2015/0270(COD) European deposit insurance scheme (EDIS)
Lead committee dossier:
Progress: Awaiting Parliament's position in 1st reading
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
MUREŞAN Siegfried ( PPE)
|
FERNÁNDEZ Jonás ( S&D),
ZIJLSTRA Auke ( PfE),
VAN OVERTVELDT Johan ( ECR),
KELLEHER Billy ( RE),
PETER-HANSEN Kira Marie ( Verts/ALE)
|
| Former Responsible Committee | ECON | ||
| Former Responsible Committee | ECON |
KARAS Othmar ( EPP)
|
|
| Committee Opinion | BUDG | ||
| Committee Opinion | EMPL | ||
| Committee Opinion | IMCO | ||
| Committee Opinion | REGI | ||
| Committee Opinion | JURI | ||
| Committee Opinion | AFCO | ||
| Former Committee Opinion | BUDG | ||
| Former Committee Opinion | BUDG | ||
| Former Committee Opinion | EMPL | ||
| Former Committee Opinion | EMPL | ||
| Former Committee Opinion | IMCO | ||
| Former Committee Opinion | IMCO | ||
| Former Committee Opinion | REGI | ||
| Former Committee Opinion | REGI | ||
| Former Committee Opinion | JURI | ||
| Former Committee Opinion | JURI | ||
| Former Committee Opinion | AFCO | ||
| Former Committee Opinion | AFCO |
Sylvie GOULARD ( ALDE)
|
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2024/09/12
EP - MUREŞAN Siegfried (PPE) appointed as rapporteur in ECON
2024/04/23
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Othmar KARAS (EPP, AT) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Subject matter
According to Members, the creation of a European Deposit Insurance Scheme would not only increase confidence among Union depositors in the financial markets, but would also reduce risks for consumers while facilitating access to a wider choice of financial products and promoting the stability and integration of the banking system.
This amending Regulation establishes the first stage of a European Deposit Insurance Scheme (EDIS I), which operates as a liquidity scheme that provides loans to participating deposit guarantee schemes, with the aim of making progress towards the establishment of a full insurance scheme with loss coverage at a later stage. The establishment of an EDIS I, with decision-making, monitoring and enforcement powers centralised and entrusted to the Single Resolution and Deposit Insurance Board, will be essential in achieving the objective of a harmonised deposit guarantee framework.
Modalities for the use of the Deposit Insurance Fund
This amending Regulation establishes the modalities for the use of the Deposit Insurance Fund and the general criteria to determine the fixing and calculation of contributions and lays down the powers of the Board for using and managing the Deposit Insurance Fund. The Deposit Insurance Fund could provide liquidity support where the available financial means of a DGS are used for payout, in the context of resolution in accordance with Regulation (EU) 806/2014, or for the measures referred to in Directive 2014/49/EU.
Liquidity support from the Deposit Insurance Fund (DIF) should be available only after funds from participating DGSs have been used. However, spending the necessary administrative expenses of the participating DGS should not be considered as a condition to access funds from the DIF. Additionally, the procedure of preliminary information and the duty to notify the Board should ensure that the necessary liquidity support is provided at an appropriate time before the complete depletion of the funds of a participating DGS.
Mandatory lending
In cases where the DIF funds are insufficient to provide the amount of liquidity support to a participating DGS, all other participating DGSs should be obliged to lend to the DIF upon the request of the Board. That mandatory lending should be kept to 30% of the target level of each lending DGS. The Board should always take into consideration the effect on financial stability when making a decision on mandatory lending. Before the DIF is fully funded, the cap on mandatory lending should decrease evenly from 60% to 30% of the target level of each DGS.
If a DGS has received liquidity support from the DIF or via mandatory lending from other participating DGSs, that liquidity support should be repaid with a clear repayment plan and as a matter of priority for the DGS that received the liquidity support.
Target level of the participating Deposit Insurance Fund (DIF)
After three years, 50% of the target level of the participating DGS should be transferred to the DIF. The Board should ensure that the contributions are transferred and spread out evenly. In the event that the participating DGS does not have sufficient financial means, the Board should draw up a plan to ensure that the amounts due from that participating DGS are transferred to the DIF within six years. It is the legal responsibility of the participating DGS to meet and maintain both the target level of the DGS and of the DIF.
The Deposit Insurance Fund should be able to contract borrowings or other forms of support from credit institutions, financial institutions or other third parties along with recourse to mandatory lending in the event that the funds available in the Deposit Insurance Fund are not sufficient for the requested liquidity support.
Extending EDIS I
The Commission should continuously review the appropriateness of extending EDIS I from the provision of liquidity support to the establishment of a full insurance scheme with loss coverage . It should consider the treatment of institutional protection schemes, changes to the general DGS target level, convergence of contributions to the DIF and the need for a publicly funded backstop mechanism.
The Commission should also examine the possibility of modifying the capital and liquidity waivers and the level of application of the output floor in Regulation (EU) No 575/2013 of the European Parliament and of the Council, as well as progress on legislation and reviews on risk reduction and the diversification of banks’ sovereign bond holdings and progress on international level on the regulatory treatment of sovereign exposures.
Documents
2024/02/29
EP - KARAS Othmar (EPP) appointed as rapporteur in ECON
2019/10/21
EP - Committee referral announced in Parliament, 1st reading
2018/06/22
CSL - Debate in Council
Documents
2018/06/22
CSL - Council Meeting
2017/01/31
IT_CHAMBER - Contribution
Documents
2017/01/30
IT_CHAMBER - Contribution
Documents
2016/10/12
CofR - Committee of the Regions: opinion
Documents
2016/07/25
FR_SENATE - Contribution
Documents
2016/05/23
IT_SENATE - Contribution
Documents
2016/05/23
IT_SENATE - Contribution
Documents
2016/05/10
RO_CHAMBER - Contribution
Documents
2016/04/21
CZ_SENATE - Contribution
Documents
2016/04/20
ECB - European Central Bank: opinion, guideline, report
Details
EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK on a proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 806/2014 in order to establish a European Deposit Insurance Scheme.
Overall, the ECB:
fully shares the Commission's view that a single system of deposit protection is the necessary third pillar of the Banking Union and that it is needed to further enhance depositor protection and to underpin financial stability, thus contributing to the deepening of Economic and Monetary Union (EMU); welcomes the fact that the proposed regulation puts in place a gradual process of increasing the mutual insurance of participating DGSs in order to finally achieve a uniform system of deposit insurance that limits the link between a bank and its home sovereign; welcomes the fact that the proposed regulation sets a clear roadmap and timeline with clearly defined and limited transitional steps towards a fully-fledged EDIS.
The ECB also supports all other risk reduction measures in the banking sector, in addition to the creation of European Deposit Insurance Scheme (EDIS), as recommended by the Commission in its Communication " Towards the completion of the Banking Union ". In this context, it emphasises the importance of the full and timely implementation of Directive 2014/49/EU of the European Parliament and of the Council as a necessary precondition to the EDIS.
The ECB states that a solution that makes the transition from one phase of EDIS to the next dependent on the progress with regard to risk reduction could cause delay. If such a conditional phasing-in of EDIS is supported, any milestones on risk-reduction would have to be precisely defined ex-ante, objectively verifiable, realistically achievable and legally linked to the transitions between the phases in the EDIS proposal. In order to ensure that EDIS is not postponed indefinitely, the list of milestones should include the most important elements that are needed to further strengthen the Banking Union.
The ECB makes a number of specific comments on the following issues:
Objective of the proposed regulation : the ECB considers it necessary to expressly clarify, within the text of the proposed regulation, that the EDIS also has the objective of ensuring the highest possible level of depositor protection across the Member States of the Banking Union.
Scope of the EDIS : the ECB welcomes the fact that the proposed regulation should apply to all DGSs that are officially recognised in the Member States participating in the Banking Union under Directive 2014/49/EU. However, all credit institutions with access to EDIS resources must be regulated and supervised on the basis of Regulation (EU) No 575/2013 of the European Parliament and of the Council and Directive 2013/36/EU of the European Parliament and of the Council. This is fully in line with the recommendation of the Five Presidents' Report that the EDIS's scope should coincide with that of the SSM and that the risk-based fees should be paid by all the participating banks in the Member States.
Governance of the EDIS : the ECB welcomes the fact that the EDIS will be administered by the Board. Resources for both the Single Resolution Fund (SRF) and the Deposit Insurance Fund (DIF) should be clearly earmarked for their respective purposes, specifically avoiding the risk that resources for deposit protection might be commingled and potentially ‘consumed’ for resolution purposes.
Minimising costs for liquidation and control over the use of the EDIS : resolution authorities should try to minimise resolution costs and avoid destruction of value, the authorities in charge of liquidation should also have the general objective of minimising liquidation costs, thereby also ensuring that losses for covered deposits, and consequently, the DGSs, are minimised. In order to achieve this goal, the authorities in charge of liquidation should be permitted to carve out the covered deposit book together with certain other assets of the failing credit institution and transfer them to a private sector purchaser.
It is also important that the Board has the possibility to exercise some control over the national liquidation process. It should be able to have a say in the liquidation proceeding if it is likely that EDIS resources will be needed.
Risk-based contributions : the ECB supports the fact that the proposed regulation introduces a methodology throughout the Banking Union for calculating risk-based contributions from the co-insurance stage and that it designates the Board to set each credit institution's contribution level relative to all other participating credit institutions.
An important issue to consider will be whether, and if so to what extent, the risk-based approach to determine the level of contributions should also reflect the likelihood to trigger deposit insurance for a credit institution, and especially the likelihood that it should be put into liquidation as opposed to resolution.
Use of resources : the ECB welcomes the fact that the proposed regulation requires the use of resources, not only for pay-outs, but also in the event of resolution occurring in any of the three stages of the EDIS. However, the proposed regulation needs to expressly address whether deposit balances above EUR 100 000, which are temporarily protected from 3 to 12 months according to the legislation of the Member State concerned, should be covered by EDIS.
Duty of the EDIS towards DGSs in both the partial and full insurance stages : the ECB states that at the full insurance stage, the proposed regulation should clearly stipulate a legal obligation for the EDIS or the DIF to meet all resource needs related to depositors' claims following an event notified by a national DGS. The same legal obligation, albeit limited to the specific share that is co-insured, must also apply to the obligations of the EDIS towards the DGSs during the co-insurance phase. This also confirms the need for a fiscally neutral public backstop for the EDIS. The length of time for the Board to take a decision on the available financial means should be reduced, since DGSs are expected to compensate depositors within seven working days.
Disqualification from coverage by the EDIS : the ECB supports the fact that the proposed regulation provides safeguards aimed to ensure that all DGSs comply with their respective obligations. Infringements triggering a disqualification should be established in a more precise way in order to enhance legal certainty. Other sanctions, including penalty payments, could be considered for lesser breaches. Furthermore, where a disqualification is decided, a proper mechanism needs to be in place to ensure that the overarching aim of ensuring the adequate protection of all guaranteed deposits is fully respected at any given time. The ECB suggests several solutions in this context.
Backstop arrangements : the ECB is of the view that a fiscally neutral common public backstop for the EDIS at the latest as of the full insurance stage is necessary to ensure a uniformly high level of confidence in deposit protection under all circumstances and to effectively weaken the bank/sovereign link at the national level. However, the proposed regulation does not provide such a measure.
Documents
2016/04/06
RO_CHAMBER - Contribution
Documents
2016/03/29
RO_SENATE - Contribution
Documents
2016/03/21
DE_BUNDESTAG - Contribution
Documents
2016/03/16
ESC - Economic and Social Committee: opinion, report
Documents
2016/03/14
RO_SENATE - Contribution
Documents
2016/02/22
DE_BUNDESRAT - Contribution
Documents
2016/02/16
PT_PARLIAMENT - Contribution
Documents
2016/01/18
EP - Committee referral announced in Parliament, 1st reading
2015/12/08
CSL - Debate in Council
Documents
2015/12/08
CSL - Council Meeting
2015/11/24
EC - Document attached to the procedure
Details
This Communication, which accompanies the Commission’s legislative proposal to establish the European Deposit Insurance Scheme (EDIS), is placed in the broader context of completing the Banking Union and the necessary additional measures of risk sharing and risk reduction in the banking sector.
Completing Banking Union : the Banking Union was established primarily in response to the financial crisis that evolved into a sovereign debt crisis in particular in the euro area. The crisis was driven by the link between banks and their respective national sovereign.
To this end, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) – the first two pillars of the Banking Union – have been established. The SSM became operational in November 2014 and is already delivering independent and uniform prudential supervision. The SRM will be fully operational from January 2016, when contributions to the Single Resolution Fund (SRF) will also begin.
However, while some components of the Banking Union are already or will soon become operational, the overall construction is clearly incomplete. One of the missing elements, as underlined in the Five Presidents’ Report and set out in this Communication, is a common deposit insurance scheme.
The Commission therefore proposes a common deposit insurance scheme (EDIS) for Banking Union, based on a reinsurance approach that will be progressively converted to a full insurance scheme over a number of years.
EDIS would increase the resilience of the Banking Union against future financial crises by reducing the vulnerability of national deposit guarantee schemes to large local shocks and further reducing the link between banks and their home sovereign . In such circumstances, EDIS could help to reassure depositors across the Banking Union and so reduce the risk of bank runs and increase financial stability.
Bridging finance for the Single Resolution Fund (SRF) and provision for a common fiscal backstop : in the context of establishing Banking Union, Member States should also begin work to reinforce the agreed bridge-financing arrangements for the SRM and on developing a common fiscal backstop:
1) Bridging finance : bank contributions to the SRF will begin in 2016, but the SRF will not reach its steady state size of approximately EUR 55 billion until 2024. Contributions will be mutualised on a progressive basis over an eight-year period. These features, during the transition to full mutualisation, will limit the borrowing capacity of the SRF in the coming years.
To address the risk of inadequate SRF capacity, the participating Member States are discussing the establishment of national credit lines to support their respective compartments. Member States’ credit lines would be supporting a declining share of the total SRF over time. The Commission considers it essential, therefore, that Member States (i) take the necessary steps to put these national credit lines in place before 1 January 2016 when the Single Resolution Board becomes fully operational, (ii) begin discussion of a more robust mutualised credit line via the European Stability Mechanism (ESM).
2) A common fiscal backstop : even this extensive menu of prudential and crisis management measures cannot eliminate entirely the risk that public funding may be required to enhance the financial capacity of resolution funds. For this reason, Member States have agreed that the Banking Union requires access to an effective common fiscal backstop to be used as a last resort . Such a backstop would imply a temporary mutualisation of possible fiscal risk related to bank resolutions across the Banking Union. However, use of the backstop would be fiscally neutral in the medium term, as any public funds used would be reimbursed over time by the banks (through ex-post contributions to the SRF).
Risk reduction measures : the Commission considers that the risk sharing implied by these measures must be accompanied by measures to reduce risk in the banking sector by weakening the link between banks and their national sovereigns. From this point of view, the first priority is to ensure that Member States deliver full transposition of the Bank Recovery and Resolution Directive (BRRD) and the Deposit Guarantee Scheme Directive .
(DGSD). The Commission has begun infringement proceedings against several Member States. It has also called on Member States to ratify the Inter-Governmental Agreement on the SRF.
Furthermore, additional risk-reducing measures will be needed in parallel with work to establish EDIS:
to ensure that the SSM can function effectively, it is necessary to reduce national options and discretions in the application of prudential rules, e.g. in the Directive and Regulation on own funds ( CRD IV and CRR) that apply to banks under the responsibility of the SSM. Significant progress has been made in this respect; the harmonisation of national deposit guarantee schemes will need to advance in parallel with the establishment of EDIS; the Single Resolution Board must be enabled to operate as effectively as possible so that it might respond in a timely and effective manner in the event that a bank(s) is failing or likely to fail. In addition, the TLAC (total loss absorbing capacity) requirement has been developed at the international level by the Financial Stability Board. The Commission will bring forward a legislative proposal in 2016 so that TLAC can be implemented by the agreed deadline of 2019. The operation of the SRF should also begin smoothly; it is essential that the use of public funds to sustain a solvent and resilient banking sector be minimised and be available only as a last resort . To this end, there must be a consistent application of the bail-in rules under BRRD so as to ensure that the costs of resolving banks that are failing or likely to fail are borne primarily by their shareholders and creditors; as identified in the Commission’s action plan on building a capital markets union of 30 September 2015, there is a need for greater convergence in insolvency law and restructuring proceedings across Member States; lastly, a number of further targeted prudential measures addressing weaknesses identified should be put in place. These measures include the remaining elements of the regulatory framework agreed within the Basel Committee, and in particular measures to limit bank leverage, to assure stable bank funding and to improve the comparability of risk-weighted assets.
The Commission will work to ensure that further measures to reduce risk are taken in parallel with ongoing work to establish EDIS, including any necessary regulatory changes.
It will continue the dialogue on the overall package of EDIS and risk reduction measures with the European Parliament, Member States and all interested parties.
Documents
2015/11/24
EC - Legislative proposal published
Details
PURPOSE: to establish a European Deposit Insurance Scheme (EDIS) as the third pillar of Banking Union.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with Council.
BACKGROUND: in 2012, the Commission called for a Banking Union that would place the banking sector on a more sound footing and restore confidence in the Euro. The Banking Union should be implemented by:
shifting supervision to the European level; establishing an integrated framework for bank crisis management and, setting up a common system for deposit protection .
While the establishment of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) has achieved the first two steps, a common system for deposit protection has not yet been established.
The Five Presidents' Report set out a clear plan for deepening Economic and Monetary Union (EMU), including steps to further limit risks to financial stability. For the single currency, a unified and fully integrated financial system is key for effective monetary policy transmission, adequate risk diversification across Member States and general confidence in the euro area banking system.
The Commission undertook in its follow-up Communication to put forward a legislative proposal before the end of 2015 on the first steps towards EDIS with a view to creating a more European system, disconnected from the sovereign, so that (i) financial stability is enhanced, (ii) citizens can be certain that the safety of their deposits does not depend on their geographical location, and (iii) sound banks are not penalised by their place of establishment.
