19 Amendments of Fabio Massimo CASTALDO related to 2023/0115(COD)
Amendment 83 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The ongoing review of the Union crisis management and deposit insurance framework is intended to pave the way towards the long-due completion of the banking union, including the establishment of a European deposit insurance scheme. A first step in that direction is the establishment of an EU credit line or guarantee provided by a dedicated fund to be established and managed by the Single Resolution Board (SRB) within its available financial means, to depleted, or close to being depleted, national DGSs. Where both the requesting DGS and the EU credit line and guarantee are depleted, other existing DGSs within the Union should step in to provide the depleted DGS with the necessary financial means to perform its functions.
Amendment 88 #
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1b) The Union crisis management framework should ensure at all times that losses are not being socialised and taxpayers’ resources are not employed to aid or rescue credit institutions in difficulty, unless in extraordinary circumstances of a systemic nature or pertaining to very large economic turmoil.
Amendment 102 #
Proposal for a directive
Recital 18
Recital 18
(18) Pursuant to Article 10(2) of Directive 2014/49/EU, it is confirmed that Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0,8 % of the amount of the covered deposits of its members. To objectively assess whether DGSs fulfil that requirement, a clear reference period should be set to determine the amount of covered deposits and DGSs’ available financial means.
Amendment 110 #
Proposal for a directive
Recital 22
Recital 22
(22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the collection of extraordinary contributions. DGSs should therefore be allowed to use alternative funding arrangements that enable them to obtain at any time short- term funding from sources other than contributions, including before using their available financial means and funds collected through extraordinary contributions. Because credit institutions should primarily bear the cost and responsibility for financing DGSs, alternative funding arrangements from public funds should only be used where they act as a last resort.
Amendment 139 #
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Directive 2014/49/EU
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive lays down rules and procedures relating to the establishment and the functioning of deposit guarantee schemes (DGSs), the coverage and repayment of deposits, and the use of DGS funds for measures that aim to ensure the access of depositors to their deposits., and the rules governing DGSs’ access to, and the exchange of information with, the EU credit line and guarantee;
Amendment 165 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Directive 2014/49/EU
Article 8 – paragraph 3
Article 8 – paragraph 3
3. By way of derogation from paragraph 1, Member States shall allow DGSs to apply a longer repayment period for repaying the deposits referred to in Article 6(2), Article 7(3) and Article 8b, which shall not exceed 20 working days from the date on which those DGSs received the complete documentation they requested from a depositor to examine the claims and verify that the conditions for repayment are met.;
Amendment 174 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 – point a – point -i (new)
Article 1 – paragraph 1 – point 11 – point a – point -i (new)
Directive 2014/49/EU
Article 10 – paragraph 2 – subparagraph 1
Article 10 – paragraph 2 – subparagraph 1
Amendment 185 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 – point e a (new)
Article 1 – paragraph 1 – point 11 – point e a (new)
Directive 2014/49/EU
Article 10 – paragraph 9
Article 10 – paragraph 9
Amendment 189 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 – point g
Article 1 – paragraph 1 – point 11 – point g
Directive 2014/49/EU
Article 10 – paragraph 11
Article 10 – paragraph 11
11. Member States shall ensure that in the context of the measures referred to in Article 11(1), (2), (3) and (5), DGSs may use the funds originating from the alternative funding arrangements referred to in Article 10(9) which are not financed through public funds, before using the available financial means and before collecting the extraordinary contributions referred to in Article 10(8). Member States shall ensure that DGSs use alternative funding arrangements financed through public funds only as a last resort.
Amendment 200 #
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 3 – introductory part
Article 11 – paragraph 3 – introductory part
3. Member States may allowshall ensure that DGSs tocan use the available financial means for preventive measures as referred to in Article 11a for the benefit of a credit institution where all of the following applies:
Amendment 203 #
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 3 – point a
Article 11 – paragraph 3 – point a
(a) none of the circumstances referred to inthe resolution authority has not taken any resolution action under Article 32(4) of Directive 2014/59/EU are present;.
