only to those which have established a close cooperation with the SSM and the SRM.

2016/12/20
Committee: ECON

Proposal for a regulation
Recital 7 a (new)

(7a) The trust in deposits is a fundamental layer of confidence that underpins economic activities in all developed countries and a common concern.

2016/12/20
Committee: ECON

Proposal for a regulation
Recital 8 a (new)

(8a) It is important to underline that a European Deposit Insurance Scheme is a necessary tool, which appropriate supervision and an appropriate resolution framework renders a theoretical option. The main reason for such a scheme is to build trust.

2016/12/20
Committee: ECON

Proposal for a regulation
Recital 8 b (new)

(8b) Geographical diversification is a key element to enable a sound risk allocation and management and therefore an excessive concentration of assets should be taken into account when calculating the risk contributions.

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) No 806/2014
Article 2 – paragraph 2 – subparagraph 1 – point b

(b) credit institutions affiliated to participating deposit-guarantee schemes and subject to Regulation (EU) No 575/2013 (CRR) and Directive No 2013/36/EU (CRDIV).

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) No 806/2014
Article 2 – paragraph 2 a (new)

2a. Unless the Commission decides that the third country protection scheme has a level strictly equivalent to the EU framework, branches of credit institutions established in third countries must join a DGS in operation in the participating Member State in which they operate.

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) No 806/2014
Article 3 – paragraph 1 – point 57

(57) 'available financial means of the DIF' means cash, deposits, irrevocable payment commitments available to the DIF and low-risk assets which can be liquidated within a period not exceeding that referred to in Article 8(1) of the Directive 2014/49/EU.;

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 806/2014

Article 5 – title

~~Relation to Directive 2014/59/EU and~~5a. The title of Article 5 is replaced as follows: ‘Relation to Directives 2014/49/EU and applicable national law 2014/59/EU and applicable national law’

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 b (new)Regulation (EU) No 806/2014

Article 5 – paragraph 1 – subparagraph -1 (new)

5b. In Article 5(1), the following new subparagraph -1 is added: ‘-1. Where, pursuant to this Regulation, the Board decides to exercise the recovery rights, which, pursuant to Directive 2014/49/EU are exercised by the DGS, the Board shall, for the application of this Regulation and of Directive 2014/49/EU, be considered to be the relevant DGS in national insolvency proceedings.’

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) No 806/2014
Article 34 – paragraph 5

9a. in Article 34, paragraph 5 is replaced by the following: ‘5. The Board, the ECB, the national competent authorities ~~and~~, the national resolution authorities and the national designated authorities may draw up memoranda of understanding ~~with~~for a procedure concerning the exchange of information. The exchange of information between the Board, the ECB, the national competent authorities, and the national resolution authorities and the national designated authorities shall not be deemed to infringe the requirements of professional secrecy.’

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 9 b (new)

Regulation (EU) No 806/2014
Article 38 – paragraph 2 – point c a (new)

9b. in Article 38(2), the following point (ca) is added: ‘(ca) where they intentionally or negligently fail to comply with decisions of the DGS to which they are affiliated, including a failure associated with the invoices on contributions, in accordance with Article 74e.’

