68 Amendments of Alfredo PALLONE related to 2012/0150(COD)
Amendment 155 #
Proposal for a directive
Recital 10
Recital 10
(10) National Authorities should take into account the risk, size and interconnectedness of an institution, legal status, nature, scope and complexity of business activity, and interconnectedness of an institution and membership to an IPS as according to Art. 80(8) CRD or other cooperative mutual solidarity systems as according to Art. 80(7) CRD and Art. 3 CRD when applying the requirements under this Directive in the context of recovery and resolution plans and when using the different tools at their disposal, making sure that the regime is applied in an proportionate and appropriate way.
Amendment 274 #
Proposal for a directive
Article 1 a (new)
Article 1 a (new)
Article 1 a The competent authorities shall ensure when establishing and applying the requirements under this Directive and when using the different tools at their disposal to take account of risk, size, legal status interconnectedness, the nature, the scope and the complexity of the activities of institutions and membership to an IPS and other cooperative solidarity systems as according to Art. 80(8) CRD and Art. 3 CRD.
Amendment 277 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘resolution’ means the restructuring of an institution in order to ensure the continuity of its essential functions, preserve financial stability and restore the viability of all or part of that institution; The resolution phase is formally declared by the resolution authority when conditions are met;
Amendment 279 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) ‘early intervention’ means any action taken by a competent authority or by the DGS or by the IPS in consultation with a competent authority before the resolution phase is formally declared.
Amendment 283 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) ‘IPS’ means an Institutional Protection Scheme meeting the requirements laid down in art. 80(8) of Directive 48/2006/CE.
Amendment 313 #
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
Amendment 335 #
Proposal for a directive
Article 3 – paragraph 6 a (new)
Article 3 – paragraph 6 a (new)
6a. EBA should develop the required standards of expertise, resources and operational capacity and monitor the implementation of this paragraph also through periodical peer reviews. If needed, EBA shall require the designated authorities to take all measures necessary to ensure full compliance with such standards.
Amendment 340 #
Proposal for a directive
Article 3 – paragraph 7
Article 3 – paragraph 7
Amendment 345 #
Proposal for a directive
Article 3 – paragraph 8
Article 3 – paragraph 8
8. Member States shall inform European Banking Authority (EBA) of the national authority or authorities appointed as resolution authorities and contact authority and, where relevant, their specific functions and responsibilities. EBA shall publish the list of those resolution authorities.
Amendment 355 #
Proposal for a directive
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Having regard to the impact that the failure of the institution could have, due to the legal model of the institution, the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, on financial markets, on other institutions, on funding conditions, having also regard to the existence of IPS for those institutions which participate in them, Member States shall ensure that competent and resolution authorities determine the extent to which the following apply to institutions:
Amendment 392 #
Proposal for a directive
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. Member States shall ensure that IPSs draw up and maintain a recovery plan for the whole network to the benefice to which they operate. Competent authorities shall refer to IPS for institutions that participate to them.
Amendment 394 #
Proposal for a directive
Article 5 – paragraph 1 b (new)
Article 5 – paragraph 1 b (new)
1b. Institutions which are part of an intra group financial support a arrangements as referred to Article 16 of this directive are exempted to draw up recovery plans at individual level.
Amendment 438 #
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 months, a revised plan demonstrating how those deficiencies or impediments have been addressed. Before requiring an institution to submit a revised recovery plan, the competent authority shall give the institution the opportunity to state its opinion.
Amendment 465 #
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 and for subsidiaries included into consolidated supervision, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each institution that is part of the group.
Amendment 531 #
Proposal for a directive
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Institutions which are part of an intra group financial support arrangements as referred to Article 16 of this directive are exempted to draw up resolution plans at individual level.
Amendment 640 #
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, where necessary and proportionate, subject to paragraph 5 and in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution.
Amendment 676 #
Proposal for a directive
Article 14 – paragraph 5
Article 14 – paragraph 5
5. Resolution authorities shall not base a determination in accordance with paragraph 1 on impediments resulting from factors beyond the control of the institution, including: (a) the operational and financial capacity of the resolution authority. and resolution financing arrangements; (b) the absence of agreements pursuant to Article 11 or agreements pursuant to Article 88 with relevant third country authorities.