Amendment 218 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1
Article 11a – paragraph 1
1. Where Member States allow the use of DGS funds for preventive measures as referred to in Article 11(3), Member States shall ensure that DGSs use the available financial means for the preventive measures referred to in Article 11(3), provided that all of the following conditions are met:
Amendment 249 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 4a (new)
Article 11a – paragraph 4a (new)
4a. EBA shall develop draft guidelines to specify the following: (a) the conditions referred to under paragraph 1, point (c); (b) the monitoring systems and decision making systems that DGSs are to have in place in accordance with paragraph 2. EBA shall submit those guidelines to the Commission by ... [one year after the date of entry into force of this amending Directive].
Amendment 251 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 1
Article 11b – paragraph 1
1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority for consultation a note with measures that those credit institutions commit to undertake to ensure or restoreand maintain compliance with the applicable supervisory requirements applicable to the credit institution concerned and that are laid down in Directive 2013/36/EU and Regulation (EU) No 575/2013.
Amendment 260 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 3a (new)
Article 11b – paragraph 3a (new)
3a. In the event of a capital support measure, Member States shall ensure that shareholders and subordinated debt holders of the supported credit institution have contributed to reducing the capital shortfall. Such contributions shall take the form of the writing down and converting of capital instruments and eligible liabilities in accordance with Articles 59 to 62 of Directive 2014/59/EU by the competent authorities or the resolution authorities. Member States shall ensure that no preventive measures in the form of capital support financed by DGSs are undertaken before the requirements set out in the first subparagraph are met.
Amendment 268 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 6
Article 11b – paragraph 6
6. Where the Union State aid framework is applicable, Member States shall ensure that the measures envisaged in the note referred to in paragraph 1 are aligned with the restructuring plan that the credit institution is required to submit to the Commission under that framework, in accordance with the Union State aid framework, to be accordingly updated before the entry into force of the Directive.
Amendment 304 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11e – paragraph 5a (new)
Article 11e – paragraph 5a (new)
5a. Member States shall ensure that where a DGS faces a liquidity shortfall, it can access the EU credit line and guarantee managed by the SRB. No additional contributions should be requested to finance the EU credit line and guarantee. The requesting DGS shall inform EBA and the SRB without delay and state the reasons why and the amount of money requested to address its liquidity shortfall. Member States shall ensure that the DGS informs the SRB as soon as it anticipates a risk of a liquidity shortfall. Where a DGS has exhausted its recourse to the EU credit line, Member States shall ensure that DGSs located in other Member States provide the DGS with the liquidity shortfall with the necessary financial means to perform its functions in accordance with Article 11. The liquidity shortfall referred to in paragraph 1 shall be calculated as the total amount of covered deposits that is held by the credit institution at the time of the payout event or the amount of the available financial means used by the DGS to finance preventive or alternative measures as referred to in Article 11(3) and (5), minus the following: (a) the amount of available financial means the DGS has raised in accordance with Article 10 (1); (b) the amount of extraordinary contributions within the meaning of Article 10(8) that the DGS can raise within five days of the payout event or the amount of alternative funding arrangements and ex-post contributions that the DGS can raise within five days of financing the use of preventive or alternative measures. In cases where the DGS is used in resolution proceedings in accordance with Article 11(2), its liquidity shortfall shall be the amount determined by the resolution authority in accordance with Article 79 of Regulation (EU) 806/2014 minus the amount of the available financial means of the DGS. Paragraphs 1 to 1c of this Article may apply in cases where the DGS encounters a payout event or in the context of measures referred to in Article 11 (2), (3) and (5) of this Directive."
Amendment 305 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11e – paragraph 5b (new)
Article 11e – paragraph 5b (new)
Amendment 314 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point d
Article 1 – paragraph 1 – point 14 – point d
Directive 2014/49/EU
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Member States shall ensure that where a credit institution ceases to be member of a DGS and joins a DGS of another Member State, or if some of the credit institution’s activities are transferred to a DGS of another Member State, the DGS of origin shall transfer to the receiving DGS the contributions due for the last 12 months preceding the change of DGS membership, with the exception of the extraordinary contributions referred to in Article 10(8).;an amount that reflects the additional potential liabilities borne by the receiving DGS as a result of the transfer, taking into account the impact of the transfer on the financial situation of both DGSs relative to the risks they cover. EBA shall develop guidelines to specify the methodology for the calculation of the amount to be transferred to ensure a neutral impact of the transfer on the financial situation of both DGSs relative to the risks they cover. EBA shall submit those draft guidelines to the Commission by ... [12 months after the date of entry into force of this amending Directive].