IMPACT ASSESSMENT: a quantitative analysis has considered the effectiveness of a fully mutualised EDIS in coping with potential pay-outs. The analysis indicates that the number and size of banks for which the Deposit Insurance Fund could handle pay-outs increases significantly for all Member States under EDIS compared to national DGSs.
CONTENT: the proposal envisages the establishment of a European Deposit Insurance Scheme (EDIS) as the third pillar of Banking Union through an amendment of Regulation (EU) No 806/2014 (SRM Regulation). It builds on the existing framework of national DGSs as governed by la Directive 2014/49/EU (the DGS Directive). Depositors will continue to benefit from the same levels of protection (EUR 100 000).
Gradual evolution of EDIS : the proposed amendment to the SRM Regulation establishes EDIS in three successive stages. National DGGs would benefit from:
a reinsurance scheme for participating national DGSs in a first period of three years (Phase I), a co-insurance scheme for participating national DGSs in a second period of four years (Phase 2), and a full insurance scheme for participating national DGSs in the steady state (phase 3).
Management of the European Deposit Insurance Fund would be entrusted to the existing Single Resolution Board during the 3 phases. The Deposit Insurance Fund is part of EDIS. It would be filled by contributions owed and paid by banks directly to the Board and calculated and invoiced by participating DGSs.
EDIS applies to all DGSs that are officially recognised in a participating Member State and to all credit institutions affiliated to such schemes. The participating Member States are those whose currency is the euro and those other Member States that have established a close cooperation with the European Central Bank.
The different stages of EDIS: in all three stages, reinsurance, co-insurance and full insurance, EDIS would both provide funding, and cover losses of participating deposit guarantee schemes.
The funding provided by EDIS addresses the initial liquidity need of a DGS to compensate
Depositors within the pay out deadline set by the Directive (normally seven working days), but also to satisfy the request for contribution to a resolution procedure in time . The funding must be reimbursed by the participating DGS to the SRB.
EDIS, would, in all stages, also cover losses that the participating DGS ultimately incurs by compensating depositors or contributing to resolution.
The level of funding provided and the share of loss covered by EDIS increase in each stage:
in the reinsurance phase , EDIS would provide additional funds to a national system, but only up to a certain level (20% maximum of the participating DGS’s excess loss, the remaining 80% being covered by other sources of financing); in the co-insurance phase , the EDIS contribution would be 20% in the first year and increases each subsequent year by 20 percentage points, reaching 80% in the last year of co-insurance; following the co-insurance phase , EDIS will fully insure national DGS as of 2024.
Safeguards for coverage by EDIS : the proposal includes safeguards against incorrect or unwarranted access to EDIS by national DGS. A national DGS can only benefit from EDIS if its funds are being built up in line with a precise funding path and it otherwise complies with essential requirements under Union law. The Board can decide to disqualify a participating DGS from EDIS coverage by specific voting requirements.
BUDGETARY IMPLICATIONS: concerning its EDIS-related functions, the Board would be fully financed by administrative contributions from credit institutions affiliated to participating DGSs. In turn, this means that the EDIS-related functions will not necessitate a contribution from the EU budget.
Documents
Documents
- Committee report tabled for plenary, 1st reading: A9-0182/2024
- Debate in Council: 3626
- Contribution: COM(2015)0586
- Contribution: COM(2015)0587
- Committee of the Regions: opinion: CDR1602/2016
- Contribution: COM(2015)0586
- Contribution: COM(2015)0587
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- European Central Bank: opinion, guideline, report: CON/2016/0026
- European Central Bank: opinion, guideline, report: OJ C 252 12.07.2016, p. 0001
- Contribution: COM(2015)0587
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Economic and Social Committee: opinion, report: CES6357/2015
- Contribution: COM(2015)0587
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Debate in Council: 3435
- Document attached to the procedure: COM(2015)0587
- Document attached to the procedure: EUR-Lex
- Legislative proposal published: COM(2015)0586
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: COM(2015)0587 EUR-Lex
- Economic and Social Committee: opinion, report: CES6357/2015
- European Central Bank: opinion, guideline, report: CON/2016/0026 OJ C 252 12.07.2016, p. 0001
- Committee of the Regions: opinion: CDR1602/2016
- Contribution: COM(2015)0587
- Contribution: COM(2015)0587
- Contribution: COM(2015)0587
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0586
- Contribution: COM(2015)0587
| Amendments | Dossier |
| 1041 |
2015/0270(COD)
2016/12/09
AFCO
19 amendments...
Amendment 18 #
Proposal for a regulation – The Committee on Constitutional Affairs asks the committee responsible, the Committee on Economic and Monetary Affairs, to propose rejecting the Commission proposal on setting up a European Deposit Insurance Scheme.
Amendment 19 #
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.
Amendment 20 #
Proposal for a regulation Recital 15 (15) In order to ensure a level playing field within the internal market as a whole, this Regulation is consistent with Directive 2014/49/EU. It complements the rules and principles of that Directive to ensure the proper functioning of EDIS and that appropriate funding is available to the latter. The key objective of the EDIS is to enhance the effective deposit guarantee framework with a view to protecting depositors against the consequences of deposits becoming unavailable. At the full insurance stage, the objective is to provide an equal level of protection to all depositors of credit institutions affiliated to the participating DGSs. The material law on deposit guarantee to be applied within the EDIS framework will therefore be consistent with the one applicable by the national DGSs or designated authorities of the non-
Amendment 21 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – introductory part 2. In addition, this Regulation establishes a European Deposit Insurance
Amendment 22 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – indent 1 Amendment 23 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – indent 2 Amendment 24 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 EDIS shall be administered by the Board in cooperation with participating DGSs and designated authorities in accordance with Part IIa. EDIS shall be supported by a Deposit Insurance Fund (the ‘DIF’), guaranteed by the ECB.
Amendment 25 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part I Amendment 26 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Amendment 27 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41g a (new) Article 41g a Entry into application of this Chapter 1. This Chapter shall apply from no earlier than the latest of the following dates: (a) the date of application, or, where relevant, the expiry of the transposition period of the international standard for Total Loss Absorbing Capacity (TLAC), for Global Systemically Important Banks (G-SIBs), and of revised rules in relation to a minimum requirement for own funds and eligible liabilities (MREL), for all credit institutions affiliated to the participating DGSs; (b) the date of application, or, where relevant, the expiry of the transposition period of an insolvency ranking for credit institutions, harmonised at Union level, in relation to subordinated debt; (c) the date of application, or, where relevant, the expiry of the transposition period of a framework for business insolvency, harmonised at Union level, in relation to the early restructuring of companies in order to prevent and better handle the pressing issue of non- performing loans; (d) the date of application, or, where relevant, the expiry of the transposition period of an act amending Regulation (EU) No 575/2013 and Directive 2013/36/EU, resulting in a binding leverage ratio requirement. 2. Without prejudice to paragraph 1, the Commission is empowered to adopt a delegated act in accordance with Article 93 supplementing this Regulation by establishing the exact date of application of this Chapter. That empowerment shall be based on a verification, to be conducted in 2023, of compliance with the following conditions: (a) the completion by the Commission, by 31 December 2021, of a review of the European supervisory architecture for credit institutions, resulting in the application of legislation introducing moratorium powers for supervisors and resolution authorities in respect of credit institutions affiliated to the participating DGSs; (b) adherence by all credit institutions to the minimum capital requirements in the baseline scenario of an Asset Quality Review (AQR) for all credit institutions affiliated to the participating DGSs in 2023; That delegated act shall set a date of application for this Chapter that shall, in any event, not be earlier than 1 January 2024 and, where that date is exceeded, no later than one year from the time all the conditions of this Article are met. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 28 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 – Introductory part 1. A participating DGS shall not be covered by EDIS
Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 – paragraph a (a) the participating DGS has failed to comply with the obligations under this Regulation or under Articles 4, 5, 6, 7, 8 or 10 of
Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 a (new) 1a. The Board shall monitor compliance with the conditions set out in either point (a) or point (b) of paragraph 1 on a continuous basis. If the Board identifies instances of compliance with either of these points, it shall immediately inform the Commission thereof.
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 b (new) 1b. If the Commission considers that at least one of the disqualifying conditions is met, it shall deliver a letter of formal notice to the DGS and to the designated authority of the participating Member State within the meaning of point 18 of Article 2 of Directive 2014/49/EU, as well as to the national competent authority or authorities. It shall also inform the Member State or Member States concerned. That letter shall set out the Commission's reasons for considering disqualifying the participating DGS from coverage by EDIS. Within two months of receipt of such formal notice, the designated authority, in close cooperation with the DGS concerned and the national competent authority, shall: (a) take prompt corrective action to address the shortcomings identified and to ensure that the disqualifying conditions are no longer met; (b) submit to the Commission a reply in which they set out in detail the corrective action they have taken.
Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 c (new) 1c. The Commission shall decide to disqualify the participating DGS from coverage by EDIS in accordance with paragraph 1, where it, having assessed the corrective action taken and consulted with the Board, considers that the DGS or the designated national authority remains non-compliant.
Amendment 33 #
2. When funding has already been obtained by a participating DGS and at least one of the disqualifying conditions referred to in paragraph 1 is met in relation to a payout event or a use in resolution, the Commission
Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 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
Amendment 35 #
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.
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 1. The DIF is hereby established. It shall be filled by contributions owed to the Board by credit institutions affiliated to participating DGSs. The contributions shall be calculated and invoiced, on behalf of the Board, by participating DGSs. The ECB shall act as the guarantor of last resort.
source: 595.608
2016/12/20
ECON
251 amendments...
Amendment 100 #
Proposal for a regulation Recital 1 Amendment 101 #
Proposal for a regulation Recital 2 Amendment 102 #
Proposal for a regulation Recital 3 Amendment 103 #
Proposal for a regulation Recital 4 Amendment 104 #
Proposal for a regulation Recital 4 (4) While key steps have been made towards ensuring the efficient functioning of the Banking Union, with the Single Supervisory Mechanism (the 'SSM')
Amendment 105 #
Proposal for a regulation Recital 4 (4) While some key steps have been made towards ensuring the efficient functioning of the Banking Union, with the Single Supervisory Mechanism (the 'SSM') established by Council Regulation (EU) No 1024/201311 ensuring that the Union's policy relating to the prudential supervision of credit institutions in the euro area Member States and those non euro area Member States who choose to participate
Amendment 106 #
Proposal for a regulation Recital 4 a (new) (4a) Regrettably, no agreement has yet been reached on a Bank Structural Reform, which is necessary to end the too- big-to-fail problem and to improve the resilience of the European banking sector and which constitutes a vital step to break the sovereign/bank link by removing the implicit guarantee enjoyed by systemically important institutions.
Amendment 107 #
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.
Amendment 108 #
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.
Amendment 109 #
Proposal for a regulation Recital 5 Amendment 110 #
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.
Amendment 111 #
Proposal for a regulation Recital 5 (5) In June 2015, the Five Presidents Report on Completing Europe’s Economic and Monetary Union pointed
Amendment 112 #
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
Amendment 113 #
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
Amendment 114 #
Proposal for a regulation Recital 5 (5) In June 2015, the Five Presidents Report on Completing Europe
Amendment 115 #
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. Concrete steps in that direction
Amendment 116 #
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. 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
Amendment 117 #
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. Concrete steps in that direction should already be taken as a priority, with a
Amendment 118 #
Proposal for a regulation Recital 5 (5) In June 2015, the Five Presidents Report on Completing Europe
Amendment 119 #
Proposal for a regulation Recital 5 a (new) Amendment 120 #
Proposal for a regulation Recital 5 b (new) Amendment 121 #
Proposal for a regulation Recital 5 a (new) (5a) The Banking Union has developed in an imbalanced way with considerable delays in progress on the third pillar of the European Deposit Insurance Scheme, has left depositors unprotected and prolonged inequalities, with the peripheral Member States and the Member States most affected by the financial and economic crisis and their depositors as the main victims;
Amendment 122 #
Proposal for a regulation Recital 6 (6) The recent crisis has shown that
Amendment 123 #
Proposal for a regulation Recital 6 a (new) (6a) the Banking Union, with progress only on the single resolution mechanism and the single supervisory mechanism and leaving EDIS behind, has resulted in a capital centralization process and in several mergers and acquisitions in the banking sector of different Member States, resulting in further concentration of deposits and investments in the major financial centres, which magnifies the "too-big-to-fail" issue;
Amendment 124 #
Proposal for a regulation Recital 7 (7) The existing absence of a homogenous level of depositor protection
Amendment 125 #
Proposal for a regulation Recital 7 (7) The great disparity in risks specific to national banking systems and the absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market.
Amendment 126 #
Proposal for a regulation Recital 7 (7)
Amendment 127 #
Proposal for a regulation Recital 7 (7) The absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market. A common deposit insurance scheme is therefore essential for the completion of the internal market in financial services, while improving the competitive position of the Union as the safest financial area in the world.
Amendment 128 #
Proposal for a regulation Recital 7 (7) The absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market and exacerbate negative externalities within the Single Market. A common deposit insurance scheme is therefore essential for the completion of the internal market in financial services.
Amendment 129 #
Proposal for a regulation Recital 7 (7) The absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market. A common deposit reinsurance scheme is therefore essential for the completion of the internal market in financial services.
Amendment 130 #
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.
Amendment 131 #
Proposal for a regulation Recital 8 (8)
Amendment 132 #
Proposal for a regulation Recital 8 (8) Although Directive 2014/49/EU significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are urgently needed at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors on an equal basis throughout the Banking Union countries and thereby safeguard financial stability. EDIS would increase the resilience of the Banking Union against future crises by sharing risk more widely and would offer equal protection for insured depositors, supporting the proper functioning of the internal market.
Amendment 133 #
Proposal for a regulation Recital 8 (8) Although Directive 2014/49/EU significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are needed at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors and thereby safeguard financial stability.
Amendment 134 #
Proposal for a regulation Recital 8 (8)
Amendment 135 #
Proposal for a regulation Recital 8 (8) Although Directive 2014/49/EU significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are needed at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors and thereby safeguard financial stability. EDIS would increase the
Amendment 136 #
Proposal for a regulation Recital 8 (8) Although Directive 2014/49/EU significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are needed at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors and thereby safeguard financial stability. EDIS would increase the resilience of the Banking Union against future crises
Amendment 137 #
Proposal for a regulation Recital 8 a (new) (8a) The key objective of the EDIS is to enhance the effective deposit guarantee framework with a view to protecting depositors in an equal way against the consequences of deposits becoming unavailable. At the full insurance stage, the objective is to provide an equal level of protection to all depositors of credit institutions affiliated to the participating DGSs.
Amendment 138 #
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.
Amendment 139 #
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.
Amendment 140 #
Proposal for a regulation Recital 9 (9) Funds used by deposit guarantee schemes to repay depositors for unavailable covered deposits in accordance with Article 8 of Directive 2014/49/EU on deposit guarantee schemes do not constitute State aid or Fund aid.
Amendment 141 #
Proposal for a regulation Recital 9 (9) Funds used by deposit guarantee schemes to repay depositors for unavailable covered deposits in accordance with Article 8 of Directive 2014/49/EU on deposit guarantee schemes do not constitute State aid or Fund aid.
Amendment 142 #
Proposal for a regulation Recital 10 (10) Despite the further harmonisation introduced by the Directive 2014/49/EU, national DGSs retain certain options and discretions, including with respect to
Amendment 143 #
Proposal for a regulation Recital 11 (11) The establishment of a
Amendment 144 #
Proposal for a regulation Recital 11 (11) The establishment of a
Amendment 145 #
Proposal for a regulation Recital 12 (12) Furthermore, EDIS is part of the wider EU rules harmonising prudential supervision and recovery and resolution, which are complementary aspects of the internal market for banking services.
Amendment 146 #
Proposal for a regulation Recital 12 (12) Furthermore,
Amendment 147 #
Proposal for a regulation Recital 13 (13) This Regulation applies only in respect of banks whose home supervisor is the ECB or the national competent authority in Member States whose currency is the euro or in Member States whose currency is not the euro which have established a close cooperation in accordance with Article 7 of Regulation (EU) No 1024/2013. The scope of application of this Regulation is linked to the scope of application of Regulation (EU) No 1024/2013. Indeed, bearing in mind the significant level to which the supervisory tasks attributed to the SSM and deposit guarantee actions are interwoven, the establishment of a centralised system of supervision operated under Article 127(6) of the Treaty on the Functioning of the European Union is fundamentally important to the process of harmonisation
Amendment 148 #
Proposal for a regulation Recital 13 (13) This Regulation applies only in respect of banks and credit unions whose home supervisor is the ECB or the national competent authority in Member States whose currency is the euro or in Member States whose currency is not the euro which have established a close cooperation in accordance with Article 7 of Regulation (EU) No 1024/2013. The scope of application of this Regulation is linked to the scope of application of Regulation (EU) No 1024/2013. Indeed, bearing in mind the significant level to which the supervisory tasks attributed to the SSM and deposit guarantee actions are interwoven, the establishment of a centralised system of supervision operated under Article 127(6) of the Treaty on the Functioning of the European Union is fundamentally important to the process of harmonisation
Amendment 149 #
Proposal for a regulation Recital 14 (14) In order to ensure parallelism with the SSM and the SRM, EDIS should apply to participating Member States. Banks established in the Member States not participating in the SSM should not be subject to EDIS. As long as supervision in a Member State remains outside the SSM, that Member State should remain responsible for ensuring the protection of depositors against the consequences of
Amendment 150 #
Proposal for a regulation Recital 14 (14) In order to ensure
Amendment 151 #
Proposal for a regulation Recital 14 (14) In order to ensure parallelism with the SSM and the SRM,
Amendment 152 #
Proposal for a regulation Recital 14 (14) In order to ensure parallelism with the SSM and the SRM, EDIS should apply to participating Member States. Banks established in the Member States not participating in the SSM should not be subject to EDIS. As long as supervision in a Member State remains outside the SSM, that Member State should remain responsible for ensuring the protection of depositors against the consequences of
Amendment 153 #
Proposal for a regulation Recital 14 (14) In order to ensure parallelism with the SSM and the SRM, EDIS should apply to participating Member States. Banks established in the Member States not participating in the SSM should not be subject to EDIS. As long as supervision in a Member State remains outside the SSM, that Member State should remain responsible for ensuring the protection of depositors
Amendment 154 #
Proposal for a regulation Recital 15 Amendment 155 #
Proposal for a regulation Recital 15 (15) In order to ensure a level playing field within the internal market as a whole, this Regulation is consistent with Directive 2014/49/EU. It complements the rules and principles of that Directive to ensure the proper functioning of EDIS and that appropriate funding is available to the latter. The key objective of the EDIS is to enhance the effective deposit guarantee framework with a view to protecting depositors against the consequences of deposits becoming unavailable. At the full insurance stage, the objective is to provide an equal level of protection to all depositors of credit institutions affiliated to the participating DGSs. The material law on deposit guarantee to be applied within the EDIS framework will therefore be consistent with the one applicable by the national DGSs or designated authorities of the non- participating Member States, harmonised through
Amendment 156 #
Proposal for a regulation Recital 15 (15) In order to ensure a level playing field within the internal market as a whole, this Regulation is consistent with Directive 2014/49/EU. It complements the rules and principles of that Directive to ensure the proper functioning of EDIS and that appropriate funding is available to the latter. The key objective of the EDIS is to enhance the effective deposit guarantee framework with a view to protecting depositors against the consequences of deposits becoming unavailable. At the full insurance stage, the objective is to provide an equal level of protection to all depositors of credit institutions affiliated to the participating DGSs. The material law on deposit guarantee to be applied within the EDIS framework will therefore be consistent with the one applicable by the national DGSs or designated authorities of the non-
Amendment 157 #
Proposal for a regulation Recital 15 (15) In order to ensure a level playing field within the internal market as a whole, this Regulation is consistent with Directive
Amendment 158 #
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.
