BETA

41 Amendments of Siegfried MUREŞAN related to 2015/0270(COD)

Siegfried MUREŞAN

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 ~~towards a fully mutualised approach~~. The scope of this reinsurance system should coincide with that of the SSM.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 ~~by sharing risk more widely~~ and would offer equal protection for insured depositors, supporting the proper functioning of the internal market.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 17

(17) EDIS shcould ~~progressively~~ evolve from a reinsurance scheme into an ~~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. However, such risk sharing implied by steps to reinforce Banking Union must proceed in parallel with risk reducing measurt is necessary to reduce the bank/sovereign links in individual Member States to reinforce the Banking Union in achieving its key objective of creating a safer and sounder financial sector for the single market. A first step is the introduction of risk reducing measures in individual Member States designed to break the bank- sovereign link more directly.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 18

(18) EDIS should be established in ~~three~~ sequential stages, ~~first~~starting with a reinsurance scheme that covers a gradually increasing share of the liquidity shortfall ~~and of the excess losses~~ of participating DGSs, followed by a ~~co-~~ n insurance scheme that covers a gradually increasing share of the ~~liquidity shortfall and losses of participating DGSs and eventually resulting in a full insurance scheme that covers all liquidity needs and~~excess losses of participating ~~deposit guarantee scheme~~DGSs.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 20

(20) As the Deposit Insurance Fund, in the re-insurance stage, would only provide an additional source of funding and would only weaken the link between banks and their national sovereign, without however ensuring that all depositors in the Banking Union enjoy an equal level of protection, the reinsurance stage should, after three years, gradually progress into a co-insurance scheme and ultimately into a fully mutualised deposit insurance scheme.deleted

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 21

(21) While the reinsurance and coinsurance stages would share many common features, ensuring a smooth gradual evolution, pay-outs under the co- insurance stage would be shared between national DGS and the Deposit Insurance Fund as of the first euro of loss. The relative contribution from the Deposit Insurance Fund would gradually increase to 100 percent, resulting in the full mutualisation of depositor risk across the Banking Union after four years.deleted

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 ~~collect ex-post contributions from its members to replenish its fund and to~~ repay EDIS to the extent that the initially received funding exceeds the share of loss to be borne by EDIS. Thirdly, following a pay- out event, the national DGS should maximise the proceeds from the insolvency estate and repay the Board and the Board should have sufficient powers to safeguards its rights. Fourthly, the Board should have the powers to recover all or part of funding in case of a participating DGS did not comply with key obligations.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 alone would not provide for homogenous deposit insurance across the Banking Union. Throughout the ~~three~~different stages, the Deposit Insurance Fund should help ensuring the stabilising role of DGSs, a uniform high level of protection to all depositors in a harmonised framework throughout the Union and avoiding the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to different levels of protection at national level.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 24

(24) The Deposit Insurance Fund should be financed by ~~direct~~ contributions from ~~bank~~participating DGSs. 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.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 ~~and ex post~~ contributions and lays down the powers of the Board for using and managing the Deposit Insurance Fund.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 26

(26) Contributions would be ~~directly~~ levied on ~~bank~~participating DGSs to finance the Deposit Insurance Fund. The Board would collect the contributions and administer the Deposit Insurance Fund, while national DGSs would continue to collect national contributions and administer national funds. In order to ensure fair and harmonised contributions for participating ~~bank~~DGSs 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~~participating DGS. During the different stages of EDIS, the risk- adjustment factor should consider the degree of risk incurred by a bank relative to all other banks affiliated to the same participating DGS. Once the stage of co-insurance is reached, the risk- adjustment factor should consider the degree of risk incurred by a bank relative to all other bankparticipating DGS and its affiliated credit institutions relative to all other participating DGSs and their affiliated credit institutions established in the participating Member States. This would ensure that, overall, EDIS is cost-neutral for banks and national DGSs and avoid any redistribution of contributions during the build-up phase of the Deposit Insurance Fund.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 Fun~~the Board should be able to contract borrowings or other forms of support from credit institutions, financial institutions or other third parties in the event that the ex- ante ~~and ex post~~ contributions are not immediately accessible or do not cover the expenses incurred by the use of the Deposit Insurance Fund in relation to deposit insurance actions.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 ~~solely~~ on ex post contributions in a systemic crisis, it is indispensable that the ex-ante available financial means of the Deposit Insurance Fund amount at least to a certain minimum target level.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Recital 46

(46) In order for EDIS to function in an effective manner as of ~~[….]~~1 January 2019, the provisions concerning the payment of contributions to the Deposit Insurance Fund, the establishment of all the relevant procedures and any other operational and institutional aspects should apply from XX3 July 2017.