Amendment 685 #
Proposal for a directive
Article 14 – paragraph 7 a (new)
Article 14 – paragraph 7 a (new)
7a. Member States shall ensure that: (a) institutions that are affected by the taking of measures by a resolution authority under this article have adequate rights of appeal and review, including judicial review, concerning such decision; (b) necessary legislative measures are taken to remove impediments which exist or arise as a result of compliance with Union or national legislation or regulations.
Amendment 763 #
Proposal for a directive
Article 18
Article 18
Article 18 deleted
Amendment 784 #
Proposal for a directive
Article 20 – paragraph 1 – point c a (new)
Article 20 – paragraph 1 – point c a (new)
(ca) Member states shall ensure their national laws did not prevent or impede the establishment and maintenance of intra-group support arrangements.
Amendment 892 #
Proposal for a directive
Article 26 – paragraph 2 – point d
Article 26 – paragraph 2 – point d
(d) to avoid unnecessary destruction of value and to seek to minimise the cost of resolutionbe the least cost alternative for creditors;
Amendment 942 #
Proposal for a directive
Article 28 – paragraph 4
Article 28 – paragraph 4
4. Subject to paragraph 3 and by way of derogation from the provisions of paragraph 1, notwithstanding the fact that a company referred to in point(c) or (d) of Article 1 may not meet the conditions established in Article 27 (1) resolution authorities may take resolution action with regards to a company referred to in point (c) or (d) of Article 1 when one or more of the subsidiaries which are institutions comply with the conditions established in Article 27 (1), (2) and (3) and their assets and liabilities represent the majority of the assets and liabilities of the group and action with regard to the company referred to in points (c) or (d) of Article 1 is necessary for the resolution of one or moresuch subsidiaries which are institutions orand for the resolution of the group as a whole.
Amendment 953 #
Proposal for a directive
Article 29 – paragraph 1 – point c
Article 29 – paragraph 1 – point c
(c) senior management of the institution under resolution is replaced and a monitoring trustee is appointed by the creditors to control the application of the resolution tool and the management of the institution under resolution;
Amendment 1006 #
Proposal for a directive
Article 31 – paragraph 4
Article 31 – paragraph 4
4. Resolution authorities may apply the asset separation tool and the bail-in tool only in conjunction with another resolution tool an in accordance with Article 31 (3) and (4).
Amendment 1009 #
Proposal for a directive
Article 31 – paragraph 7
Article 31 – paragraph 7
7. Member States shall not be prevented from conferring upon resolution authorities additional powers exercisable where an institution meets the conditions for resolution, provided that those additional powers do not pose obstacles to effective group resolution and that they are consistent with the resolution objectives and the general principles governing resolution set out in Articles 26 and 29. Member States shall introduce such additional powers only once they have notified them to the European Commission. If these measures do not constitute an obstacle to effective group resolution, the European Commission shall grant its approval within 3 months upon notification.
Amendment 1058 #
Proposal for a directive
Article 37 – paragraph 2 – introductory part
Article 37 – paragraph 2 – introductory part
2. Member States shall ensure that resolution authorities may apply the bail-in tool for either of the following purposes:
Amendment 1060 #
Proposal for a directive
Article 37 – paragraph 2 – point a
Article 37 – paragraph 2 – point a
Amendment 1065 #
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 1
Article 37 – paragraph 3 – subparagraph 1
Member States shall ensure that resolution authorities may apply the bail-in tool for the purpose referred to in point (a) of paragraph 2 only if there is a realistic prospect that the application of that tool, in conjunction with measures implemented in accordance with the business reorganisation plan required by Article 47 will, in addition to achieving relevant resolution objectives, restore the institution in question to financial soundness and long-term viabilitythe powers of bail-in are only applied to eligible liabilities, identified in accordance with Article 39.