Amendment 159 #
Proposal for a regulation Recital 15 a (new) (15a) It should also be possible for the DIF to go beyond a pure reimbursement function and to use the available financial means in order to prevent the failure of a credit institution with a view to avoiding the costs of reimbursing depositors and other adverse impacts. Those measures should, however, be carried out within a clearly defined framework including appropriate systems and procedures in place for selecting and implementing such measures and monitoring affiliated risks. Implementing such measures should be subject to the imposition of conditions as defined in Directive 2014/49/EU. The costs of the measures taken to prevent the failure of a credit institution should not exceed the costs of fulfilling the statutory or contractual mandates of the respective DIF with regard to protecting covered deposits at the credit institution or the institution itself.
Amendment 160 #
Proposal for a regulation Recital 15 b (new) (15b) It should also be possible for the DIF to go beyond a pure reimbursement function and to use the available financial means in order to prevent the failure of a credit institution with a view to avoiding the costs of reimbursing depositors and other adverse impacts. Those measures should, however, be carried out within a clearly defined framework including appropriate systems and procedures in place for selecting and implementing such measures and monitoring affiliated risks. Implementing such measures should be subject to the imposition of conditions as defined in Directive 2014/49/EU. The costs of the measures taken to prevent the failure of a credit institution should not exceed the costs of fulfilling the statutory or contractual mandates of the respective DIF with regard to protecting covered deposits at the credit institution or the institution itself.
Amendment 161 #
Proposal for a regulation Recital 16 (16) In integrated financial markets, any financial support to reimburse depositors enhances the financial stability not only in the participating Member State concerned but also in other Member States, by preventing any spill-over of bank crises
Amendment 162 #
Proposal for a regulation Recital 17 Amendment 163 #
Proposal for a regulation Recital 17 (17)
Amendment 164 #
Proposal for a regulation Recital 17 (17)
Amendment 165 #
Proposal for a regulation Recital 17 (17) EDIS should progressively evolve from a reinsurance scheme into a fully mutualised co-insurance scheme over
Amendment 166 #
Proposal for a regulation Recital 17 (17) EDIS should progressively evolve from a reinsurance scheme into a fully mutualised co-insurance scheme over a number of years. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge-financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step is necessary to reduce the bank/sovereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective.
Amendment 167 #
Proposal for a regulation Recital 17 (17) EDIS
Amendment 168 #
Proposal for a regulation Recital 17 (17) EDIS
Amendment 169 #
Proposal for a regulation Recital 17 (17) EDIS should progressively evolve from a reinsurance scheme into a fully mutualised co-insurance scheme over a number of years. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge-financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step is necessary to reduce the bank/sovereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective.
Amendment 170 #
Proposal for a regulation Recital 17 (17) EDIS
Amendment 171 #
Proposal for a regulation Recital 17 (17) EDIS should progressively evolve from a reinsurance scheme into a
Amendment 172 #
Proposal for a regulation Recital 17 (17) EDIS should progressively evolve from a
Amendment 173 #
Proposal for a regulation Recital 17 (17) EDIS should progressively evolve from a limited reinsurance scheme into a fully mutualised
Amendment 174 #
Proposal for a regulation Recital 18 Amendment 175 #
Proposal for a regulation Recital 18 Amendment 176 #
Proposal for a regulation Recital 18 (18) EDIS should be established in t
Amendment 177 #
Proposal for a regulation Recital 18 (18) EDIS should be established in t
Amendment 178 #
Proposal for a regulation Recital 18 (18) EDIS should be established in
Amendment 179 #
Proposal for a regulation Recital 18 (18) EDIS should be established in t
Amendment 180 #
Proposal for a regulation Recital 18 (18) EDIS
Amendment 181 #
Proposal for a regulation Recital 18 (18) EDIS should be established in t
Amendment 182 #
Proposal for a regulation Recital 18 (18) EDIS
Amendment 183 #
Proposal for a regulation Recital 18 (18) EDIS should be established in t
Amendment 184 #
Proposal for a regulation Recital 19 Amendment 185 #
Proposal for a regulation Recital 19 (19)
Amendment 186 #
Proposal for a regulation Recital 19 (19) In the
Amendment 187 #
Proposal for a regulation Recital 19 (19) In the limited reinsurance stage, and in order to limit the liability for the European Deposit Insurance Fund (
Amendment 188 #
Proposal for a regulation Recital 19 (19)
Amendment 189 #
Proposal for a regulation Recital 20 Amendment 190 #
Proposal for a regulation Recital 20 Amendment 191 #
Proposal for a regulation Recital 20 Amendment 192 #
Proposal for a regulation Recital 20 Amendment 193 #
Proposal for a regulation Recital 20 Amendment 194 #
Proposal for a regulation Recital 20 Amendment 195 #
Proposal for a regulation Recital 20 Amendment 196 #
Proposal for a regulation Recital 20 (20)
Amendment 197 #
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. Additionally, a credit line from the European Stability Mechanism is needed to act as a common fiscal backstop.
Amendment 198 #
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,
Amendment 199 #
Proposal for a regulation Recital 20 (20) As the Deposit Insurance Fund, in the limited re
Amendment 200 #
Proposal for a regulation Recital 20 a (new) (20a) In addition, in order to ensure that all depositors in the Banking Union enjoy an equal level of protection, this Regulation establishes a fully mutualised European Deposit Insurance Scheme ('EDIS') by 2024 at the latest in three successive stages: – a reinsurance scheme that, to a certain extent, provides funding and covers a share of the losses of participating deposit guarantee schemes; – a co-insurance scheme that, to a gradually increasing extent, provides funding and covers losses of participating deposit guarantee schemes; – a full insurance scheme that provides the funding and covers the losses of participating deposit guarantee schemes. EDIS shall be administered by the Board in cooperation with participating DGSs and designated authorities in accordance with Part IIa. EDIS shall be supported by a Deposit Insurance Fund (the 'DIF')."
Amendment 201 #
Proposal for a regulation Recital 21 Amendment 202 #
Proposal for a regulation Recital 21 Amendment 203 #
Proposal for a regulation Recital 21 Amendment 204 #
Proposal for a regulation Recital 21 Amendment 205 #
Proposal for a regulation Recital 21 Amendment 206 #
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
Amendment 207 #
Proposal for a regulation Recital 21 (21)
Amendment 208 #
Proposal for a regulation Recital 21 (21) While the
Amendment 209 #
Proposal for a regulation Recital 21 a (new) (21a) The beginning of the full insurance stage can be anticipated in the event that the risk reduction measures included in the legislative proposals presented by the Commission on 23 November 2016 (e.g. the "EU banking reform" package) have been officially adopted.
Amendment 210 #
Proposal for a regulation Recital 22 (22) Safeguards should be built into EDIS so as to limit moral hazard risk and to ensure that the coverage by EDIS is only provided where nationals DGSs act in a prudent manner. Firstly, national DGSs should comply with their obligations under this Regulation, the Directive 2014/49/EU and other relevant EU law, in particular their obligation to build up their funds in accordance with Article 10 of Directive 2014/49/EU as further specified in this Regulation. In order to benefit from coverage by EDIS, participating DGSs need to raise ex-ante contributions in accordance with a precise funding path. This also implies that the possibility of a target level reduction in accordance with Article 10(6) of Directive 2014/49/EU is
Amendment 211 #
Proposal for a regulation Recital 22 (22) Safeguards should be built into EDIS so as to limit moral hazard risk and to ensure that the coverage by EDIS is only provided where nationals DGSs act in a prudent manner. Firstly, national DGSs should comply with their obligations under
Amendment 212 #
Proposal for a regulation Recital 22 (22) Safeguards should be built into EDIS so as to limit moral hazard risk and to ensure that the coverage by EDIS is only provided where nationals DGSs act in a prudent manner. Firstly, national DGSs should comply with their obligations under this Regulation, the Directive 2014/49/EU and other relevant EU law, in particular their obligation to build up their funds in accordance with Article 10 of Directive 2014/49/EU as further specified in this Regulation. In order to benefit from coverage by EDIS, participating DGSs need to raise a sufficient amount of ex- ante contributions in accordance with a precise funding
Amendment 213 #
Proposal for a regulation Recital 22 (22) Safeguards should be built into EDIS so as to limit moral hazard risk to a minimum and to ensure that the coverage by EDIS is only provided where nationals DGSs act in a prudent and responsible manner. Firstly, national DGSs should comply with their obligations under this Regulation, the Directive 2014/49/EU and other relevant EU law, in particular their obligation to build up their funds in accordance with Article 10 of Directive 2014/49/EU as further specified in this Regulation. In order to benefit from coverage by EDIS, participating DGSs need to raise ex-ante contributions in accordance with a precise funding path. This also implies that the possibility of a target level reduction in accordance with Article 10(6) of Directive 2014/49/EU is no longer available if the DGS wants to benefit from EDIS. Secondly, in case of a pay-out event or where its funds are used in resolution, a national DGS should bear a fair share of the loss themselves. It should therefore be required to
Amendment 214 #
Proposal for a regulation Recital 22 (22) Safeguards should be built into
Amendment 215 #
Proposal for a regulation Recital 22 a (new) (22a) The implementation and enforcement of EU banking legislation is crucial to achieve a truly full-fledged Banking Union that reinforces financial stability, benefits financial end-users and protects taxpayers' money from being used in banking crises. Correlation tables are an important safeguard to understand whether, when and how relevant European legislation is transposed and applied across all Member States. As an instrument to foster the EU single rulebook, correlation tables should therefore, as a rule, be provided by the European Commission in cooperation with the relevant European Supervisory Authorities.
Amendment 216 #
Proposal for a regulation Recital 22 a (new) (22a) The current reform of the financial services regulatory framework should lead to a strengthening of the overall financial position of European banks, and requires banks to prioritize bolstering capital requirement over their banks' revenue distribution, including employee bonuses and shareholder dividends. This can be attained, inter alia, via retained earnings.
Amendment 217 #
Proposal for a regulation Recital 22 a (new) (22a) The Board may use the available financial means of the Deposit Insurance Fund for the purposes of Article 11(3) and 11(6) of Directive 2014/49/EU.
Amendment 218 #
Proposal for a regulation Recital 23 Amendment 219 #
Proposal for a regulation Recital 23 Amendment 220 #
Proposal for a regulation Recital 23 (23) The Deposit Insurance Fund is an essential element without which the progressive establishment of EDIS could not be achieved. Different national systems
Amendment 221 #
Proposal for a regulation Recital 23 (23) The Deposit Insurance Fund is an essential element without which the
Amendment 222 #
Proposal for a regulation Recital 23 (23) The Deposit Insurance Fund is an essential element without which the
Amendment 223 #
Proposal for a regulation Recital 23 (23) The Deposit Insurance Fund is an essential element without which the progressive establishment of EDIS could not be achieved. Different national systems of funding would not provide for homogenous deposit insurance across the Banking Union. Throughout the t
Amendment 224 #
Proposal for a regulation Recital 24 (24) The Deposit Insurance Fund should be financed by direct contributions from banks in order to reduce the sovereign bank link, the risk and the moral hazard. Decisions taken within the EDIS, requiring the use of the Deposit Insurance Fund or of a national deposit guarantee scheme should not impinge on the fiscal responsibilities of the Member States. In that regard, only extraordinary public financial support should be considered to be an impingement on the budgetary sovereignty and fiscal responsibilities of the Member States.
Amendment 225 #
Proposal for a regulation Recital 24 (24) The
Amendment 226 #
Proposal for a regulation Recital 24 (24) The Deposit Insurance Fund should be financed by
Amendment 227 #
Proposal for a regulation Recital 24 (24) The Deposit Insurance Fund should
Amendment 228 #
Proposal for a regulation Recital 24 (24) The Deposit Insurance Fund should be financed by direct contributions from banks and IPSs. Decisions taken within the EDIS, requiring the use of the Deposit Insurance Fund or of a national deposit guarantee scheme should not impinge on the fiscal responsibilities of the Member States. In that regard, only extraordinary public financial support should be considered to be an impingement on the budgetary sovereignty and fiscal responsibilities of the Member States.
Amendment 229 #
Proposal for a regulation Recital 24 (24) The Deposit Insurance Fund should be financed by
Amendment 230 #
Proposal for a regulation Recital 25 (25) This Regulation establishes the modalities for the use of the Deposit Insurance Fund and the general criteria to determine the fixing and calculation of ex ante
Amendment 231 #
Proposal for a regulation Recital 26 (26) Contributions would be directly
Amendment 232 #
Proposal for a regulation Recital 26 (26) Contributions would be
Amendment 233 #
Proposal for a regulation Recital 26 (26) Contributions would be
Amendment 234 #
Proposal for a regulation Recital 26 (26) Contributions would be directly levied on banks 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. In order to ensure fair and harmonised contributions for participating banks 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. Risk-based contributions to EDIS shall be calculated taking into account the systemic relevance, the amount of its contribution to the SRF and the participation to a cooperative solidarity mechanism as a risk minimizer. During the re-insurance period the risk- adjustment factor should consider the degree of risk incurred by a
Amendment 235 #
Proposal for a regulation Recital 26 (26) Contributions would be directly levied on banks 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. In order to ensure fair and harmonised contributions for participating banks 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
Amendment 236 #
Proposal for a regulation Recital 26 (26) Contributions would be directly levied on banks 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. In order to ensure fair and harmonised contributions for participating banks 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 banks established in the participating Member States. This would ensure that, overall, EDIS is cost-neutral for banks and national DGSs and avoid any
Amendment 237 #
Proposal for a regulation Recital 26 (26) Contributions would be
Amendment 238 #
Proposal for a regulation Recital 26 (26) Contributions would be
Amendment 239 #
Proposal for a regulation Recital 26 (26) Contributions would be directly levied on banks 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. In order to ensure fair and harmonised contributions for participating banks 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 limited re- insurance period the risk-adjustment factor should consider the degree of risk incurred by a bank or IPS relative to all other banks affiliated to the same participating DGS. Once the stage of co-insurance is reached, the risk-
Amendment 240 #
Proposal for a regulation Recital 27 (27)
Amendment 241 #
Proposal for a regulation Recital 27 (27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit insurance action.
Amendment 242 #
Proposal for a regulation Recital 27 (27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit reinsurance and insurance action
Amendment 243 #
Proposal for a regulation Recital 27 (27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit insurance action. When prior funding is insufficient to cover the losses or costs incurred by the use of the Deposit Insurance Fund,
Amendment 244 #
Proposal for a regulation Recital 27 (27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit insurance action. When prior funding is insufficient to cover the losses or costs incurred by the use of the Deposit Insurance Fund, additional contributions should be collected to bear the additional cost or loss. Moreover, the Deposit Insurance Fund should be able to
Amendment 245 #
Proposal for a regulation Recital 27 (27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit insurance action. When prior funding of the participating DGS is insufficient to cover the l
Amendment 246 #
Proposal for a regulation Recital 27 (27) In principle, contributions should
Amendment 247 #
Proposal for a regulation Recital 27 a (new) (27a) The risk-based method for the calculation of contributions payable to participating DGSs for the reinsurance period only, to be specified through a Delegated Act, should be based on clear risk factors which should not negatively affect certain banking sectors over others in the Union.
Amendment 248 #
Proposal for a regulation Recital 27 a (new) (27a) The Board of EDIS should be able to make a request to borrow for the DIF from the European Stability Mechanism. A credit line from the European Stability Mechanism should be pre-approved by Member States and approved by the Board of Governors when EDIS has issued a request.
Amendment 249 #
Proposal for a regulation Recital 28 (28) In order to reach a critical mass and to avoid pro-cyclical effects which would arise if the Deposit Insurance Fund had to rely
Amendment 250 #
Proposal for a regulation Recital 28 (28) In order to reach a critical mass and to avoid pro
Amendment 251 #
Proposal for a regulation Recital 29 (29) The
Amendment 252 #
Proposal for a regulation Recital 29 (29) The initial and final target level of
Amendment 253 #
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 DGS. It should progressively reach 2
Amendment 254 #
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 DGS. It should progressively reach 20% of four ninth of the total minimum target levels by th
Amendment 255 #
Proposal for a regulation Recital 29 (29) The
Amendment 256 #
Proposal for a regulation Recital 29 (29) The
Amendment 257 #
Proposal for a regulation Recital 29 (29) The
Amendment 258 #
Proposal for a regulation Recital 30 Amendment 259 #
Proposal for a regulation Recital 30 (30) Ensuring effective and sufficient financing of the
Amendment 260 #
Proposal for a regulation Recital 30 (30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility of EDIS.
