39 Amendments of Jonás FERNÁNDEZ related to 2016/0362(COD)
Amendment 74 #
Proposal for a directive
Article 1 – paragraph 4
Article 1 – paragraph 4
Directive 2014/59/EU
Article 2 – paragraph 1 – point 83b
Article 2 – paragraph 1 – point 83b
(83b) 'resolution group' means: (a) a resolution entity and its subsidiaries that are not: (i) resolution entities themselves and that are not subsidiaries of another; (ii) subsidiaries of other resolution entities; or (iii) entities established in a third country that are not included in the resolution group in accordance with the resolution plan and their subsidiaries; (b) credit institutions affiliated to a central body, the central body and any institution under the control of the central body when at least one of those entities is a resolution entity;.
Amendment 140 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EC
Article 29a – paragraph 1
Article 29a – paragraph 1
1. Member States shall establish that their respective competent authority, after having consulted the resolution authority, can exercise the power referred to in point (i) of Article 27 (1) only where the exercise of the suspension power is necessary to carry out the assessment provided for in the first sentence of Article 27(1) or to make resolution authorities have the power to suspend payment or delivery obligations to which an institution or an entity referred to in points (b), (c) or (d) of Article 1(1) is party when the resolution authority, after the determination that the institution is failing or likely to fail pursuant to Article 32(1)(a) has been made, decides that the exercise of the suspension power is necessary to avoid the further deterioration of the financial conditions of the institutions or entity referred to in points (c), (c) or (d) of Article (1)1 are met, to choose the appropriate resolution actions or to ensure the effective application of one or more resolution tools. The decision to exercise the suspension power to avoid the further determinioration provided for in point (a) of Article 32(1)of the financial conditions of the institution or to reach the determination that the conditions under Article 32(1)(b) and (c) are met is made by the resolution authority, after consulting the competent authority.
Amendment 144 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 2
Article 29a – paragraph 2
2. The period of suspension referred to in paragraph 1 shall not exceed the minimum period of time that the competentresolution authority considers necessary to carry out the assessment referred to in point (a) of Article 27(1) or to make the determination referred to in point (a) of Article 32(1) and shallfor the purposes indicated in paragraph 1 of this Article and in any event shall not exceed 5 working days.
Amendment 151 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 3 – point c
Article 29a – paragraph 3 – point c
Amendment 154 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 4
Article 29a – paragraph 4
4. When exercising a power under this Article, competentresolution authorities shall have regard to the impact the exercise of that power might have on the orderly functioning of financial markets. The resolution authorities shall have the power to set the scope of the power to suspend payment or delivery obligations to the needs of the concrete case. In particular, resolution authorities shall carefully assess the opportunity to extend the suspension to covered deposits. Member states shall ensure that when the resolution authority exercises the power to suspend payment or delivery obligations in relation to covered deposits, depositors have access to an appropriate daily amount to cover the cost of living.
Amendment 157 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 4 a (new)
Article 29a – paragraph 4 a (new)
4 a. The covered deposits to which the power to suspend payment or delivery obligations is exercised shall not be considered as being unavailable for the purposes of Article 2(1)(8) of Directive 2014/49/EU.
Amendment 159 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 7
Article 29a – paragraph 7
7. Member States shall ensure that competentresolution authorities notify the resolution authorities about the exercise of anyfollow the notification procedure set out in Articles 82 and 83 in exercising the powers referred to in paragraph 1 without delay.
Amendment 163 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a – paragraph 8
Article 29a – paragraph 8
8. Member States that make use ofmay have the opnation laid down in Article 32 (2) shall ensure thatal rules related to the suspension power referred to in paragraph 1 of this Article can also be exercised by the resolution authority, after having consultapplicable to institutions which can be wound down in normal insolvency proceedings and that exceed the scompetent authority, where the exercise of that suspens and duration foreseen in this Article. The condition s power is necessary to make the determination provided for in point (a) of Article 32(1)rovided for in this Article shall be without prejudice to the conditions related to such power of suspension payment or delivery obligations.
Amendment 203 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45b – paragraph 1 a (new)
Article 45b – paragraph 1 a (new)
1 a. By way of derogation from paragraph 1, liabilities issued before ... [the date of entry into force of this amending Directive] which do not meet the conditions set out in points (d) and (g) to (o) of Article 72b(2) of Regulation (EU) No 575/2013 may be included in the amount of own funds and eligible liabilities of resolution entities.