Amendment 1070 #
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2
Article 37 – paragraph 3 – subparagraph 2
Amendment 1074 #
Proposal for a directive
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
3 a. Member States shall ensure that resolution authorities apply the bail-in tool as a last resort measure, in accordance with the resolution objectives specified in Article 26 (2), with a particular view on avoiding unnecessary destruction of value and on minimising losses for creditors.
Amendment 1075 #
Proposal for a directive
Article 38 – paragraph 1
Article 38 – paragraph 1
1. Member States shall ensure that the bail- in tool may beis applied to allonly to the liabilities of an institution that are not excluded from the scope of that tool pursuant to paragraph 2. fulfilling the conditions set out in draft regulatory technical standards developed by EBA. EBA shall submit those draft regulatory technical standards to the Commission within twenty four 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) No1093/2010.
Amendment 1076 #
Proposal for a directive
Article 38 – paragraph 2
Article 38 – paragraph 2
Amendment 1131 #
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1140 #
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1160 #
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 sufficientn aggregate amount of own funds and eligible liabilities expressed as athat is equal or higher than 10 per centage of the total liabilities of the institution that: a) 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; b) are not deposits that are guaranteed in accordance with Directive 94/19/EC; and c) are not guaranteed or covered bonds as defined in Article 22(4) of Council Directive 86/611/EEC.
Amendment 1165 #
Proposal for a directive
Article 39 – paragraph 3
Article 39 – paragraph 3
Amendment 1190 #
Proposal for a directive
Article 39 – paragraph 6
Article 39 – paragraph 6
6. Resolution authorities shall inform EBA of the minimum amount they have determined for each institution under their jurisdiction. EBA shall report to the Commission by 1 January 2018 at the latest 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 requirementEBA shall report to the Commission by 1 January 2018 at the latest on the implementation of the requirement under paragraph 1.
Amendment 1194 #
Proposal for a directive
Article 39 – paragraph 7
Article 39 – paragraph 7
Amendment 1202 #
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 1247 #
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
Amendment 1249 #
Proposal for a directive
Article 47 – paragraph 2
Article 47 – paragraph 2
Amendment 1250 #
Proposal for a directive
Article 47 – paragraph 2 – subparagraph 1
Article 47 – paragraph 2 – subparagraph 1
Amendment 1252 #
Proposal for a directive
Article 47 – paragraph 2 – subparagraph 2
Article 47 – paragraph 2 – subparagraph 2
Amendment 1254 #
Proposal for a directive
Article 47 – paragraph 3
Article 47 – paragraph 3
Amendment 1255 #
Proposal for a directive
Article 47 – paragraph 4
Article 47 – paragraph 4
Amendment 1257 #
Proposal for a directive
Article 47 – paragraph 5
Article 47 – paragraph 5
Amendment 1258 #
Proposal for a directive
Article 47 – paragraph 6
Article 47 – paragraph 6
Amendment 1259 #
Proposal for a directive
Article 47 – paragraph 7
Article 47 – paragraph 7
Amendment 1260 #
Proposal for a directive
Article 47 – paragraph 8
Article 47 – paragraph 8
Amendment 1261 #
Proposal for a directive
Article 47 – paragraph 9
Article 47 – paragraph 9
Amendment 1262 #
Proposal for a directive
Article 47 – paragraph 10
Article 47 – paragraph 10
Amendment 1382 #
Proposal for a directive
Article 82 – paragraph 2
Article 82 – paragraph 2
The group resolution authoritiesy shall communicate on requestordinate the flow of all relevant information between resolution authorities. In particular, the group level resolution authority shall provide the resolution authorities in other Member States with all the relevant information in a timely manner in view of facilitating the exercise of the tasks referred to in points (b) to (h ) of the second subparagraph of Article 80(1).
Amendment 1426 #
Proposal for a directive
Article 91 – paragraph 1
Article 91 – paragraph 1
1. Member States shall establish financing arrangements for the purpose of enabling each national Deposit Guarantee Scheme under Directive 94/19/EC, for all the institutions authorised in the territory of the Member State, the capability to ensuring the effective application by the resolution authority of the resolution tools and powers. The financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in Articles 26 and 29.