Amendment 261 #
Proposal for a regulation Recital 30 (30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility of EDIS. The
Amendment 262 #
Proposal for a regulation Recital 30 (30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility and efficiency of EDIS. The capacity of the Board to contract alternative funding means for the Deposit Insurance Fund should be enhanced in a manner that optimises the cost of funding and preserves the creditworthiness of the Deposit Insurance Fund. Immediately after the entry into force of this Regulation, the necessary steps should be taken by the Board in cooperation with the participating Member States to develop the appropriate methods and modalities permitting the enhancement of the borrowing capacity of the Deposit Insurance Fund that should be in place by the date of application of this Regulation. It is essential also to create a mutualised credit line via the European Stability Mechanism (ESM) and an effective common fiscal backstop for the Banking Union to be used as a last resort.
Amendment 263 #
Proposal for a regulation Recital 30 (30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility and efficiency of EDIS. The capacity of the Board to contract alternative funding means for the Deposit Insurance Fund should be enhanced in a manner that optimises the cost of funding and preserves the creditworthiness of the Deposit Insurance Fund. Immediately after the entry into force of this Regulation, the necessary steps should be taken by the Board in cooperation with the participating Member States to develop the appropriate methods and modalities permitting the enhancement of the borrowing capacity of the Deposit Insurance Fund that should be in place by the date of application of this Regulation. It is essential also to create a mutualised credit line via the European Stability Mechanism (ESM) as an effective common fiscal backstop for the Banking Union to be used as a last resort.
Amendment 264 #
Proposal for a regulation Recital 30 (30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility of EDIS. The capacity of the Board to
Amendment 265 #
Proposal for a regulation Recital 30 a (new) (30a) The borrowing capacity of the Deposit Insurance Fund would be greatly enhanced by the establishment of a Common Fiscal Backstop which should act as a mechanism of last resort in case the resources of the Deposit Insurance Fund are exhausted as result of one or multiple failures. It should be funded by Member States participating in the Banking Union in accordance with the tools and mechanism that will be established for the fiscal backstop for the Single Resolution Fund.
Amendment 266 #
Proposal for a regulation Recital 31 (31) It is necessary to ensure that the Deposit Insurance Fund is fully available for the purpose of ensuring the guarantee of deposits. Th
Amendment 267 #
Proposal for a regulation Recital 31 (31) It is necessary to ensure that the Deposit Insurance Fund is fully available for the purpose of ensuring the guarantee of deposits. Therefore, the Deposit Insurance Fund should primarily be used
Amendment 268 #
Proposal for a regulation Recital 31 (31) It is necessary to ensure that the Deposit Insurance Fund is fully available for the purpose of ensuring the guarantee of deposits. Therefore, the Deposit Insurance Fund should primarily be used for the efficient implementation of deposit guarantee requirements and actions. Furthermore, it should be used only in accordance with the applicable deposit guarantee objectives and principles. Under certain conditions, the Deposit Insurance Fund could also provide funding where the available financial means of a DGS are used in resolution in accordance with Article 79 of this Regulation. Furthermore, the Deposit Insurance Fund could be used for the implementation of alternative measures, as established in Article 77a of this Regulation, under a strict supervision framework.
Amendment 269 #
Proposal for a regulation Recital 31 (31) It is necessary to ensure that the Deposit Insurance Fund is fully available for the purpose of ensuring the guarantee of deposits. Therefore, the Deposit Insurance Fund should primarily be used for the efficient implementation of deposit guarantee requirements and actions. Furthermore, it should be used only in accordance with the applicable deposit guarantee objectives and principles. Under certain conditions, the Deposit Insurance Fund could also provide funding where alternative measures are implemented in accordance with Article 41ja of this Regulation or where the available financial means of a DGS are used in resolution in accordance with Article 79 of this Regulation.
Amendment 270 #
Proposal for a regulation Recital 31 a (new) (31a) DGSs participating in the EDIS should work to prevent reinsurance cases wherever possible. Preventive stabilising measures are often a cost-efficient way to prevent damage cases. It should therefore also be possible for the EDIS to finance preventive measures to stabilise the DGSs.
Amendment 271 #
Proposal for a regulation Recital 34 (34) In order to guarantee its full autonomy and independence when
Amendment 272 #
Proposal for a regulation Recital 35 (35) The Board, where all the criteria relating to the use of the
Amendment 273 #
Proposal for a regulation Recital 36 (36) The Board should operate in joint- plenary, plenary and executive sessions. The Board, in its executive session, should prepare all decisions concerning pay-out procedures and, to the fullest extent possible, adopt those decisions. Regarding the use of the Deposit Insurance Fund, it is important that there is no first-mover advantage and that the outflows of the Deposit Insurance Fund are monitored.
Amendment 274 #
Proposal for a regulation Recital 36 (36) The Board should operate in joint- plenary, plenary and executive sessions. The Board, in its executive session, should prepare all decisions concerning pay-out procedures and, to the fullest extent possible, adopt those decisions. Regarding the use of the Deposit Insurance Fund, it is important that there is no first-mover advantage and that the outflows of the Deposit Insurance Fund are monitored.
Amendment 275 #
Proposal for a regulation Recital 36 (36) The Board should operate in joint- plenary, plenary and executive sessions. The Board, in its executive session, should prepare all decisions concerning pay-out procedures and, to the fullest extent possible, adopt those decisions. Regarding the use of the Deposit Insurance Fund, it is important that there is no first-mover advantage and that the outflows of the Deposit Insurance Fund are monitored. Once the net accumulated use of the Deposit Insurance Fund in the previous consecutive 12 months reaches the threshold of 2
Amendment 276 #
Proposal for a regulation Recital 44 (44) Since the objectives of this Regulation, namely setting up a more efficient
Amendment 277 #
Proposal for a regulation Recital 45 (45) The Commission should review the application of this Regulation in order to assess its impact on the internal market and to determine whether any modifications or further developments are needed in order to improve the efficiency
Amendment 278 #
Proposal for a regulation Recital 46 (46) In order for
Amendment 279 #
Proposal for a regulation Recital 46 (46) In order
Amendment 280 #
Proposal for a regulation Recital 46 (46) In order for EDIS to function in an effective manner as of
Amendment 281 #
Proposal for a regulation Recital 46 (46) In order for EDIS to function in an effective manner as of
Amendment 282 #
Proposal for a regulation Recital 46 (46) In order for EDIS to function in an effective manner as of
Amendment 283 #
Proposal for a regulation Recital 46 (46) In order for EDIS to function in an effective manner as of
Amendment 284 #
Proposal for a regulation Recital 46 (46) In order for EDIS to function in an effective manner as of [
Amendment 285 #
Proposal for a regulation Recital 47 (47) Regulation (EU) No 806/2014 and Directive 2014/49/EU should be amended to incorporate and respectively take into account the
Amendment 286 #
Proposal for a regulation Recital 47 (47) Regulation (EU) No 806/2014 should be amended to incorporate and respectively take into account the establishment of
Amendment 287 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS')
Amendment 288 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, in order to ensure that all depositors in the Banking Union enjoy an equal level of protection, this Regulation establishes a fully mutualised European Deposit Insurance Scheme ('EDIS') by 2022 in three successive stages:
Amendment 289 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, in order to ensure that all depositors in the Banking Union enjoy an equal level of protection, this Regulation establishes a fully mutualised European Deposit Insurance Scheme ('EDIS')
Amendment 290 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 (2) In addition, this Regulation establishes a European
Amendment 291 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS') in
Amendment 292 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS')
Amendment 293 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS') in t
Amendment 294 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – introductory part 2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS') in t
Amendment 295 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 1 Amendment 296 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 1 Amendment 297 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 1 Amendment 298 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 1 Amendment 299 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 1 - a limited reinsurance scheme that
Amendment 300 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 2 Amendment 301 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 2 Amendment 302 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 2 Amendment 303 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 2 Amendment 304 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 2 Amendment 305 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 2 - a
Amendment 306 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 Amendment 307 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 Amendment 308 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 Amendment 309 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 Amendment 310 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 - a
Amendment 311 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 - a full insurance scheme that provides the funding and covers the losses of participating deposit guarantee schemes in accordance with Article 41
Amendment 312 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – indent 3 a (new) - a public backstop system guaranteed by the ECB, in line with the aim of maintaining the stability of the financial system.
Amendment 313 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 806/2014 Article 1 – paragraph 2 a (new) 2a. Part IIa and Section 1a and 2 of Chapter 2 of Title V of Part III of this Regulation shall apply from no earlier than the fulfilment of the following conditions: (a) the application, immediately or where relevant after the expiry of the transposition period, of the international standard for Total Loss Absorbing Capacity (TLAC) for Global Systemically Important Banks (G-SIBs), and of revised rules in relation to a minimum requirement for own funds and eligible liabilities (MREL), for all credit institutions affiliated to the participating DGSs; (b) the application, immediately or where relevant after the expiry of the transposition period, of an insolvency ranking for credit institutions, harmonised at Union level, in relation to subordinated debt; (c) the application, immediately or where relevant after the expiry of the transposition period, of a Union framework for business insolvency in relation to the early restructuring of companies in order to prevent and better handle the pressing issue of non- performing loans; (d) the application, immediately or where relevant after the expiry of the transposition period, of an act amending Regulation (EU) No 575/2013 and Directive 2013/36/EU, resulting in a binding leverage ratio requirement with additional requirements for G-SIBs; (e) the application of legislation introducing moratorium powers for supervisors and resolution authorities in respect of credit institutions affiliated to the participating DGSs; (f) the application of legislation introducing non-zero risk weights for sovereign exposures or measures to address concentration risks, such as large exposure limits; (g) adherence by all credit institutions to the minimum capital requirements in the baseline scenario of an Asset Quality Review (AQR) for all credit institutions affiliated to the participating DGSs, to be conducted between 1 January 2020 and 31 December in 2022. Without prejudice to subparagraph 1, the European Parliament and the Council shall, on the basis of verification by the Commission of compliance with the conditions in subparagraph 1, to be conducted no earlier than 1 January 2023, adopt a legislative act in order to establish the exact date of application of Part IIa and Section 1a and 2 of Chapter 2 of Title V of Part III of this Regulation.
Amendment 314 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point a (a) credit institutions and unions established in a participating Member State;
Amendment 315 #
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, excluding the entities referred to in Article 2(5) of Directive 2013/36/EU and branches of credit institutions established in third countries referred to in Article 15 of Directive 2014/49/EU.
Amendment 316 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 (b) credit institutions affiliated to participating deposit-guarantee schemes, not including the entities excluded from the application of Directive 2013/36/EU according to Article 2 of that Directive.
Amendment 317 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 1 – paragraph 2 – subparagraph 1 – point b (b) credit institutions affiliated to participating deposit-guarantee schemes and subject to consolidated supervision under the Capital Requirements Regulation (CRR) (Regulation (EU) No. 575/2013).
Amendment 318 #
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
Amendment 319 #
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).
Amendment 320 #
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 established in the Union and affiliated to participating deposit-guarantee schemes.
Amendment 321 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point b a (new) (ba) branches of third country credit institutions established in the EU for which protection has been assessed as not being equivalent and which have been affiliated to a participating DGS as a result of the procedure outlined in Article 2a.
Amendment 322 #
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.
Amendment 323 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Amendment 324 #
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
Amendment 325 #
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 from participating DGSs, including available financial means provided for in Article 113/7 of Regulation (EU) No 575/2013, and low- risk assets which can be liquidated within a period not exceeding that referred to in
Amendment 326 #
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 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
Amendment 327 #
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.;
Amendment 328 #
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.
Amendment 329 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 806/2014 Article 5 – title Amendment 330 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 806/2014 Article 5 – title Amendment 331 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 806/2014 Article 5 – title Amendment 332 #
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.’
Amendment 333 #
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.’
Amendment 334 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 b (new) Regulation (EU) No 806/2014 Article 5 – paragraph 1 5b. In Article 5(1), the following new subparagraph -1 is added: ‘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.’
Amendment 335 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 806/2014 Article 6 – paragraph 2 2. Every action, proposal or policy of
Amendment 336 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 – point a Regulation (EU) No 806/2014 Article 19 – paragraph 3 – subparagraph 1 Amendment 337 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 a (new) 9a. in Article 34, paragraph 5 is replaced by the following: ‘5. The Board, the ECB, the national competent authorities
Amendment 338 #
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 as follows: ‘5. The Board, the ECB, the national competent authorities and the national resolution authorities and the designated authorities may draw up memoranda of understanding with 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 designated authorities shall not be deemed to infringe the requirements of professional
Amendment 339 #
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
Amendment 340 #
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.’;'
Amendment 341 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 a (new) Regulation (EU) No 806/2014 Article 38 – paragraph 2 – point c a (new) 9a. 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.’
Amendment 342 #
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.’
Amendment 93 #
Draft legislative resolution Citation 2 — having regard to Article
Amendment 94 #
Draft legislative resolution Citation 3 — having regard to Articles 294(2) and (3) of the Treaty on the Functioning of the European Union,
Amendment 95 #
Draft legislative resolution Citation 3 a (new) – having regard to the opinion of the European Central Bank of 20 April 2016,
Amendment 96 #
Proposal for a regulation Title 1 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 806/2014 and amending Directive 2014/49/EU in order to establish a European Deposit Insurance Scheme
Amendment 97 #
Proposal for a regulation Title 1 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 806/2014 and Directive 2014/59/EU in order to establish a European Deposit Insurance Scheme
Amendment 98 #
Proposal for a regulation Title 1 REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 806/2014 in order to establish a European Deposit
Amendment 99 #
Proposal for a regulation Citation 1 Having regard to Article 115 of the Treaty on the
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450 amendments...
Amendment 343 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title EUROPEAN DEPOSIT REINSURANCE SCHEME (ED
Amendment 344 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa - title I - title TITLE I: ESTA
Amendment 345 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – title TITLE I:
Amendment 346 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 1 Amendment 347 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 1 Amendment 348 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 1 – title Reinsurance Insurance
Amendment 349 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 1 – title Reinsurance Partial reinsurance
Amendment 350 #
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.
Amendment 351 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article -41 a (new) Amendment 352 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article -41 a (new) Article -41 a Entry into application of this Chapter 1. This Chapter shall apply from no earlier than the latest of the following dates: (a) the date of application, or, where relevant, the expiry of the transposition period of the international standard for Total Loss Absorbing Capacity (TLAC) and of revised rules in relation to a minimum requirement for own funds and eligible liabilities (MREL), for all credit institutions affiliated to the participating DGSs; (b) the date of application, or, where relevant, the expiry of the transposition period of an insolvency ranking for credit institutions, harmonised at Union level, in relation to subordinated debt; (c) the date of application, or, where relevant, the expiry of the transposition period of a framework for business insolvency, harmonised at Union level, in relation to the early restructuring of companies in order to prevent and better handle the pressing issue of non- performing loans; (d) the date of application, or, where relevant, the expiry of the transposition period of an act amending Regulation (EU) No 575/2013 and Directive 2013/36/EU, resulting in a binding leverage ratio requirement with additional requirements for G-SIBs. 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 2023, of compliance with the following conditions: (a) adherence by all credit institutions to the minimum capital requirements in the baseline scenario of an Asset Quality Review (AQR) for all credit institutions affiliated to the participating DGSs in 2023; (b) publication by the Commission, by 31 December 2023, of an impact assessment in relation to the entry into application of this Chapter; (c) proper consideration, as a minimum, of international standards on the prudential treatment of sovereign debt held by credit institutions by 31 December 2023. That delegated act shall set a date of application for this Chapter that shall, in any event, be no earlier than 1 January 2024 and, where that date is exceeded, no later than one year from the time all the conditions of this Article are met.
Amendment 353 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 806/2014 Article -41 a (new) Amendment 354 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Amendment 355 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – title Amendment 356 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 1. As from the date of application set out in Article 99(5a), participating DGSs are reinsured by EDIS in accordance with this Chapter for a period of
Amendment 357 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a - paragraph 1 1. As from the date of application set out in Article 99(5a), participating DGSs are reinsured by EDIS in accordance with this Chapter for a period of three years (‘reinsurance period’). The reinsurance period shall start following a thorough overall risk assessment and necessary prudential risk reducing measures.
Amendment 358 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 (1) As from the date of application set out in Article
Amendment 359 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 1.
Amendment 360 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 (1)
Amendment 361 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 1. As from the date of application set out in Article 99(5a), participating DGSs are reinsured by EDIS in accordance with this Chapter for a minimum period of
Amendment 362 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 1. As from
Amendment 363 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 1. As from the date of application set out in Article 99(5a), participating DGSs are reinsured by EDIS in accordance with this Chapter for a period of t
Amendment 364 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 1. As from the date of application set
Amendment 365 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 a (new) Amendment 366 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 1 b (new) (1b) 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 by 2023, of compliance with the conditions set out above.
Amendment 367 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 2 Amendment 368 #
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 encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation or is used for alternative measures in accordance with Article 41ja of this Regulation, it may claim funding from the DIF
Amendment 369 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 2 2.
Amendment 370 #
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 encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may claim funding from the DIF
Amendment 371 #
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.