Amendment 220 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45b – paragraph 3 – subparagraph 1
Article 45b – paragraph 3 – subparagraph 1
Resolution authorities may decide that the requirement referred to in Article 45f is fully or partially met by resolution entities with instruments that meet all conditions referred to in Article 72a of Regulation (EU) No 575/2013 with a view to ensure that the resolution entity can be resolved in a manner suitable to meet the resolution objectives. For each resolution entity the level of required instruments that meet all conditions referred to in Article 72 a of Regulation (EU) No 575/2013 shall not exceed the level of the requirement specified in Article 92a(1) of Regulation (EU) No 575/2013 taking into account the transitional provisions specified in Article 494 of that Regulation.
Amendment 251 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 1 – subparagraph 1 a (new)
Article 45c – paragraph 1 – subparagraph 1 a (new)
The resolution authority shall ensure that the level of the requirement referred to in Article 45(1) is proportionate to the specificities of the business and funding models of the resolution entity, taking into account: (i) the prevalence of deposits in the funding structure; (ii) the lack of experience in issuing debt instruments due to the limited access to cross-border and wholesale capital markets; (iii) the fact that the institution will rely primarily on CET1 and capital instruments to meet the requirement referred to in Article 45(l).
Amendment 261 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 2 – subparagraph 2 a (new)
Article 45c – paragraph 2 – subparagraph 2 a (new)
For each resolution entity the requirement referred to in Article 45(1) shall not exceed the level of the requirement specified in Article 92a(1) of Regulation (EU) No 575/2013.
Amendment 263 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – introductory part
Article 45c – paragraph 3 – subparagraph 1 – introductory part
Amendment 274 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)(a),(b) and (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the resolution entity at sub- consolidated resolution group level,
Amendment 279 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with its total capital ratio requirement referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU at consolidated resolution group sub- consolidated levellevel after the implementation of the preferred resolution action;
Amendment 285 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point b – point i
Article 45c – paragraph 3 – subparagraph 1 – point b – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the resolution entity's leverage ratio requirement referred to in theArticle 92(1)(d) of Regulation (EU) No 575/2013 at consolidated resolution group sub- consolidated level; and
Amendment 288 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point b – point ii
Article 45c – paragraph 3 – subparagraph 1 – point b – point ii
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with the leverage ratio requirement referred to in Article 92(1)(d) of Regulation (EU) No 575/2013 at consolidated resolution group sub-consolidated levellevel after the implementation of the preferred resolution action.
Amendment 296 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 3 a (new)
Article 45c – paragraph 3 – subparagraph 3 a (new)
When determining the recapitalisation amounts referred to in the previous subparagraphs, the resolution authority shall: (a) use the values for the relevant total risk exposure amount or leverage ratio exposure amount as adjusted for any changes resulting from resolution actions foreseen in the resolution plan; (b) after consulting the competent authority, adjust downwards the requirement referred to in Article 104a of Directive 2013/36/EU currently applicable to the resolution entity, to determine the requirement that will be applicable to the resolution entity after the implementation of the resolution actions foreseen in the resolution plan.
Amendment 298 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 4
Article 45c – paragraph 3 – subparagraph 4
Amendment 310 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – introductory part
Article 45c – paragraph 4 – subparagraph 1 – introductory part
4. Without prejudice to the last subparagraph, fFor entities that are not themselves resolution entities, the amount referred to in paragraph 2 shall not exceed the greater of any of the following:
Amendment 318 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point a – point i
Article 45c – paragraph 4 – subparagraph 1 – point a – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)(a),(b) and (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the entity, and
Amendment 320 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point a – point ii
Article 45c – paragraph 4 – subparagraph 1 – point a – point ii
(ii) a recapitalisation amount that allows the entity to restore compliance with its total capital ratio requirement referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU after the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 59;
Amendment 325 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point b – point i
Article 45c – paragraph 4 – subparagraph 1 – point b – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the entity's leverage ratio requirement referred to in the Article 92(1)(d) of Regulation (EU) No 575/2013, and
Amendment 327 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point b – point ii
Article 45c – paragraph 4 – subparagraph 1 – point b – point ii
(ii) a recapitalisation amount that allows the entity to restore compliance with its leverage ratio requirement referred to in the Article 92(1)(d) of Regulation (EU) No 575/2013 after the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 59;
Amendment 334 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 3 a (new)
Article 45c – paragraph 4 – subparagraph 3 a (new)
When determining the recapitalisation amounts referred to in the previous subparagraphs, the resolution authority shall: (a) use the values for the relevant total risk exposure amount or leverage ratio exposure amount as adjusted for any changes resulting from actions foreseen in the resolution plan; (b) after consulting the competent authority, adjust downwards the requirement referred to in Article 104a of Directive 2013/36/EU currently applicable to the relevant entity, to determine the requirement that will be applicable to the entity after the implementation of the actions foreseen in the resolution plan.