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 ~~three~~ successive stages:

2016/12/20
Committee: ECON

Siegfried MUREŞAN

Proposal for a regulation
Article 1 – paragraph 1 – point 2

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

~~- a co-insurance scheme that, to a gradually increasing extent, provides funding and covers losses of participating deposit guarantee schemes in accordance with Article 41c;~~deleted

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 41e.~~deleted

2016/12/20
Committee: ECON

Siegfried MUREŞAN

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 ~~thre~~five years (‘reinsurance period’).

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 41a – paragraph 3

3. The DIF shall also cover 20% of the excess loss of the participating DGS as set out in Article 41c. The participating DGS shall repay the amount of funding it obtained under paragraph 2 of this Article, less the amount of excess loss cover, in accordance with the procedure set out in Article 41o.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 41a – paragraph 4

4. 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 74b(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.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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 three days from the payout event.~~deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 41c

1. encounters a payout event, its excess loss shall be calculated as the total amount it repaid to depositors in accordance with Article 8 of Directive 2014/49/EU less: (a) recovered from subrogating to the rights of depositors in winding up or reorganisation proceedings under the first sentence of Article 9(2) of Directive 2014/49/EU; (b) means the participating DGS should have at the time of the payout event if it had raised ex-ante contributions in accordance with Article 41j; (c) contributions the participating DGS may raise in accordance with the first sentence of the first subparagraph of Article 10(8) of Directive 2014/49/EU within one calendar year, which shall contain the amount raised in accordance with point (b) of Article 41b(1) of this Regulation. 2. participating DGS are used in resolution proceedings, its excess loss shall be the amount determined by the resolution authority in accordance with Article 79 less: (a) participating DGS was paid in accordance with Article 75 of Directive 2014/59/EU; (b) means the participating DGS should have at the time of the determination if it had raised ex-ante contributions in accordance with Article 41j.Article 41c deleted Excess loss In case the participating DGS the amount the participating DGS the amount of available financial the amount of ex-post In case the funds of the the amount of any difference the the amount of available financial

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Part IIa – title I – chapter 2

~~[...]~~Chapter 2 deleted Co-insurance

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Part IIa – title I – chapter 3 – title

Full insurance Insurance

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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 co- insurance period, the participating DGS shall be fully insured by EDIS in accordance with this Chapter.~~deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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: 0.14%; - by 3 July 2018: 0.21%; - by 3 July 2019: 0.28%; - by 3 July 2020: 0.28%; - by 3 July 2021: 0.26%; - by 3 July 2022: 0.20%; - by 3 July 2023: 0.11%; - by 3 July 2024: 0%.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 41 1 – paragraph 2 – point c

~~(c) in case of a payout event, an estimate of the extraordinary contributions it can raise within three days from that event;~~deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 41 m – paragraph 2

2. In case the Board was informed in accordance with Article 41k, prior to, or simultaneously with, the notification referred to in paragraph 1, about one or more other likely payout events or uses in resolution, it may extend the period of paragraph 1 up to seven days. If, during this extended period, additional payout events or uses in resolution are notified in accordance with Article 41k and the total funding that could be claimed from the DIF might exceed its available financial means, the funding provided for each notified payout event or use in resolution shall be equal to the available financial means of the DIF multiplied by the ratio of (a) to (b): (a) the amount of funding that the relevant participating DGS could claim from the DIF for the payout event or use in resolution if there were no other notified payout event or use in resolution; (b) the sum of all amounts of funding that each relevant participating DGS could claim from the DIF for each payout event or use in resolution if there were no other notified payout event or use in resolution.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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 one calendar year in accordance with the first sentence of the first subparagraph of Article 10(8) of Directive 2014/49/EU, less the amount of ex-post contributions it raised in accordance with point (b) of Article 41b(1) of this Regulation.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 b – paragraph 2

2. By the end of the co-insurance period the available financial means of the DIF shall reach the sum of the minimum target levels that participating DGSs shall reach under the first subparagraph of Article 10(2) of Directive 2014/49/EU.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 b – paragraph 3

3. During the reinsurance and co- insurance periods contributions to the DIF calculated in accordance with Article 74c shall be spread out in time as evenly as possible until the respective target level is reachdeleted.