Amendment 372 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 2 a (new) (2a) The share of coverage under the second paragraph shall increase during the reinsurance period as follows: - in the first year of the reinsurance period it shall be 10%; - in the second year of the reinsurance period it shall be 20%; - in the third year of the reinsurance period it shall be 30%; - in the fourth year of the reinsurance period it shall be 40%; - in the fifth year of the reinsurance period it shall be 50%; - in the sixth year of the reinsurance period it shall be 60%; - in the seventh year of the reinsurance period it shall be 70%; - in the eighth year of the reinsurance period it shall be 80%; - in the ninth year of the reinsurance period it shall be 90%; - in the tenth year of the reinsurance period it shall be 100%;
Amendment 373 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 2 a (new) 2a. The share of coverage under the second paragraph shall increase during the reinsurance period as follows: - in the first year of the reinsurance period it shall be 25%; - in the second year of the reinsurance period it shall be 50%; - in the third year of the reinsurance period it shall be 75%; - in the fourth and subsequent years of the reinsurance period it shall be 100%.
Amendment 374 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 2 a (new) 2a. The share of coverage under the second paragraph shall increase as follows: - in the first year it shall be 40 %; - in the second year it shall be 70 %; - in the third and subsequent years it shall be 100 %.
Amendment 375 #
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.
Amendment 376 #
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%.
Amendment 377 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 3 Amendment 378 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 3 Amendment 379 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 3 Amendment 380 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a - paragraph 3 Amendment 381 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 3 3. The DIF shall
Amendment 382 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 3a (new) 3a. The share of liquidity coverage under the second paragraph shall increase during the partial reinsurance period as follows: - in the first year of the partial reinsurance period it shall be 20 %; - in the second year of the partial reinsurance period it shall be 60 %; - in the third year of the partial reinsurance period it shall be 100 %.
Amendment 383 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 3b (new) 3b. If a Member State joins the SSM during the partial reinsurance period the Commission, the Board and the designated authority of the Member State joining the SSM shall conclude a memorandum of understanding establishing transitional measures to ensure a phasing-in of the DGS of the joining Member State within one year. The memorandum shall detail in particular the transfer of funds accumulated by the DGS of the joining Member State in line with the funding path referred to in Article 74b.
Amendment 384 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 4 Amendment 385 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 4 Amendment 386 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 4 Amendment 387 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 4 4.
Amendment 388 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41a – paragraph 4 a (new) 4a. The Member State in which the DGS is registered shall be held liable for the rest of the liquidity shortfall of the DGS concerned, when the liquidity shortfall exceeds the limits set out in paragraph 4 of this Article.
Amendment 389 #
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:
Amendment 390 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41b – paragraph 1 – point b Amendment 391 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41b – paragraph 1 –point b (b) the amount of extraordinary contributions as defined in Article 10(8) of the Directive 2014/49/EU the participating DGS can raise within
Amendment 392 #
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.
Amendment 393 #
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;
Amendment 394 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41b – paragraph 2 a (new) 2a. Deposits referred to in Article 6(2) of Directive 2014/49/EU shall be excluded from the calculation of the liquidity shortfall as determined in paragraph 1 and 2. The DIF shall not provide funding for measures referred to in Article 11(3) and (6) of Directive 2014/49/EU.
Amendment 395 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c Amendment 396 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c Amendment 397 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c Amendment 398 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c Amendment 399 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c – paragraph 1 – point b (b) the amount of available financial means the participating DGS
Amendment 400 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c – paragraph 1 – point c (c) the amount of ex-post 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
Amendment 401 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c – paragraph 2 – point b (b) the amount of available financial
Amendment 402 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41c a (new) Article 41c a Application The application of chapter 2 and 3 shall require that the banks affiliated to the participating DGS are subject to the principle that strengthening their financial position has priority above the banks' revenue distribution including employee bonuses and shareholder dividends, which shall be laid down in the following proposals: (a) Directive 2013/36/EU (the Capital Requirements Directive) concerning exemptions, financial holding companies, mixed financial holding companies, supervisory measures and powers and capital conservation measures and clarifying the requirements for additional capital; (b) Regulation (EU) No 575/2013 (the Capital Requirements Regulation), stipulating rules on a mandatory leverage ratio.
Amendment 403 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 404 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 405 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 406 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 407 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 408 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 409 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 410 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 Amendment 411 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 2 – title Chapter 2
Amendment 412 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d Amendment 413 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d - paragraph 1 Amendment 414 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d – paragraph 1 1. As from the
Amendment 415 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d – paragraph 1 1. As from the end of the re-insurance period, the participating DGS shall be co- insured by EDIS in accordance with this Chapter for a period of
Amendment 416 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d - paragraph 1 a (new) 1a. Chapter 2 of this Regulation shall only apply if the banks affiliated to the participating DGS on the aggregate level comply with large exposure limits at most of 150 % of total own funds for all types of exposures. This requirement shall not apply to future "European risk free assets".
Amendment 417 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d - paragraph 2 Amendment 418 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d - paragraph 3 Amendment 419 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41d a (new) Article 41d a Funding and Loss Cover 1. As from the end of the partial reinsurance period, the participating DGS shall be fully reinsured by EDIS in accordance with this Chapter and shall be liable in respect of depositors' compensation claims in accordance with the share referred to in Article 41e. 2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of this Regulation, or is used for alternative measures in accordance with Article 41ja of this Regulation, it may claim funding from the DIF of a share of its liquidity need as defined in Article 41f of this Regulation. The share shall increase in accordance with Article 41e. 3. The DIF shall also cover a share of the loss of the participating DGS as defined by Article 41g. The share shall increase in accordance with Article 41e. 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 in Article 41o. 4. If a Member State joins the SSM during the mutualised reinsurance period the Commission, the Board and the designated authority of the Member State joining the SSM shall conclude a memorandum of understanding establishing transitional measures to ensure a phasing-in of the DGS of the joining Member State within one year. The memorandum shall detail in particular the transfer of funds accumulated by the DGS of the joining Member State in line with the funding path referred to in Article 74b.
Amendment 420 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41e – paragraph 1 The share of coverage under the second and third paragraph of Article 41da shall increase during the
Amendment 421 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41e – paragraph 1 The share of coverage under the second and third paragraph of Article 41d shall increase during the co-insurance period as follows: - in the first year of the co-insurance period it shall be
Amendment 422 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41e – paragraph 1 The share of coverage under the second and third paragraph of Article 41d shall increase during the co-insurance period as follows: - in the first year of the co-insurance period it shall be 2
Amendment 423 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 3 Amendment 424 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 3 Amendment 425 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 3 Amendment 426 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 3 Amendment 427 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 3 Amendment 428 #
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
Amendment 429 #
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
Amendment 430 #
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
Amendment 431 #
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
Amendment 432 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article -41h (new) Amendment 433 #
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.
Amendment 434 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h – title Funding and loss cover Liquidity support and excess loss cover
Amendment 435 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h – paragraph -1 (new) -1. This Chapter shall apply not before the date of application or, where relevant, the expiry of the transposition period of a risk adequate regulatory treatment of sovereign debt held by credit institutions and of a sovereign debt restructuring procedure that supports the prevention and facilitates the resolution of potential future cases of sovereign debt overhang.
Amendment 436 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h – paragraph 1 Amendment 437 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h – paragraph 1 1. As from the en
Amendment 438 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h – paragraph 1 1. As from the end of the
Amendment 439 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h - paragraph 1 a (new) 1a. Chapter 3 of this Regulation shall only apply if the banks affiliated to the participating DGS on the aggregate level comply with large exposure limits at most of 75 % of total own funds for all types of exposures. This requirement shall not apply to future ‘European risk free assets’.
Amendment 440 #
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
Amendment 441 #
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 Article 109 of Directive 2014/59/EU or Article 79 of this Regulation or is used for alternative measures, it may claim funding from the DIF for its liquidity need as defined by Article 41f of this Regulation. The strict prerequisites in Article 11(3) of Directive 2014/69/EU provides for a national DGS to be able to finance alternative measures should also be taken into account when the DIF is funding provision of alternative measures.
Amendment 442 #
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 Article 109 of Directive 2014/59/EU or Article 79 of this Regulation, it may claim funding from the DIF for its liquidity
Amendment 443 #
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.
Amendment 444 #
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%.
Amendment 445 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h - paragraph 3 (3)
Amendment 446 #
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 loss of the participating DGS
Amendment 447 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h – paragraph 3 3.
Amendment 448 #
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%.
Amendment 449 #
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 25%; - in the second year of the insurance period it shall be 50%; - in the third year of the insurance period it shall be 75%; - in the fourth and subsequent years of the insurance period it shall be 100%.
Amendment 450 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41h a (new) Article 41ha By way of derogation to Article 1(2) and Article 74c(4) the Commission may adopt a delegated act in accordance with Article 93 in order to supplement this Regulation by anticipating the date of application of this Chapter and its related pre-conditions as defined in Articles 41e and 41j in case the legislative proposals presented by the Commission on 23rd November 2016 (e.g. the "EU banking reform" package) have been officially adopted.
Amendment 451 #
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.
Amendment 452 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation EU 806/2014 Article 41h a (new) Amendment 453 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa – title I – chapter 4 – title Common provisions Conditions for coverage
Amendment 454 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – title Amendment 455 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – title Amendment 456 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 1.
Amendment 457 #
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
Amendment 458 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 – introductory part 1. A participating DGS shall not be covered by EDIS
Amendment 459 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 – introductory part 1.
Amendment 460 #
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
Amendment 461 #
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
Amendment 462 #
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
Amendment 463 #
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
Amendment 464 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 1 – point a (a) the participating DGS has failed to comply with the obligations under this Regulation or under Articles 4, 5, 6, 7, 8 or 10 of Directive 2014/49/EU;
Amendment 465 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 – point a (a) the participating DGS has failed to comply with the relevant obligations under this Regulation or Articles 4, 6, 7 or 10 of Directive 2014/49/EU;
Amendment 466 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 – point b (b) the participating DGS, the relevant administrative authority within the meaning of Article 3 of Directive 2014/49/EU, or any other relevant authority of the respective Member State have, in relation to a particular request for coverage by EDIS, acted in a way that runs counter to the principle of sincere cooperation as laid down in Article 4(3) of the Treaty on European Union, or have taken measures that directly or indirectly lead to a significant reduction of the capital and liquidity position of credit institutions affiliated to the participating DGS.
Amendment 467 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 a (new) Amendment 468 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 a (new) 1a. The Board shall monitor compliance with the provisions set out in paragraph 1 (a) and (b) on a continuous basis. If the Board identifies instances of non-compliance with any of the obligations under paragraph 1 (a) and (b), it shall immediately inform the Commission thereof.
Amendment 469 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 b (new) 1b. If the Commission considers that at least one of the disqualifying conditions is met, it shall deliver a letter of formal notice to the DGS concerned and to the designated authority of the participating Member State within the meaning of point 18 of Article 2 of Directive 2014/49/EU, as well as to the national competent authority or authorities. It shall also inform the Member State or Member States concerned. In that letter, the Commission shall set out the reasons for considering disqualifying the participating DGS from coverage by EDIS. Within two months of receipt of such formal notice, the designated authority, in close cooperation with the DGS concerned and the national competent authority, shall: (a) take prompt corrective action to address the shortcomings identified and to ensure that the disqualifying conditions are no longer met; (b) submit to the Commission a reply in which they set out in detail the corrective action they have taken.
Amendment 470 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 1 c (new) 1c. The Commission shall disqualify the participating DGS from coverage by EDIS in accordance with paragraph 1, where it, having assessed the corrective action taken and consulted with the Board, considers that the DGS or the designated national authority remain non-compliant.
Amendment 471 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41i – paragraph 2 2. When funding has already been obtained by a participating DGS and at least one of the disqualifying conditions referred to in paragraph 1 is met in relation to a payout event or a use in resolution, the Commission
Amendment 472 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 2 2. When funding has already been obtained by a participating DGS and
Amendment 473 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 2 a (new) 2a. Neither the funding nor the excess loss cover shall exceed the lower of 20% of the initial target level of the DIF as set out in Article 74 b (1) of this Regulation and 10 times the target level of the participating DGS as defined in the first subparagraph of Article 10 (2) of Directive 2014/49/EU.
Amendment 474 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41i – paragraph 2 a (new) 2a. The Commission shall adopt a delegated act in accordance with Article 93 to specify the procedure and timeframe to follow when disqualification decisions are being taken as well as the interim enforcement actions and sanctions referred to in paragraph 1.
Amendment 475 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 4li a (new) Article 41i a Conditions for coverage 1. Without prejudice to the obligations to fund the DIF, a participating DGS shall not be covered by EDIS in the reinsurance, co-insurance or full insurance phase, if the Member State in question has not pre-approved a credit line for the DIF from the ESM of at least 0,4 % of covered deposits to cover shortfalls exceeding the capacities of the DIF. 2. This condition does not apply to DGSs in Member States which are not part of the ESM. 3. DGSs in Member States which are not part of the ESM may not benefit from the ESM's credit line.
Amendment 476 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j Amendment 477 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1 Amendment 478 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1 1.
Amendment 479 #
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.
Amendment 480 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806 Article 41j - paragraph 1 1. A participating DGS shall only be reinsured
Amendment 481 #
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
Amendment 482 #
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
Amendment 483 #
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
Amendment 484 #
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
Amendment 485 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation 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.
Amendment 486 #
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
Amendment 487 #
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: 0.1
Amendment 488 #
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
Amendment 489 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1 – introductory part 1. A participating DGS shall only be reinsured
Amendment 490 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1 – indent 5 - by 3 July 2021: 0.2
Amendment 491 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1 – indent 7 - by 3 July 2023: 0.
Amendment 492 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j - paragraph 1 - indent 8 - by 3 July 2024: 0.20%.
Amendment 493 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1a (new) 1a. The available financial means of institutional protection schemes as referred to in Article 113 (7) of Regulation (EU) No 575/2013 that are officially recognised as DGSs according to Article 4 (1) of Directive 2014/49/EU shall amount to at least the following percentages of the total amount of covered deposits of all credit institutions affiliated to the recognised DGS: – date of entry into application of Chapter 1 (reinsurance): 0.3%; – one year after entry into application of Chapter 1 (reinsurance): 0.4%; – two years after entry into application of Chapter 1 (reinsurance): 0.45%; – three years after entry into application of Chapter 1 (reinsurance): 0.5%; – four years after entry into application of Chapter 1 (reinsurance): 0.55%; – five years after entry into application of Chapter 1 (reinsurance): 0.6%. One third of the available financial means shall count towards the available financial means of the DIF according to Article 74b paragraph 1, but not exceeding 0.2% of the total amount of covered deposits of all credit institutions affiliated to the recognised DGS.
Amendment 494 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 1 a (new) 1a. By way of derogation from paragraph 1 the available financial means of institutional protection schemes as referred to in Article 113 (7) of Regulation (EU) No 575/2013 that are officially recognised as DGSs according to Article 4 (1) of Directive (EU) No 49/2014 shall amount to at least the following percentages of the total amount of covered deposits of all credit institutions affiliated to the recognised DGS: – date of entry into application of the reinsurance: 0.3%; – one year after entry into application of the reinsurance: 0.4%; – two years after entry into application of the reinsurance: 0.45%; – three years after entry into application of the reinsurance: 0.5%; – four years after entry into application of the reinsurance: 0.55%; – five years after entry into application of the reinsurance: 0.6%.
Amendment 495 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 2 Amendment 496 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 2 2. The Commission, after consulting the Board and with the consent of the Council, which shall for this purpose act by simple majority, may approve a derogation from the requirements set out in paragraph 1 for
Amendment 497 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 2 2.
Amendment 498 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 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 a resolution action financing which occurred at national level. Those derogations must
Amendment 499 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 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.
Amendment 500 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 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
Amendment 501 #
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.
Amendment 502 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41j – paragraph 2 2. The Commission, after consulting the Board, may approve a derogation from the requirement
Amendment 503 #
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
Amendment 504 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j – paragraph 2a (new) 2a. The Commission shall adopt a delegated act in accordance with Article 93 to specify the conditions referred to in paragraph 2.
Amendment 505 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41ja (new) Article 41ja Alternative measures 1. The Board may use up to 25% of the DIF available financial means for alternative measures in order to prevent the failure of a credit institution provided that the conditions referred to in paragraph 3 of Directive 2014/49/EU are met. 2. If available financial means are used for alternative measures in accordance with paragraph 1 of this Article, the affiliated credit institutions shall immediately provide the DIF with the means used for alternative measures, where necessary in the form of extraordinary ex post contributions in case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation and the available financing means of the DIF are not sufficient to provide the funding that DGSs may claim from the DIF in accordance with the provisions of this Regulation. 3. Alternative measures as referred to in paragraph 1 of this Article shall not be applied where the competent authority, after consulting the resolution authority, considers the conditions for resolution action under Article 27(1) of Directive 2014/59/EU to be met. 4. The Commission shall adopt a delegated act in accordance with Article 93 to specify the conditions referred to in paragraph 1. 5. Whenever available financial means are used for alternative measures in accordance with paragraph 1, competent authorities shall require the beneficiary credit institution to update the recovery plan referred to in Article 7 of Directive 2014/59/EU. The competent authority shall in particular direct the beneficiary credit institution to implement the measures referred to in the third subparagraph of paragraph 6 of Article 6 of Directive 2014/59/EU. The competent authority may also restrict or prohibit the beneficiary institution from undertaking any of the following actions: (a) make a distribution in connection with Common Equity Tier 1 capital; (b) create an obligation to pay variable remuneration or discretionary pension benefits or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet the combined buffer requirements; (c) make payments on Additional Tier 1 instruments.
Amendment 506 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41j a (new) Amendment 507 #
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.
Amendment 508 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 k – paragraph 1 Where a participating DGS has been informed by the competent authority or the resolution authority about, or has otherwise become aware of, circumstances relating to a credit institution affiliated to that participating DGS that are likely to result in a payout event or its use in resolution proceedings, it shall inform the Board about such circumstances without delay if it intends to request coverage by EDIS. In this case the participating DGS shall also provide the Board with an estimate of the expected liquidity shortfall or liquidity need.