Amendment 1427 #
Proposal for a directive
Article 91 – paragraph 1 a (new)
Article 91 – paragraph 1 a (new)
1 a. Institutional Protection Schemes shall be considered as financing arrangements, provided that they meet the requirements laid down in art. 80(8) of Directive 48/2006/CE.
Amendment 1455 #
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 105 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1% of the amount of covered deposits of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/EC.
Amendment 1465 #
Proposal for a directive
Article 93 – paragraph 3
Article 93 – paragraph 3
3. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 2, contributions raised in accordance with Article 94 shall resume until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than 0.251% of covered deposits.
Amendment 1474 #
Proposal for a directive
Article 94 – paragraph 2 – point a
Article 94 – paragraph 2 – point a
(a) if a Member State has availed itself of the option provided for in Article 99(5) of this Directive to use the funds of Deposit Guarantee Scheme for the purposes of Article 92 of this Directive, the contribution from each institution shall be pro-rata to the amount of its liabilities excluding own funds and deposits guaranteed under Directive 94/19/EC with respect to the total liabilities, excluding own funds and deposits guaranteed under Directive 94/19/EC, of all the institutions authorised in the territory of the Member State.
Amendment 1478 #
Proposal for a directive
Article 94 – paragraph 2 – point b
Article 94 – paragraph 2 – point b
Amendment 1484 #
Proposal for a directive
Article 94 – paragraph 2 – point c
Article 94 – paragraph 2 – point c
(c) the contributions calculated under (a) and (b) shall be adjusted in proportion to the risk profile of institutions, in accordance with the criteria adopted under paragraph 7 of this Article.
Amendment 1486 #
Proposal for a directive
Article 94 – paragraph 3
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 30% of the total amount of contributions raised in accordance with this Article.
Amendment 1491 #
Proposal for a directive
Article 94 – paragraph 5
Article 94 – paragraph 5
5. The amounts raised in accordance with this Article shall only be used for the purposes specified in Article 92 of this Directive, and, where Member States have availed themselves of the option provided for under Article 99(5) of this Directive, for the purposes specified in Article 92 of this Directive or for the repayment of deposits guaranteed under Directive 94/19/EC.
Amendment 1509 #
Proposal for a directive
Article 94 – paragraph 7 – point d
Article 94 – paragraph 7 – point d
Amendment 1527 #
Proposal for a directive
Article 95 – paragraph 1
Article 95 – paragraph 1
1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the financing arrangements, Member States shall ensure that extraordinary ex post contributions not exceeding 0.25% of covered deposits per calendar year are raised from the institutions authorised in their territory, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Article 94(2). However, such contributions shall not exceed an annual affordability threshold for contributions set by the financing arrangement. The credit institution may entirely or partially be exempted from the obligation referred to in the second subparagraph if this would jeopardise the settlement of claims of other creditors against it. Such exemption shall not be granted for a longer period than 6 months but may be renewed on request of the credit institution.
Amendment 1613 #
Proposal for a directive
Article 99 – paragraph 4
Article 99 – paragraph 4
4. The contribution from the deposit guarantee scheme for the purpose of paragraph 1 shall be made in cashproportionate to the situation and the need to maintain stability of the financial system.
Amendment 1617 #
Proposal for a directive
Article 99 – paragraph 5
Article 99 – paragraph 5
5. Member States may also provide that the available financial means of deposit guarantee schemes established in their territory may be used for the purposes of Article 92(1), provided that the deposit guarantee schemes comply, where applicable, with the provisions laid down in Articles 93 to 98.
Amendment 1625 #
Proposal for a directive
Article 99 – paragraph 7
Article 99 – paragraph 7
Amendment 1630 #
Proposal for a directive
Article 99 – paragraph 8 – subparagraph 1
Article 99 – paragraph 8 – subparagraph 1
Amendment 1661 #
Proposal for a directive
Article 115 – paragraph 1 – subparagraph 2
Article 115 – paragraph 1 – subparagraph 2
They shall forthwith communicate to the Commission the text of those provisions. Member States shall apply those provisions from 1 January 2015.