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 b – paragraph 4

4. After the target level specified in paragraph 2 has been reached for the first time and where the available financial means have subsequently been reduced to less than two-thirds of the target level, the contributions calculated in accordance with Article 74c shall be set at a level allowing to reach the target level within six years.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 b – paragraph 5

~~5. The Commission shall be empowered to adopt~~ delegated ~~acts in accordance with Article 93 to specify the following: (a) time of the contributions to the DIF calculated under paragraph 2; (b) contributions provided for in paragraph 4.~~criteria for the spreading out in criteria for establishing the annual

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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 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 levels provided for in Article 74b ~~(1) and (2)~~.

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 c – paragraph 2

2. During the reinsurance period each participating DGS shall calculate, on the basis of the total amount determined by the Board under paragraph 1, the contribution of each credit institution affiliated to it. It shall apply the risk-based method established by the delegated act according to the second subparagraph of paragraph 5. After the reinsurance period, the Board itself shall calculate the contribution of each credit institution affiliated to a participating DGS. The Board shall apply the risk-based method established by the delegated act according to the third subparagraph of paragraph 5. In all stages of EDIS the participating DGS shall invoice, on behalf of the Board, the contribution of each credit institution on an annual basis. Credit institutions shall pay the invoiced amount directly to the Board. The contributions shall become due on 31 May of each year.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 c – paragraph 4

4. 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 2024 or any later date, has followed the funding path set out in Article 41j and credit institutions affiliated to it paid to the DIF all ex-ante contributions that, until 3 July 2024, had to be paid to the DIF, these contributions shall constitute the full contribution owed in order to reach the target level in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU. Member States may provide that a participating DGS may consider the contributions that credit institutions affiliated to it paid into the DIF when setting the level of their ex-ante contributions or may reimburse these credit institutions from its available financial means to the extent they exceed the amounts set out in Article 41j on the relevant date.deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 3

~~It shall adopt a second~~ delegated act specifying the method for the calculation of the contributions payable to the DIF as from the co-insurance period. In this second delegated act the calculation shall be based on the amount of covered deposits and the degree of risk incurred by each credit institution relative to all other credit institutions referred to in point (b) of Article 2(2).

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 d

Article 74d Extraordinary ex-post contributions 1. 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 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. 2. contribution of each credit-institution affiliated to each participating DGS. It shall apply the risk-based method specified in the delegated act adopted by the Commission in accordance with the third subparagraph of Article 74c(5). The third subparagraph of Article 74c(2) shall apply by analogy. 3. initiative after consulting the relevant competent authority, or upon proposal by the relevant competent authority, defer, in whole or in part, in accordance with the delegated acts referred to in paragraph 4, an institution's payment of extraordinary ex-post contributions if it is necessary to protect its financial position. Such a deferral shall not be granted for a period of longer than six months but may be renewed on request of the institution. The contributions deferred pursuant to this paragraph shall be made later at a point in time when the payment no longer jeopardises the institution's financial position. 4. empowered to adopt delegated acts in accordance with Article 93 to specify the annual limits referred to in paragraph 1 and the circumstances and conditions under which the payment of ex-post contributions by an entity referred to in point (b) of Article 2(2) may be partially or entirely deferred pursuant to paragraph 3 of this Article.deleted Where, after the reinsurance The Board shall itself calculate the The Board shall, on its own The Commission shall be

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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

Regulation (EU) No 806/2014
Article 74 f – paragraph 1 – point b

~~(b) the extraordinary ex-post contributions provided for in Article 74d are not immediately accessible;~~deleted

2016/12/21
Committee: ECON

Siegfried MUREŞAN

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. The proceeds of such borrowings shall be used exclusively to meet payment obligations towards participating DGSs, in the event that the amounts raised in accordance with Articles 74c and 74d are not immediately accessible or do not cover the amounts claimed from the DIF in relation to payout events.

2016/12/21
Committee: ECON