2016/12/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Article -41h Entry into application of this Chapter 1. This Chapter shall apply from no earlier than the latest of the following dates: (a) the entry into force of the proposals of the European Parliament and of the Council on amending Directive 2014/59/EU of the European Parliament and of the Council, and on amending Directive 2014/59/EU on loss-absorbing and recapitalisation capacity of credit institutions and investment firms and amending Directive 98/26/EC, Directive 2002/47/EC, Directive 2012/30/EU, Directive 2011/35/EU, Directive 2005/56/EC, Directive 2004/25/EC and Directive 2007/36/EC, (b) the entry into force of the proposals on the directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures and the regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements and amending Regulation (EU) No 648/2012. 2. Without prejudice to paragraph 1, the Commission is empowered to adopt a delegated act in accordance with Article 93 in order to supplement this Regulation by establishing the exact date of application of this Chapter. That empowerment shall be based on a verification, to be conducted in (6 years after the entry into force of this regulation), of compliance with the following conditions: (a) the completion by the Commission, by 31 December 2021, of a review of the European supervisory architecture; (b) publication by the Commission, by 31 December 2023, of an assessment in relation to the entry into application of this Chapter; (c) consideration of the scope of the SSM regulation with a view to covering third country branches and non-CRR entities; (d) evaluation of the EU framework regarding the selling of bail-in instruments, with a particular focus on retail investor protection; (e) evaluation of the progress regarding an EU framework for sovereign debt. That delegated act shall set a date of application for this Chapter that shall, in any event, be no earlier than (7 years after the entry into force of this regulation) and, where that date is exceeded, no later than one year from the time all the conditions of this Article are met.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 806/2014
Article 41i – title

~~Disqualification from coverage by EDI~~Serious failure by a participating DGS

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 806/2014
Article 41i – paragraph 1 – introductory part

1. ~~A participating DGS shall not be covered by EDIS in the reinsurance, co- insurance or full insurance phase, if t~~The Commission, acting on its own initiative or upon a request of the Board or a participating Member State, decides and informs the Board accordingly that at least one of the following ~~disqualifying~~ conditions is met:

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 806/2014
Article 41i – paragraph 1 a (new)

1a. According to the seriousness of the failure (inter alia poor performance of its duties or misconduct) of the designated authority as defined by article 2.1(18) or one of its members, the Commission may: - request for a participating Member State to suspend or definitively remove one or more of the members of the designated authority; - impose a pecuniary sanction to the participating DGS, which will be considered as revenues of Part III of the Budget as referred to in article 60a; - exclude a participating DGS from the coverage by EDIS in the reinsurance, co-insurance or full insurance phase.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

regulation (EU) 806/2014
Article 41j - paragraph 2

2. The Commission, after consulting the Board, may approve a derogation from the requirements set out in paragraph 1 for duly justified reasons linked to the business cycle in the respective Member State, the impact pro-cyclical contributions may have, or to a payout event or resolution action financing which occurred at national level. Those derogations must be temporary and may be subject to the fulfilment of certain conditions.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 806/2014
article 41j – paragraph 2 a (new)

2a. By (...)1a , the Commission shall review the funding path and the target level referred to in Article 10(2) of Directive 2014/49/EU to take into account the funding by the DGS of measures referred to in Articles 5(2), 5(3), 6(2), 8(2), 8(3), 9(3), 10(2), 10(4), 12(1), 13(1), 15(1), 19(1) and 19(4) of that Directive. __________________ 1a2 years after the entry into force of this Regulation

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 806/2014
Article 41j a (new)

Article 41j a Notification of measures The participating deposit guarantee schemes shall inform the Board and the Commission of any alternative measures they have taken in relation to articles 5(2), 5(3), 6(2), 8(2), 8(3), 9(3), 10(2), 10(4), 11(3), 11(6), 12(1), 13(1), 15(1), 19(1) and 19(4) of Directive 2014/49/EU. The financing of these measures is made under the strict responsibility of the participating deposit-guarantee scheme having requested their use.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 22

Regulation (EU) No 806/2014
Article 52 – paragraph 1 a (new)

1a. By way of derogation from paragraph 1, the decision regarding the loss cover referred to in articles 41c, 41g and 41h(3) shall be taken by a majority of two thirds of the Board members representing at least 50 % of the available financial means referred to in Article 10 of Directive 2014/49/EU.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – introductory part

Both delegated acts shall include a calculation formula, specific indicators, risk classes for members, thresholds for risk weights assigned to specific risk classes, and other necessary elements. The degree of risk shall be assessed on the basis of the following risk mitigating or risk enhancing criteria:

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point d

(d) the quality of the institution’s assets (including a specific higher weighing for the non-performing loans and the degree of geographical concentration);