Amendment 509 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 k Where a participating DGS has been informed by the competent authority about, or has otherwise become aware of, circumstances relating to a credit institution affiliated to that participating DGS that are likely to result in a payout event or its use in resolution proceedings, it shall inform the Board about such circumstances without delay if it intends to
Amendment 510 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 l – paragraph 1 1. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of this Regulation, it shall immediately notify the Board and submit all necessary information in order to allow the Board to assess whether the conditions for the provision of funding and loss cover in accordance with Article 41a
Amendment 511 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 l – paragraph 1 1. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of
Amendment 512 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 1 – paragraph 2 – point c Amendment 513 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 l – paragraph 1 – point c (c) in case of a payout event, an estimate of the extraordinary contributions it can raise within
Amendment 514 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 l - paragraph 1- point d a (new) (da) in case of a repayment of depositors under Article 14(2) of Directive 2014/49/EU and where the participating DGS concerned is the home DGS, information on the instruction to provide adequate funding directly to the host DGS and on the amount necessary to repay depositors by a DGS in the host Member State.
Amendment 515 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 2 Amendment 516 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 2 Amendment 517 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 2 Amendment 518 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 2 – introductory part 2. In case the Board was informed in accordance with Article 41k,
Amendment 519 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 2 – point a Amendment 520 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 806/2014 Article 41 m – paragraph 2 – point b Amendment 521 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 3 3. The Board shall immediately inform the participating DGS about its decision under paragraph
Amendment 522 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 m – paragraph 3 3. The Board shall immediately inform the participating DGS about its decision under paragraphs 1
Amendment 523 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – paragraph 1 The Board shall provide funding under Article
Amendment 524 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – paragraph 1 – introductory part The Board shall provide funding under Articles 41a(
Amendment 525 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – point a a (new) (aa) in case where Article 14(2) of Directive 2014/49/EU is applied, the funding shall be provided in the form of a cash contribution to the DGS in the host Member State, following an instruction by the home DGS;
Amendment 526 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – point b (b) the funds shall be due immediately and no later than 24 hours after the determination of the Board in Article 41m.
Amendment 527 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – paragraph 1 – point b (b) the funds shall be due
Amendment 528 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – paragraph 1 – point b a (new) (ba) within 3 months of the determination referred to in Article 41m, the Board shall establish a repayment plan that ensures that the funding provided by the Board under Article 41n will be repaid in full within five years by the participating DGS.
Amendment 529 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – point b a (new) (ba) within 3 months of the determination referred to in Article 41m the Board shall establish a repayment plan that ensures that the funding provided by the Board under Article 41n will be repaid in full within three years by the participating DGS.
Amendment 530 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 n – paragraph 1 a (new) Within three months of the determination referred to in Article 41m the Board shall establish a repayment plan that ensures that the liquidity support provided by the Board under Article 41n will be repaid in full, and as soon as possible, by the participating DGS.
Amendment 531 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o Amendment 532 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – title Article 41o Repayment of funding
Amendment 533 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 1 – subparagraph 1 a (new) The Member State or Member States in which the participating DGS was established, officially recognised or approved in accordance with Article 4(1) of Directive 2014/59/EU shall guarantee repayment of the funds provided by the Board.
Amendment 534 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 1 1. The participating DGS shall repay in full the funding provided by the Board under Article 41n
Amendment 535 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 1 1. The participating DGS shall repay the funding provided by the Board under Article 41n, less the amount of any excess loss cover in case of coverage under Article 41a or any loss cover in case of coverage under Article 41d
Amendment 536 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 1 a (new) Amendment 537 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 1 b (new) 1b. The following conditions for the repayment plan shall apply: (a) the minimum annual repayment by the participating DGS shall be 15 % of the funding provided by the Board under Article 41n; and (b) each year, the Board shall reassess the level of expected recoveries and recalibrate the repayment plan for the remaining years in accordance with that assessment.
Amendment 538 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 2 2. Until the termination of the insolvency or resolution procedure, the Board shall determine, on an annual basis, the amount the participating DGS has already recovered from the insolvency
Amendment 539 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 2 2. Until the termination of the insolvency or resolution procedure, the Board shall determine, on an annual basis, the amount the participating DGS has already recovered from the insolvency procedure or has already been paid in accordance with Article 75 of Directive 2014/59/EU. The participating DGS shall provide to the Board all information necessary to make this determination. The participating DGS shall pay to the Board a share of that amount which corresponds to the share that is covered by EDIS in accordance with Article 41a
Amendment 540 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 3 Amendment 541 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 3 3.
Amendment 542 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 3 3. In case of coverage under Article 41a, the participating DGS shall also pay to the Board, by the end of the first calendar year after the funding was provided, an amount equal to the ex-post contributions that the participating DGS may raise within
Amendment 543 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 3 a (new) 3a. The repayment plan shall also establish the refunding path for the participating DGS to return to its target level as set out in Article 41j. The minimum yearly refunding of the participating DGS to return to its target level as set out in Article 41j shall be as a minimum 0.05 % of covered deposits of the amount remaining until the target level has been reached. In case the available financial means of the participating DGS have been reduced to less than two-thirds of the target level, the regular contribution shall be set at a level ensuring that the participating DGS returns to the target level within six years after the pay-out event. In the event of insufficient funds, the repayment plan shall provide that the repayment of the funds provided by the DIF to the participating DGS shall take priority over the refunding of the participating DGS.
Amendment 544 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 3 a (new) 3a. The repayment plan shall also establish the refunding path for the participating DGS to return to its target level as set out in Article 41j. The minimum yearly refunding of the participating DGS to return to its target level shall be 0.05 % of covered deposits or the amount remaining until the target level has been reached. In the event of insufficient funds, the repayment plan shall provide that the repayment of the funds provided by the DIF to the participating DGS shall take priority over the refunding of the participating DGS.
Amendment 545 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 3 b (new) 3b. The Member State in which the participating DGS is registered shall be held liable for full repayment, if the participating DGS fails to repay in full the funding obtained within the time limit set out in point (b a) of Article 41n.
Amendment 546 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 4 Amendment 547 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 o – paragraph 4 4. After the termination of the insolvency procedure or resolution procedure of the credit institution concerned, the Board shall without delay determine the excess loss in accordance with Article 41
Amendment 548 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 p – paragraph 2 2. The participating DGS shall provide to the Board and the Commission, at regular intervals established by the Board, accurate, reliable and complete information on the payout procedure, the exercise of the rights it subrogated into, or any other matter that is relevant for the effective implementation of the Board
Amendment 549 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 q – paragraph 2 2. The participating DGS shall maximise its proceeds from the insolvency estate and shall be liable towards the Board for any amounts not recovered due to a lack of diligence. The Board may decide, after hearing the participating DGS or at the request of the Commission, to exercise itself all rights arising under the deposit claims mentioned in paragraph 1
Amendment 550 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 a (new) Regulation (EU) No 806/2014 Article 42 a (new) 10a. The following Article 42a is inserted: ‘Article 42a Role of the ECB The ECB shall play a ‘public backstop’ role in the general interest of the financial stability of the European Union and shall in an unconditional and unrestricted manner provide the liquidity required for the DIF. The ECB shall act as a guarantor during the constitution of the DIF in accordance with the provisions of Article 74(d) of this Regulation.’
Amendment 551 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 b (new) Regulation (EU) No 806/2014 Article 42 b (new) Amendment 552 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 c (new) Regulation (EU) No 806/2014 Article 42 c (new) 10c. The following Article 42c is inserted: ‘Article 42c A dedicated EDIS unit shall be established within the ECB at the time this Regulation enters into force. That unit shall have a section for each of the national DGSs and shall be independent from monetary matters.’
Amendment 553 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 – point b a (new)Regulation (EU) No 806/2014 Article 45 – paragraph 8 (ba) Paragraph 8 is replaced by the following: '8. During any investigations by the European Parliament, the Board shall cooperate with the European Parliament, subject to the TFEU and regulations
Amendment 554 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 806/2014 Article 49 a – title Participation in plenary sessions relating to the European Deposit
Amendment 555 #
Proposal for a regulation Article 1 – paragraph 1 – point 19 Regulation (EU) No 806/2014 Article 50 – paragraph 1 – point b Amendment 556 #
Proposal for a regulation Article 1 – paragraph 1 – point 19 Regulation (EU) No 806/2014 Article 50 – paragraph 1 – point d a (new) (da) decide on the necessity to make a request to the European Stability Mechanism for extraordinary funding contributions in accordance with Article 74h.
Amendment 557 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 Amendment 558 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 Regulation (EU) No 806/2014 Article 50 a – paragraph 1 – point a (a)
Amendment 559 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 Regulation (EU) No 806/2014 Article 50 a – paragraph 1 – point a (a) once the net accumulated use of the DIF in the last consecutive 12 months reaches the threshold of 2
Amendment 560 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 Regulation (EU) No 806/2014 Article 50 a – paragraph 1 – point d a (new) (da) decide on the placement of participating DGS in one of the seven aggregated risk weighting categories as laid down in Article 74c paragraph 5 subparagraphs 2 to 2c (new).
Amendment 561 #
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.
Amendment 562 #
Proposal for a regulation Article 1 – paragraph 1 – point 22 Regulation (EU) No 806/2014 Article 52 – paragraph 3 3. By way of derogation from paragraph 1 of this Article, decisions referred to in Article 50(1) or Article 50a(1), which involve the raising of ex- post contributions in accordance with Article 71 or Article 74d, on voluntary borrowing between financing arrangements in accordance with Article 72 or Article 74f, on alternative financing means in accordance with Article 73, Article 74 or Article 74g, as well as on the mutualisation of national financing arrangements in accordance with Article 78, exceeding the use of the financial means available in the SRF or in the DIF, shall be taken by a majority of
Amendment 563 #
Proposal for a regulation Article 1 – paragraph 1 – point 22 Regulation (EU) No 806/2014 Article 52 – paragraph 3 3. By way of derogation from paragraph 1 of this Article, decisions referred to in Article 50(1) or Article 50a(1), which involve the raising of ex- post contributions in accordance with Article 71 or Article 74d, on voluntary borrowing between financing arrangements in accordance with Article 72 or Article 74f, on alternative financing means in accordance with Article 73
Amendment 564 #
Proposal for a regulation Article 1 – paragraph 1 – point 22 Regulation (EU) No 806/2014 Article 52 – paragraph 4 4. By way of derogation from paragraph 1 of this Article, the decision referred to in point (d) of Article 50a(1) shall be taken by a majority of
Amendment 565 #
Proposal for a regulation Article 1 – paragraph 1 – point 24 – point b Regulation (EU) No 806/2014 Article 54 – paragraph 2 – point g Amendment 566 #
Proposal for a regulation Article 1 – paragraph 1 – point 28 Regulation (EU) No 806/2014 Article 60 a – paragraph 1 – point c Amendment 567 #
Proposal for a regulation Article 1 – paragraph 1 – point 28 Regulation (EU) No 806/2014 Article 60 a – paragraph 2 – point a (a) funding provided to participating DGSs for the purposes of Article 41a
Amendment 568 #
Proposal for a regulation Article 1 – paragraph 1 – point 28 Regulation (EU) No 806/2014 Article 61 a – paragraph 2 – point d Amendment 569 #
Proposal for a regulation Article 1 – paragraph 1 – point 32 a (new) Regulation (EU) No 806/2014 Article 74 32a. Article 74 is replaced as follows: Article 74 ‘Article 74 Access to financial facility Access to financial facility The Board shall contract for the Funds financial arrangements, including, where possible, public financial arrangements, regarding the immediate availability of additional financial means to be used in accordance with Articles 74a and 76, where the amounts raised or available in accordance with Articles 70, 71, 74c and 7
Amendment 570 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Part III – title V – chapter 2 – section 1 a – title CONSTITUTION OF THE DEPOSIT REINSURANCE FUND
Amendment 571 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 1 1. The D
Amendment 572 #
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
Amendment 573 #
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
Amendment 574 #
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
Amendment 575 #
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.
Amendment 576 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 1a (new) 1a. The risk-based contributions to be paid by credit institutions to participating DGSs shall be calculated and invoiced by the participating DGSs.
Amendment 577 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 2 2. The Board shall use the DIF
Amendment 578 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 2 2. The Board shall use the DIF only in order to provide
Amendment 579 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 2 2. The Board shall use the D
Amendment 580 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 2 (2) The Board shall use the DIF only in order to provide the funding to
Amendment 581 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 3 3. The owner of the DIF shall be the Board. The Board's activities under this Regulation may under no circumstances engage the budgetary liability of the Member States. This is without prejudice to Articles 41a (4 a), 41i (2), 41o (3 b) and 74g (3 a).
Amendment 582 #
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; the target volume of the sum of all individual risk-based subfunds shall be 50% of the target volume of the DIF, i.e. 0.1% of covered deposits. (b) a joint risk-based subfund, which is to be filled by all participating DGSs; the target volume of the joint risk-based subfund shall be 50% of the target volume of the DIF, i.e. 0.1% of covered deposits.
Amendment 583 #
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, which does not qualify as institutional protection schemes recognised according to Article 4 (1) of Directive 2014/49/EU; (b) a joint risk-based subfund, which is to be filled by all participating DGSs.
Amendment 584 #
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.
Amendment 585 #
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 European risk-based subfund, which is to be filled by all participating DGSs.
Amendment 586 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 3 b (new) Amendment 587 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 3 b (new) Amendment 588 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 a – paragraph 3b (new) 3b. When liquidity shortfall as set out in Article 41b is made available to a participating DGS, this shall be financed from: (a) in the first instance, the individual risk-based subfund of the participating DGS that receives the support; (b) in the second instance and after the individual risk-based subfund is exhausted, the joint risk-based subfund; (c) in the third instance and after the joint risk-based subfund is exhausted, the individual risk-based subfunds of all other participating DGSs, proportionate to the level of covered deposit of the participating DGSs.
Amendment 589 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – title Target levels and coverage of the Deposit Insurance Fund
Amendment 590 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – title Target levels of the Deposit
Amendment 591 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 Amendment 592 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 1. 1. By
Amendment 593 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 1. By
Amendment 594 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 (1) By
Amendment 595 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 (1)
Amendment 596 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 1. By
Amendment 597 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 1. By
Amendment 598 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 1. By
Amendment 599 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 1. By
Amendment 600 #
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 third year of the partial reinsurance period the available financial means of the D
Amendment 601 #
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 12,5 % 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.
Amendment 602 #
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 12.5% 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.
Amendment 603 #
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 12,5% 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.
Amendment 604 #
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.
Amendment 605 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 b (new) Amendment 606 #
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.
Amendment 607 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 c (new) Amendment 608 #
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 of the first year following the date of application set by the legislative act referred to in subparagraph 2 of Article 1 (2 a): 0,04%; – by 3 July of the second year following the date of application set by the legislative act referred to in subparagraph 2 of Article 1 (2 a): 0,07%; – by 3 July of the third year following the date of application set by the legislative act referred to in subparagraph 2 of Article 1 (2 a): 0,1%.
Amendment 609 #
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%;
Amendment 610 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 1 d (new) 1d. Contributions into the joint risk- based subfund by institutional protection schemes officially recognized as DGSs according to Article 4(1) of Directive 2014/49/EU shall qualify as available financial means according to Article 11 paragraph 5 point b of Directive 2014/49/EU.
Amendment 611 #
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.
Amendment 612 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b - paragraph 2 Amendment 613 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 2 Amendment 614 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 2 Amendment 615 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 2 Amendment 616 #
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
Amendment 617 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 2 2.
Amendment 618 #
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 75% of the sum of the minimum target levels that participating DGSs shall
Amendment 619 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 3 Amendment 620 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 3 Amendment 621 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 3 Amendment 622 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 3 Amendment 623 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 3.
Amendment 624 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 3 3. During the
Amendment 625 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 4 Amendment 626 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b - paragraph 4 Amendment 627 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 4 Amendment 628 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 4 Amendment 629 #
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
Amendment 630 #
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
Amendment 631 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 5 Amendment 632 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 5 Amendment 633 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 5 Amendment 634 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 5 –introductory part 5. The
Amendment 635 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 5 – point b a (new) (ba) Criteria for recourse to irrevocable payment commitments pursuant to paragraph 2 in order to ensure that the fiscal capacity and the liquidity of the DIF shall in no manner be affected by such recourse. In drafting this delegated act, the Commission shall take due account of the rules and principles laid down in EBA guidelines EBA/GL/2015/09 of 28 May 2015 on payment commitments under Directive 2014/49/EU on deposit guarantee schemes.
Amendment 636 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 b – paragraph 5 a (new), 5 b (new), 5 c (new), 5 d (new) 5a. In all phases, the coverage level for the aggregate deposits of each depositor is EUR 100 000 in the event of deposits being unavailable. 5b. In addition to paragraph 5a, EDIS shall ensure that the following deposits are protected up to EUR 400 000 for at least six months once the amount has been credited or from the moment when such deposits become legally transferable: (a) deposits resulting from real estate transactions relating to private residential properties; (b) deposits that serve social purposes laid down in this Regulation and are linked to particular life events of a depositor such as marriage, divorce, retirement, dismissal, redundancy, invalidity or death; (c) deposits that serve purposes laid down in this Regulation and are based on the payment of insurance benefits or compensation for criminal injuries or wrongful conviction. The Commission shall be empowered to adopt a delegated act in accordance with Article 93 in order to establish conditions for enlarging the coverage included in points (a), (b) and (c) of this paragraph. 5c. The amount referred to in paragraph 5a shall be reviewed periodically by the Commission and at least once every five years. If appropriate, the Commission shall submit to the European Parliament and to the Council a proposal for a Directive to adjust the amount referred to in paragraph 5a, taking account in particular of developments in the banking sector and the economic and monetary situation in the Union. The first review shall not take place before 3 July 2020 unless unforeseen events necessitate an earlier review. 5d. The Commission shall be empowered to adopt delegated acts in accordance with Article 93 in order to adjust the amounts referred to in paragraphs 5a and 5b at least every five years, in accordance with inflation in the Union on the basis of changes in the harmonised index of consumer prices published by the Commission since the previous adjustment.