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point e

(e) the institution’s business model and management; (including a particular focus on its risk policy and cybersecurity policy). The evaluation of the management should inter alia be based on the assessment of the suitability of members of the management bodies (such as provided in Articles 93 and 94 of Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation));

2016/12/21
Committee: ECON

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) the degree of interconnectedness with other similar institutions;

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point f b (new)

(fb) the efficiency of insolvency and foreclosure systems relevant for the credit institution. The evaluation of the efficiency of the systems should be based inter alia on work undertaken by the IMF and the World Bank;

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point f c (new)

(fc) the likelihood that a significant share of available financial means will be used for measures to protect covered depositors, other than as provided for in Article 11(2) and 11(6) of Directive 2014/49 and the fact that the banking sector in which the credit institutions affiliated to the DGS operate is highly concentrated with a large quantity of assets held by a small number of credit institutions or banking groups, subject to supervision on a consolidated basis which, given their size, are likely in case of failure to be subject to resolution proceedings;

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 a (new)

The Commission may decide to further include in the criteria the alternative measures referred to in Article 11 of Directive 2014/49 provided it is demonstrated that they reduce the exposure to the DIF.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 34

Regulation (EU) No 806/2014
Article 74 g – paragraph 1 a (new)

1a. Participating deposit-guarantee schemes as well as individual credit institutions may decide, on a strictly voluntary basis, to pay additional contributions directly to the DIF.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 36

Regulation (EU) No 806/2014
Article 75 – paragraph 2

2. The amounts received from an institution under resolution or a bridge institution, the interests and other earnings on investments and any other earnings shall benefit only the SRF and the DIF, as appropriate.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 36

Regulation (EU) No 806/2014
Article 75 – paragraph 3

3. The Board shall have a prudent and safe investment strategy that is provided for in the delegated acts adopted pursuant to paragraph 4 of this Article, and shall invest the amounts held in the SRF and the DIF in obligations of the Member States or intergovernmental organisations, or in highly liquid assets of high creditworthiness, taking into account the delegated act referred to in Article 460 of Regulation (EU) No 575/2013 as well as other relevant provisions of that Regulation. Investments shall be sufficiently sectorally, geographically and proportionally diversified. The return on those investments shall benefit the SRF and the DIF respectively, strictly respecting the proportion of the amount invested on behalf of each of those funds.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 37 a (new)

Regulation (EU) No 806/2014
Article 79 a (new)

The following Article 79 a is inserted: “Article 79a Information of depositors Entities referred to in Article 2 paragraph 2 shall inform the depositors of their coverage by the EDIS. Building on Article 16 of Directive 2014/49/EU, the Commission shall be empowered to adopt delegated acts in accordance with Article 93 to specify the following: – practical modalities of information by the entities; – practical enforcement modalities of this obligation; – cases of abuse by entities not participating in the EDIS or cases of exclusions.”

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 40

Regulation (EU) No 806/2014
Article 99 – paragraph 5 b (new)

5b. In view of the assumption of the implementation of the stages referred to in Article 1(2), and before the first stage of this Regulation, the SRB shall require the national competent authorities and the participating DGSs to provide all relevant information for the SRB to carry out a comprehensive assessment of the credit institutions of the participating Member States. The SRB shall repeat this assessment before implementing the ultimate stage foreseen by this Regulation. It shall do so in cooperation with the EBA. The assessment should include the results of the stress tests referred to in Article 4(10) of Directive 2014/49/EU. It shall cover the functioning of the system, including communication between the SRB and the relevant national authorities. The SRB should inform the European Parliament, the Council and the relevant national authorities of the results and, where appropriate, formulate proposals to improve the system.

2016/12/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 41 Regulation (EU) No 806/2014

41. throughout Regulation (EU) No 806/2014, the word "the Fund" is replaced with "the SRF" except in Article 41(4) where the words "the Fund" shall be replaced by "the SRF and the DIF, as appropriate".

2016/12/21
Committee: ECON