Amendment 637 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 1 (1)
Amendment 638 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 1 1. Each year
Amendment 639 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 1 1. Each year
Amendment 640 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 1. Each year
Amendment 641 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 1 1. Each year during the reinsurance and co-insurance period, the Board shall, after consulting the ECB, the EBA and the national competent authority and in close cooperation with the participating DGSs and designated authorities, determine for each participating DGS the total amount of ex-ante contributions that it may claim from the credit institutions affiliated to the respective participating DGS in order to reach the target levels provided for in Article 74b. The total amount of contributions shall not exceed the target
Amendment 642 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 1 1. Each year during the
Amendment 643 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 1 1. Each year
Amendment 644 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 Amendment 645 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 1 Amendment 646 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 Amendment 647 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 1 During the
Amendment 648 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 1 Amendment 649 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 1 Amendment 650 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 2 Amendment 651 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 2 A
Amendment 652 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 2 Amendment 653 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 2 Amendment 654 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 3 Amendment 655 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 3 Amendment 656 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 3 Amendment 657 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 3 In
Amendment 658 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 2.
Amendment 659 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 – subparagraph 3 a (new) Up to 30 % of the contributions from participating DGSs to the DIF may be comprised of irrevocable payment commitments.
Amendment 660 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c - paragraph 2 a (new) 2a. The available financial means to be taken into account in order to reach the target level may include payment commitments. The total share of payment commitments shall not exceed 30 % of the total amount of available financial means raised in accordance with this Article.
Amendment 661 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 2 a (new) 2a. By way of derogation from paragraphs 1 and 2, an Institutional Protection Scheme (IPS) as referred to in Article 2(2) of Directive 2014/49/EU may pay a consolidated contribution on behalf of its members. The individual contributions of the members of the IPS to the consolidated contribution shall be subject to a regular review by the Board.
Amendment 662 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 3 3. The duly received contributions of each credit institution
Amendment 663 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 4 Amendment 664 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 4 Amendment 665 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 4 – subparagraph 1 The contributions that credit institutions affiliated to a participating DGS pay into the DIF in accordance with this Article shall count towards the minimum target level that the participating DGS shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU. If the participating DGS, by 3 July 202
Amendment 666 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 4 – subparagraph 2 Member States
Amendment 667 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 4 – subparagraph 2 Member States
Amendment 668 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 1 Amendment 669 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 1 The Commission shall be empowered to adopt delegated acts in accordance with Article 93 in order to specify a risk-based method for the calculation of contributions in accordance with paragraph 2 of this Article. In drafting this delegated act, the Commission shall build on the methodology developed by the EBA in its guidelines EBA/GL/2015/10 of 22 September 2015 on methods for calculating contributions to deposit guarantee schemes.
Amendment 670 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 1 The Commission is
Amendment 671 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 1 The Commission is
Amendment 672 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 1 The
Amendment 673 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Amendment 674 #
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
Amendment 675 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 It shall adopt one delegated act
Amendment 676 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 It shall adopt
Amendment 677 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 It shall adopt
Amendment 678 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 a (new) The risk-based contributions to be paid by participating DGSs to the joint risk-based subfund shall range between 50 % and 200 % aggregate risk weighting (ARW) of covered deposits.
Amendment 679 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 a (new) The risk-based contributions to be paid by participating DGSs to the DIF shall range between 75 % and 150 % aggregate risk weighting (ARW) of covered deposits.
Amendment 680 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 b (new) On the basis of that delegated act and in accordance with the criteria laid down in subparagraph 4, the Board shall place participating DGSs in one of the following seven different ARW categories: (a) 50% ARW of risk-based contributions to the joint risk-based subfund; (b) 75% ARW of risk-based contributions to the joint risk-based subfund; (c) 100% ARW of risk-based contributions to the joint risk-based subfund; (d) 125% ARW of risk-based contributions to the joint risk-based subfund; (e) 150% ARW of risk-based contributions to the joint risk-based subfund; (f) 175% ARW of risk-based contributions to the joint risk-based subfund; (g) 200% ARW of risk-based contributions to the joint risk-based subfund.
Amendment 681 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 2 c (new) The Board may set a wider interval upon the duly justified grounds that the limitation of the interval to 50%-200% does not sufficiently reflect the differences in business models and risk profiles of participating DGSs and would artificially group together participating DGSs with very different risk profiles.
Amendment 682 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 3 Amendment 683 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 3 Amendment 684 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 Amendment 685 #
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, inter alia, a calculation formula, specific indicators, risk classes for members, thresholds for risk weights assigned to specific risk classes, and other necessary elements and shall take due account of the phase of the business cycle, and the impact pro-cyclical contributions may have when setting annual contributions in the context of this paragraph. The degree of risk shall be assessed on the basis of the following criteria:
Amendment 686 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Amendment 687 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – introductory part Amendment 688 #
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:
Amendment 689 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – introductory part Amendment 690 #
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 equal criteria:
Amendment 691 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point a (a) the level of loss absorbing capacity of
Amendment 692 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point b (b) the ability of credit institution
Amendment 693 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point c (c) the stability and variety of the institutions sources of funding and its unencumbered highly liquid assets
Amendment 694 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point c (c) the stability and variety of
Amendment 695 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point c a (new) (ca) the institution's contribution to overall systemic risks and its size its complexity and its degree of interconnection with other institutions as well as the ease at which its critical functions can be segregated from other functions,
Amendment 696 #
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);
Amendment 697 #
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
Amendment 698 #
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 assets of credit institution
Amendment 699 #
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
Amendment 700 #
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
Amendment 701 #
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
Amendment 702 #
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 management of credit institution
Amendment 703 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point f Amendment 704 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point f (f) the degree to which the assets of credit institution
Amendment 705 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 – subparagraph 4 – point fa (fa) the potential within a Member State that insolvency proceedings are achieved fully and timely and the expected outcomes of such proceedings as well as the likely effectiveness of alternative measures used in accordance with Article 11(3) of Directive 2014/49/EU;
Amendment 706 #
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;
Amendment 707 #
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) risk-reducing effects of "alternative measures" to avoid a bank failure, particularly participation in Institutional Protection Schemes;
Amendment 708 #
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) being part of an IPS/DGS;
Amendment 709 #
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 potential for a participating DGS to achieve a full and timely recovery from insolvency procedures;
Amendment 710 #
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 potential for a participating DGS to achieve a full and timely recovery from insolvency procedures;
Amendment 711 #
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;
Amendment 712 #
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 institution's level of diversification of its sovereign exposures;
Amendment 713 #
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) Level III Assets;
Amendment 714 #
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 level and diversification of exposure to sovereign debt by credit institutions affiliated to a participating DGS.
Amendment 715 #
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 institution's level of diversification of its sovereign exposures.
Amendment 716 #
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;
Amendment 717 #
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;
Amendment 718 #
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.
Amendment 719 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 a (new) 5a. The Board shall place the DGSs in the ARW categories of paragraph 5 subparagraph 2 in relation to the sum of the IRPs according to paragraph 5 as follows: (a) DGSs with 0 IRP shall be placed in the ARW category (a), (b) DGSs with 1 IRP shall be placed in the ARW category (b), (c) DGSs with 2 IRP shall be placed in the ARW category (c), (d) DGSs with 3 IRP shall be placed in the ARW category (d), (e) DGSs with 4 IRP shall be placed in the ARW category (e), (f) DGSs with 5 IRP shall be placed in the ARW category (f), (g) DGSs with 6 or more IRP shall be placed in the ARW category (g). The annual contribution of each DGS to the joint risk-based subfund shall be calculated as the product of the unadjusted contribution and the adjustment factor (AF) of the DGS. The unadjusted contribution is the product of the ARW of the DGS and its unweighted contribution, where the unweighted contribution is the product of the annual target volume and the DGS' share of total covered deposits of all participating DGSs. The AF is the ratio of the annual target volume and the sum of all unadjusted contributions.
Amendment 720 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 c – paragraph 5 a (new) 5a. The result of the calculation formula of both delegated acts shall be multiplied by a factor: (a) increasing with the variance of a financial institution's EU sovereign bond holdings as compared to a fully diversified portfolio in proportions of GDP. (b) increasing with the variance of a financial institution's EU sovereign bond holdings as compared to a fully diversified portfolio in proportions of debt outstanding. (c) decreasing in the leverage ratio up to a leverage ratio of 5 percent
Amendment 721 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d Amendment 722 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d Amendment 723 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d – paragraph 1 1. Where, after the
Amendment 724 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d – paragraph 1 1. Where, after the reinsurance period, the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the DIF following a payout event or resolution action financing, extraordinary ex-post contributions from the credit institutions affiliated to participating DGSs shall be raised in order to cover the additional amounts. Notwithstanding paragraphs 2 and 3, the amount of ex-post contributions to be raised shall be equal to the shortfall of available financial means but shall not exceed the maximum share of total covered deposits of all credit institutions within the scope of EDIS laid down by delegated act of the Commission in accordance with paragraph 5.
Amendment 725 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 1. Where, after the partial reinsurance period, the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the D
Amendment 726 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d – paragraph 1 1. Where, after the reinsurance period, the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the DIF following a payout event, extraordinary ex-post contributions from the credit institutions affiliated to participating DGSs shall be raised in order to cover the additional amounts. Notwithstanding paragraphs 2 and 3, the amount of ex-post contributions to be raised shall be equal to the shortfall
Amendment 727 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d – paragraph 2 – subparagraph 1 The Board shall itself calculate the contribution of each credit-institution affiliated to each participating DGS. It shall apply the risk-based method specified in
Amendment 728 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 d – paragraph 3 3. The Board shall, on its own initiative after consulting the relevant competent authority
Amendment 729 #
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.
Amendment 730 #
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 the funding provided to a participating DGS for a particular insolvency or resolution case to the different subfunds of the DIF. 2. To the extent necessary, received repayments will first be used to repay any alternative funding that was contracted by the Board for the purpose of providing funding to a participating DGS for a particular insolvency or resolution case. 3. Once all alternative funding is repaid, the allocation of the received repayments shall occur in the reverse order of the hierarchy established by Article 74a(3b). 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.
Amendment 731 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 e – paragraph 3 a (new) 3a. Where a manager of a credit institution affiliated to a participating DGS, whether intentionally or through negligence, falsely evaluates the level of risk hence reducing the contribution under Article 74c(5) of this Regulation, the Board shall impose administrative and criminal penalties.
Amendment 732 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 f Amendment 733 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 f - title Article 74f Voluntary
Amendment 734 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 f – paragraph 1 – point b Amendment 735 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 f – paragraph 1 – point c Amendment 736 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 f – paragraph 3 Amendment 737 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g Amendment 738 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g - title Amendment 739 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 1. The Board may contract for the DIF borrowings or other forms of support from institutions, financial institutions or other third parties, which offer better financial terms, at the most appropriate time so as to optimise the cost of funding and preserve its reputation.
Amendment 740 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 1. The Board may contract for the DIF borrowings or other forms of support from institutions, financial institutions or other third parties, which offer better financial terms, at the most appropriate time so as to optimise the cost of funding and preserve its reputation.
Amendment 741 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 1. The Board may contract for the D
Amendment 742 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 a (new) Amendment 743 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 a (new) 1a. Where the Board decides to make a disbursement from the DIF to the participating DGS, the Board may raise, as appropriate, temporary funding by alternative funding means, to a maximum equivalent of that determined disbursement. The DIF shall subrogate to the claims which the participating DGS has, in accordance with Article 9(2) of Directive 2014/49/EU, on the credit institution concerned. It may use those claims as collateral for raising the alternative means of funding. Such subrogation is without prejudice to the role of the participating DGS in collecting the deposit claims which it subrogated to in accordance with Article 9(2) of Directive 2014/49/EU.
Amendment 744 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 a (new) 1a. The board may raise loans as a mutualised credit line via the European Stability Mechanism regarding the immediate availability of additional financial means to be used where the amounts raised or available are not sufficient to meet the Funds' obligations. A common backstop shall be developed during the re-insurance period to facilitate borrowing by the DIF. The use of the common backstop shall be fiscally neutral in the long term.
Amendment 745 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 a (new) 1a. The board may raise loans as a mutualised credit line via the European Stability Mechanism regarding the immediate availability of additional financial means to be used where the amounts raised or available are not sufficient to meet the Funds' obligations. A common backstop shall be developed during the re-insurance period.
Amendment 746 #
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.
Amendment 747 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 1 b (new) 1b. The total amount of outstanding borrowings or other forms of support contracted by the Board for the DIF in accordance with paragraphs 1 and 1a shall not be higher than 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.
Amendment 748 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 2 2. The borrowing or other forms of support referred to in paragraph 1 shall be fully re
Amendment 749 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 3 3. Any expenses incurred by the use of the borrowings specified in paragraph 1 shall be borne by
Amendment 750 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 3 a (new) 3a. The Board shall apply for a credit institution authorisation to the Single Supervisory Mechanism in accordance with Article 6 of Directive 2006/48/EC limited to the purpose of paragraph 1.
Amendment 751 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g – paragraph 3 a (new) 3a. The Member State in which the participating DGS is registered shall be liable for the liquidity shortfall of the participating DGS, when all available financial means of the DIF have been depleted, and when the DIF has, in accordance with paragraph 1b, exhausted the measures set out in paragraph 1 and 1a.
Amendment 752 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g a (new) Amendment 753 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Article 74ga Monitoring tools 1. The Board shall monitor on a yearly basis whether the overall level of risk and in particular of systemic risks within the banking sector has been objectively reduced following the entry into force of this Regulation. 2. For the purpose of paragraph 1 it shall assess on a yearly basis the indicators referred to in subparagraph n4 of article 74c as well as available indicators relevant for the banking sector including, inter alia, the ESRB dashboard referred to in article 3 paragraph 2(g) of Regulation No 1092/2010, the recovery plans indicators referred to in article 9 of Directive 2014/59/EU. The yearly assessment shall be integrated in the annual report referred to in article 45.
Amendment 754 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g a (new) Article 74ga The Board shall contract for the DIF financial arrangements, including public financial arrangements as a mutualised credit line via the European Stability Mechanism in order to make immediate availability of additional financial means to be used where the amounts raised or available are not sufficient to meet the DIF obligations. A common backstop shall be developed during transitional period before setting a mutualised fund to facilitate borrowing by the DIF. The use of the common backstop shall be fiscally neutral in the medium term.
Amendment 755 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation (EU) No 806/2014 Article 74 g a (new) Article 74ga Borrowing from the ESM as a lender of last resort 1. The Board shall decide to make a request to borrow for the DIF from the European Stability Mechanism in accordance with Article 50d in the event that: (a) the means available to the DIF are not sufficient to cover the losses, costs or other expenses incurred by the use of the DIF in relation to payout events or resolution actions; (b) the amounts raised under Article 74c are not immediately accessible or insufficient to cover the losses, costs or other expenses incurred by the use of the DIF in relation to payout events or resolution actions; 2. The proceeds of such borrowings shall be used exclusively to meet payment obligations towards participating DGSs. 3. The Board of Governors of the ESM shall approve the lending to the DIF by mutual agreement in accordance with Article 4 and Article 5 of the Treaty Establishing the European Stability Mechanism. 4. The funding from the ESM shall be fully recouped in accordance with Articles 74c and 74d.
Amendment 756 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 Regulation EU 806/2014 Article 74 g a (new) Article 74ga Common Fiscal Backstop of the DIF A Common Fiscal Backstop, funded by Member States participating to the Banking Union, shall be established at the latest by the end of the transitional period. It shall be used as a mechanism of last resort in case the resources of the Deposit Insurance Fund are exhausted as result of pay-out events or use in resolutions. It should be set up in accordance with the tools and mechanism that will be established for the fiscal backstop for the Single Resolution Fund
Amendment 757 #
Proposal for a regulation Article 1 – paragraph 1 – point 36 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.
Amendment 758 #
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.
Amendment 759 #
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
Amendment 760 #
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.
Amendment 761 #
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
Amendment 762 #
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
Amendment 763 #
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, in strict proportion to the monies invested on behalf of each of those funds.
Amendment 764 #
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 in strict proportion to the monies invested on behalf of each of those funds.
Amendment 765 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 1 Amendment 766 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 1 1. During the limited reinsurance period the Board shall use the DIF to provide the funding in accordance with Article 41a(2) and cover a share of the excess loss in accordance with Article 41a(3).
Amendment 767 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 1 1. During the
Amendment 768 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 (1)
Amendment 769 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 2 Amendment 770 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 2 2.
Amendment 771 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 2 2. During
Amendment 772 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 3 3. The use of the DIF with respect to a credit institution affiliated to a participating DGS according to paragraph 3 shall be contingent upon compliance by this credit institution with the obligations incumbent on it as a member of the participating DGS set out in this Regulation and in Directive 2014/49/EU.
Amendment 773 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 3 a (new) 3a. The strict prerequisites in Article 11(3) of Directive 2049/49/EU for a national DGS to be able to finance alternative measures should also be taken into account.
Amendment 774 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 3 a (new) 3a. The Board may allow the use of the DIF for alternative measures in order to prevent the failure of a credit institution provided that the conditions defined in the Article 11(3) of the Directive 2014/49/EU are met. The Board may decide that the available financial means may also be used to finance measures to preserve the access of depositors to covered deposits, including transfer of assets and liabilities and deposit book transfer, in the context of national insolvency proceedings, provided that the costs borne by the DIF do not exceed the net amount of compensating covered depositors at the credit institution concerned.
Amendment 775 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 Regulation (EU) No 806/2014 Article 77 a – paragraph 3 a (new) 3a. The Board may allow the use of the DIF for alternative measures in order to prevent the failure of a credit institution provided that the conditions defined in the Article 11(3) of the Directive 2014/49/EU are met. The Board may decide that the available financial means may also be used to finance measures such as the transfer of assets and liabilities and deposit book transfer, provided that the costs borne by the DIF do not exceed the net amount of compensating covered depositors of the credit institution concerned in case of pay out.
Amendment 776 #
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.”
Amendment 777 #
Proposal for a regulation Article 1 – paragraph 1 – point 38 a (new) Regulation (EU) No 806/2014 Article 92 – paragraph 2 38a. Article 92(2) is replaced by the following: “2. Each report shall examine whether: (a) sufficient regard was
Amendment 778 #
Proposal for a regulation Article 1 – paragraph 1 – point 38 a (new) Regulation (EU) No 806/2014 Article 92 – paragraph 2 38a. Paragraph 2 of Article 92 is replaced as follows: “2. Each report shall examine whether: (a) sufficient regard was had to economy, efficiency and effectiveness with which the
Amendment 779 #
Proposal for a regulation Article 1 – paragraph 1 – point 38 a (new) Regulation (EU) No 806/2014 Article 92 – paragraph 8 a (new) 38a. In Article 92, the following paragraph 8a is added: “8a. The Court of Auditors shall produce a special annual report which shall examine the efficiency and effectiveness of the SRF and the DIF.”
Amendment 780 #
Proposal for a regulation Article 1 – paragraph 1 – point 39 – point a Regulation (EU) No 806/2014 Article 93 – paragraph 2 2. The delegation of power referred to in Article 2a, Article 19(8), Article 65(5), Article 69(5), Article 71(3), Article 74b (5), Article 74c (5), Article 74d(4) and Article 75(4) shall be conferred for an indeterminate period of time from the relevant dates referred to in Article 99.;
Amendment 781 #
Proposal for a regulation Article 1 – paragraph 1 – point 39 – point b Regulation (EU) No 806/2014 Article 93 – paragraph 4 4. The delegation of power referred to in Article 2a, Article 19(8), Article 65(5), Article 69(5), Article 71(3), Article 74b (5), Article 74c (5), Article 74d(4) and Article 75(4) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to
Amendment 782 #
Proposal for a regulation Article 1 – paragraph 1 – point 39 – point c Regulation (EU) No 806/2014 Article 93 - paragraph 6 6. A delegated act adopted pursuant to Article 2a, Article 19(8), Article 65(5), Article 69(5), Article 71(3), Article 74b (5), Article 74c (5), Article 74d(4) and Article 75(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council.;
Amendment 783 #
Proposal for a regulation Article 1 – paragraph 1 – point 39 a (new) 39a. Article 94 is amended as follows: (a) the introductory part of paragraph 1 is replaced by the following: 'By 31 December 2018, and every t
Amendment 784 #
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.
Amendment 785 #
Proposal for a regulation Article 1 – paragraph 1 – point 41 Regulation (EU) No 806/2014 41. throughout Regulation (EU) No 806/2014, the
Amendment 786 #
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" are replaced by "the SRF and the DIF, as appropriate".
Amendment 787 #
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".
Amendment 788 #
Proposal for a regulation Article 1 a (new) Directive 2014/49/EU Article 10 – paragraph 2 Article 1a Amendment to Directive 2014/49/EU Paragraph 2 of Article 10 of Directive 2014/49/EU is replaced as follows: "2. Member States shall ensure that, by 3 July 2024, the available financial means of a DGS shall at least reach a target level of
Amendment 789 #
Proposal for a regulation Article 1 a (new) Directive 2014/59/EU Article 108 – paragraph 1 – point b Article 1a Amendment to Directive 2014/59/EU Point b to paragraph 1 of Article 108 of Directive 2014/59/EU is replaced by the following: “(b) the following have the same priority ranking which is higher than the ranking provided for under point (a) and of all other liabilities, without prejudice to costs, expenses and other creditors of the estate: (i) covered deposits; (ii) deposit guarantee schemes subrogating to the rights and obligations of covered depositors in insolvency."
Amendment 790 #
Proposal for a regulation Article 1 a (new) Directive 2014/59/EU Articles 32, 43 a (new), 44, 56, 57 Article 1a Amendments to Directive 2014/59/EU In Directive 2014/59/EU: (a) Article 43a (new) is inserted: 'Article 43a Restrictions on holdings of bail-inable liabilities Member States shall ensure that resolution authorities prevent other credit institutions from holding: – own funds instruments or – eligible liabilities as defined in Article 2 (71) of this Directive of other credit institutions that are not part of the same group;' (b) In Article 44, the following paragraph (3a) is added: 'Member States shall ensure that resolution authorities prevent other credit institutions from holding: – own funds instruments or – eligible liabilities as defined in Article 2 (71) of this Directive of other credit institutions that are not part of the same group;' (c) Point (d) of paragraph 4 of Article 32 is deleted; (d) Articles 56 and 57 are deleted.
Amendment 791 #
Proposal for a regulation Article 1 b (new) Regulation (EU) No 575/2013 Articles 39, 395, 395 a (new) Amendment 792 #
Proposal for a regulation Article 2 – paragraph 2 This Regulation shall be binding in its entirety and directly applicable in all Member States
source: 595.743
2024/03/13
ECON
321 amendments...
Amendment 10 #
Proposal for a regulation Recital 5 a (new) (5a) The creation of a European Deposit Insurance Scheme would not only increase confidence among European depositors in the financial markets, but would also reduce risks for consumers, while facilitating access to a wider international choice of financial products and promoting the stability and integration of the European banking system.
Amendment 100 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 1 – point a (a) credit institutions established in a participating Member State and subject to Regulation (EU) No 575/2013 (CRR regulation);
Amendment 101 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 1 – point a (a) all credit institutions established in a participating Member State, without exceptions for specific national instruments;
Amendment 102 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 1 – point a (a) all credit institutions established in a participating Member State; (Article 2 is replaced by the following:)
Amendment 103 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – introductory part 2. For the purposes of
Amendment 104 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point a (a) supervised entities established in a participating Member State which have the status of a significant supervised entity pursuant to an ECB decision based on Article 6(4) or Article 6(5)(b) of Council Regulation (EU) No 1024/2013, affiliated to participating deposit-guarantee schemes as defined in point (1) of Article 3(1a).;
Amendment 105 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point a (a) participating deposit-guarantee schemes as defined in point (1) of Article 3(1a) unless they are institutions that are members of an institutional protection scheme as referred to in Article 113(7) of Regulation No 575/2013 [CRR];
Amendment 106 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point a (a) participating deposit-guarantee schemes as defined in point (1) of Article 3(1a); including institutional protection schemes as referred to in Article 113(7) of Regulation No 575/2013 [CRR];
Amendment 107 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation(EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point a (a) participating deposit-guarantee schemes as defined in point (1) of Article 3(1a), without exceptions for specific national instruments;
Amendment 108 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point a (a) all participating deposit-guarantee schemes as defined in point (1) of Article 3(1a);
Amendment 109 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point b Amendment 11 #
Proposal for a regulation Recital 5 a (new) (5a) The Banking Union has developed in an imbalanced way with considerable delays in progress on the third pillar of the European Deposit Insurance Scheme, has left depositors unprotected and prolonged inequalities, with the peripheral Member States and the Member States most affected by the financial and economic crisis and their depositors as the main victims.
Amendment 110 #
Proposal for a regulation Article 1 – paragraph 1 – point3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point b (b) credit institutions affiliated to participating deposit-guarantee schemes, insofar that they are subject to regulation EU 575/2013, with the exception of branches of credit institutions that have their head office outside the Union.
Amendment 111 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 – subparagraph 1 – point b (b) all credit institutions affiliated to participating deposit-guarantee schemes.
Amendment 112 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 806/2014 Article 2 – paragraph 2 a (new) 2a. Any institution that falls within the scope of Article 113(7) of Regulation (EU) No 575/2013 (Capital Requirements Regulation) shall be excluded from the scope of this Regulation.
Amendment 113 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 –point a Regulation (EU) No 806/2014 Article 3 – paragraph 1 – point 55 (55) 'participating deposit-guarantee schemes' or 'participating DGSs' means deposit guarantee schemes as defined in points (
Amendment 114 #
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 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. The Commission shall establish the meaning of 'low-risk assets';
Amendment 115 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) No 806/2014 Article 4 – paragraph 3 – subparagraph 4 – point a (a) the amount of all
Amendment 116 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) No 806/2014 Article 4 – paragraph 3 – subparagraph 5 – point b (b) the amount of all
Amendment 117 #
Proposal for a regulation Article 1 – paragraph 1 – point9 Regulation (EU) No 806/2014 Article 19 – paragraphs 3 5 7 and 10 Amendment 118 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 –point c Regulation (EU) No 806/2014 Article 19 – paragraph 5 – subparagraph 2 The Board shall pay any amounts received under the first subparagraph into the respective Fund (SRF or DIF) and take such amounts into consideration when determining contributions in accordance with Articles 70 and 71, and transfers in accordance with 74c and 74d.;
Amendment 119 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 PART IIa EUROPEAN
Amendment 12 #
Proposal for a regulation Recital 6 (6) The recent crisis has shown that the functioning of the internal market may be under threat and that there is an increasing risk of financial fragmentation. The failure of a bank that is relatively large compared to the national banking sector or the concurrent failure of a part of the national banking sector may cause national DGSs to be vulnerable to large local shocks, even with the additional funding mechanisms provided by Directive 2014/49/EU of the European Parliament and of the Council12 . This vulnerability of national DGSs to large local shocks can contribute to adverse feedback between banks and their national sovereign undermining the homogeneity of protection for deposits and contributing to a lack of confidence among depositors and resulting in market instability.
Amendment 120 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Title I Amendment 121 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Title I – Chapter I Amendment 122 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part IIa –title I – chapter I –title Chapter 1
Amendment 123 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a –title Article 41a
Amendment 124 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a –title Article 41a
Amendment 125 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 1 1. As from the date of application set out in Article 99(5a),
Amendment 126 #
Article 1 – paragraph 1 – point 10 Proposal for a regulation 2.
Amendment 127 #
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 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 2
Amendment 128 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 2 2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation
Amendment 129 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 806/2014 Article 41 a – paragraph 2 2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may claim funding from the DIF
Amendment 13 #
Proposal for a regulation Recital 6 (6) The recent crisis has shown that the functioning of the internal market may be under threat and that there is an increasing risk of financial fragmentation. The failure of a bank that is relatively large compared to the national banking sector or the concurrent failure of a part of the national banking sector may cause national DGSs to be vulnerable to large local shocks, even with the additional funding mechanisms provided by Directive 2014/49/EU of the European Parliament and of the Council12. This vulnerability of national DGSs
Amendment 130 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 3 Amendment 131 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 3 Amendment 132 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 3 3.
Amendment 133 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 806/2014 Article 41 a – paragraph 3 3.
Amendment 134 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 3 3. The DIF shall also cover 2
Amendment 135 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 4 4.
Amendment 136 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 4 4. Neither the funding nor the excess loss cover shall exceed the lower of 2
Amendment 137 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 4 4.
Amendment 138 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 a – paragraph 4 a (new) 4a. The Member State in which the DGS is registered shall be held liable for the rest of the liquidity shortfall of the DGS concerned, when the liquidity shortfall exceeds the limits set out in paragraph 4 of this Article.
Amendment 139 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 b – paragraph 1 – introductory part 1. In case the participating DGS encounters a payout event, its liquidity shortfall shall be calculated as the total amount of covered deposits held by the credit institution referred to under 2(2), point b, andwithin the meaning of Article 6(1)
Amendment 14 #
Proposal for a regulation Recital 6 (6) The
Amendment 140 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation 806/2014 Article 41 b – paragraph 1 – introductory part 1. In case the participating DGS encounters a payout event, its liquidity shortfall shall be calculated as the total amount of covered deposits held by the credit institution referred to under 2(2), point b, andwithin the meaning of Article 6(1) and (2)of the Directive 2014/49/EU that is held by the credit institution at the time of the payout event less
Amendment 141 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 b – paragraph 1 – point b (b) the amount of extraordinary contributions, as defined in Article 10(8) of
Amendment 142 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 b – paragraph 2 2. In case the participating DGS is used in resolution proceedings, its liquidity shortfall shall be calculated as the amount determined by the resolution authority in accordance with Article 79 less the amount of available financial means the participating DGS should have at the time of the determination i
Amendment 143 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 b – paragraph 2 a (new) 2a. Deposits referred to in Article 6(2) of Directive 2014/49/EU shall be excluded from the calculation of the liquidity shortfall as determined in paragraph 1 and 2. The DIF shall not provide funding for measures referred to in Article 11(3) and (6) of Directive 2014/49/EU.
Amendment 144 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 b a (new) Article 41ba Provision of mandatory lending by DGSs 1. In cases where the available financial means of the DIF are not sufficient to provide the loan requested by a participating DGS in accordance to Article 41a, the Board may decide to borrow from the other participating DGSs. 2. Each participating DGS shall provide the requested loans to the DIF (mandatory lending) 3. The SRB shall calculate the amount of mandatory lending needed toprovide funding in accordance to Article 41a. The SRB shall calculate the amount of mandatory lending to be claimed from each participating DGS in proportion to the ratio between the DIF’s target level and the target level of each DGS as determined in accordance with Article 10(2) of Directive 2014/49/EU. 4. After completion of the build-up phase of the DIF in accordance with Article 74d, the amount to be provided by each participating DGS as mandatory lending shall not exceed 12.5% of the target level of that DGS. 5. In order to obtain the funding through mandatory lending the SRB shall follow the procedure laid down in Article 41q.
Amendment 145 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 ba (new) Article 41ba Provision of mandatory lending by DGSs 1. In cases where the available financial means of the DIF are not sufficient to provide the loan requested by a participating DGS in accordance to Article 41a, the Board shall borrow from the other participating DGSs. 2. Each participating DGS shall provide the requested loans to the DIF (mandatory lending) 3. The Board shall calculate the amount of mandatory lending needed to provide funding in accordance to Article 41a. The Board shall calculate the amount of mandatory lending to be claimed from each participating DGS in proportion to the ratio between the DIF’s target level and the target level of each DGS as determined in accordance with Article 10(2) of Directive 2014/49/EU. 4. After completion of the build-up phase of the DIF in accordance with Article 74d, the amount to be provided by each participating DGS as mandatory lending shall not exceed 75 % of the target level of that DGS. 5. In order to obtain the funding through mandatory lending the Board shall follow the procedure laid down in Article 41q.
Amendment 146 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 c –title Amendment 147 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 c –title Amendment 148 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 c – paragraph 1 Amendment 149 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 c – paragraph 2 Amendment 15 #
Proposal for a regulation Recital 6 a (new) (6a) The Banking Union, with progress only on the Single Resolution Mechanism and the Single Supervisory Mechanism and leaving EDIS behind, has resulted in a capital centralisation process and in several mergers and acquisitions in the banking sector of different Member States, resulting in further concentration of deposits and investments in the major financial centres, which magnifies the "too-big-to-fail" issue.
Amendment 150 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part II a –title I – chapter 2 Amendment 151 #
Article 1 – paragraph 1 – point 10 Proposal for a regulation Amendment 152 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 d –title Amendment 153 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 d – paragraph 1 Amendment 154 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 d – paragraph 1 1. As from the end of the re-insurance period, the participating DGS shall be co- insured by EDIS in accordance with this Chapter for a period of
Amendment 155 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 d – paragraph 2 Amendment 156 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 d – paragraph 3 Amendment 157 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41e –title Amendment 158 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 e – paragraph 1 Amendment 159 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 e – paragraph 1 –indent 1 – in the first year of the co-insurance period it shall be 2
Amendment 16 #
Proposal for a regulation Recital 7 (7) The existing absence of a homogenous level of depositor protection
Amendment 160 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 e – paragraph 1 –indent 2 – in the second year of the co- insurance period it shall
Amendment 161 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 e – paragraph 1 –indent 3 – in the third year of the co-insurance period it shall be
Amendment 162 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 e – paragraph 1 –indent 4 Amendment 163 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 f – title Amendment 164 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 f – paragraph 1 Amendment 165 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 f – paragraph 2 Amendment 166 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 g –title Amendment 167 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 g – paragraph 1 Amendment 168 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 g – paragraph 2 Amendment 169 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part II a –title I – chapter 3 –title Amendment 17 #
Proposal for a regulation Recital 7 (7) The perceived absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market. A common
Amendment 170 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part II a –title I – chapter 3 –title Amendment 171 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 h – title Amendment 172 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 h – paragraph 1 Amendment 173 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 h – paragraph 2 Amendment 174 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 h – paragraph 3 Amendment 175 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part II a –title I – chapter 4 –title Amendment 176 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Part II a –title I – chapter 4 –title Chapter 4 Co
Amendment 177 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 i – title Amendment 178 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 i – paragraph 1 Amendment 179 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation No 806/2014 Article 41 i – paragraph 1 – introductory part 1. A participating DGS shall not be covered by EDIS
Amendment 18 #
Proposal for a regulation Recital 7 (7) The absence of a homogenous level of depositor protection can distort competition, hinder competitiveness and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market. A common deposit insurance scheme is therefore urgent and essential for the completion of the internal market in financial services.
Amendment 180 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 4 1i – paragraph 1 – point a (a) the participating DGS has failed to comply with the obligations under this Regulation or under Articles 4, 5, 6, 7, 8or 10 of Directive 2014/49/EU;;
Amendment 181 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 i – paragraph 1 a (new) 1a. The Board shall monitor compliance with the provisions set out in paragraph 1 (a) and (b) on a continuous basis. If the Board identifies instances of non-compliance with any of the obligations under paragraph 1 (a) and (b), it shall immediately inform the Commission thereof.
Amendment 182 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 806/2014 Article 41 i – paragraph 1 b (new) 1b. If the Commission considers that at least one of the disqualifying conditions is met, it shall deliver a letter of formal notice to the DGS concerned and to the designated authority of the participating Member State within the meaning of point 18 of Article 2 of Directive 2014/49/EU, as well as to the national competent authority or authorities. It shall also inform the Member State or Member States concerned. In that letter, the Commission shall set out the reasons for considering disqualifying the participating DGS from coverage by EDIS. Within two months of receipt of such formal notice, the designated authority, in close cooperation with the DGS concerned and the national competent authority, shall: (a) take prompt corrective action to address the shortcomings identified and to ensure that the disqualifying conditions are no longer met; ( |