Amendment 335 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 4
Article 45c – paragraph 4 – subparagraph 4
Amendment 389 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 1 – subparagraph 1 – introductory part
Article 45e – paragraph 1 – subparagraph 1 – introductory part
The resolution authority may give guidance to an entity to have own funds and eligible liabilities that fulfil the conditions of Article 45b(1) or 45g(3) in excess of the levels set out in Article 45c and Article 45d that provides for additional amounts for the following purposes:
Amendment 393 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 1 – subparagraph 1 – point b
Article 45e – paragraph 1 – subparagraph 1 – point b
(b) to ensure that, in the event of resolutionfollowing resolution or the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 59, a sufficient market confidence in the entity is sustained through capital instruments in addition to the requirement in point (b) of Article 45c(2) ('market confidence buffer').
Amendment 396 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 1
Article 45e – paragraph 2 – subparagraph 1
The amount of the guidance given in accordance with point (a) of paragraph 1 may be set only where the competent authority has already set its own guidance in accordance with Article 104b of Directive 2013/36/EU and the resolution authority determines that the requirement referred to in point (a) of Article 45c(2) would not be sufficient to absorb all the losses in resolution taking into account the entity’s business model, funding model and risk profile or to reduce or remove an impediment to resolvability or absorb losses on holdings of MREL instruments issued by other entities included in the same resolution group. The amount of the guidance given in accordance with point (a) of paragraph 1 shall not exceed the level of that guidance.
Amendment 399 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 2
Article 45e – paragraph 2 – subparagraph 2
The amount of the guidance given in accordance with point (b) of paragraph 1 shall not exceed the amount of the combined buffermay be set when the resolution authority determines that the requirement referred to in point (6b) of Article 128 of Directive 2013/36/EU, except for the requirement referred to in point (a) of that provision, unless a higher level is necessary to ensure that, following the event of resolution, the entity continues to meet the conditions for its authorisation for an appropriate period of 45c(2) would not be sufficient to sustain market confidence and ensure both the continued provision of critical economic functions by the entity and the access to funding without recourse to extraordinary financial support other than contributions from resolution financing arrangements. The amount of the guidance given in accordance with point (b) of paragraph 1 shall not exceed the amount of the combined buffer requirement referred to in point (6) of Article 128 of Directimve that is not longer than one year2013/36/EU, except for the requirement referred to in point (a) of that provision.
Amendment 407 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 3
Article 45e – paragraph 3
Amendment 438 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 3 a (new)
Article 45g – paragraph 3 a (new)
3 a. By way of derogation from point (a)(ii) of paragraph 3, liabilities issued before ... [date of entry into force of this amending Directive] which do not meet the conditions set out in points (b)and (g) to (o) of Article 72b(2) of Regulation (EU) No 575/2013 may be included in the amount of own funds and eligible liabilities.
Amendment 462 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 – point a
Article 45g – paragraph 5 – point a
(a) both the subsidiary and the resolution entity are subject to authorisation and supervision by the same Member State;
Amendment 494 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive2014/59/EU
Article 45i – paragraph 2 – subparagraph 1 a (new)
Article 45i – paragraph 2 – subparagraph 1 a (new)
The requirement referred to in the first subparagraph shall not apply to the guidance for the minimum requirement of own funds and eligible liabilities referred to in Article 45e.
Amendment 498 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45i – paragraph 4
Article 45i – paragraph 4
4. Public disclosure requirements shall apply at the date where the requirement referred to in Article 45(1) is fullyFor institutions to which resolution tools or the power to write down and convert relevant capital instruments and eligible liabilities have been applied, public disclosure requirements shall apply after the deadline referred to in point (o) of Article 10(7) to compliedy with for the first timethe requirement referred to in Article 45(1).
Amendment 502 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45k – paragraph 1 a (new)
Article 45k – paragraph 1 a (new)
Any breach of the guidance referred to in Article 45e shall be addressed by the relevant authorities on the basis of at least one of the powers referred to in point (a), (b) and (d) of paragraph 1.
Amendment 507 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45l a (new)
Article 45l a (new)
Article 45l a Transitional and post-resolution arrangements 1. Resolution authorities, after consulting the competent authorities, shall determine an appropriate transitional period for each institution or entity referred to in points (b), (c) and (d) of Article 1(1) to comply with the MREL requirements in Articles 45f or 45g. The deadline to comply with the requirements in Articles 45f or 45g shall not be earlier than 1 January 2024. 2. When setting the transitional periods, resolution authorities shall take into account, among other relevant circumstances: (i) any relevant characteristics of the institutions, particularly the prevalence of deposits and the absence of debt instruments in the funding model; (ii) the limited access to the capital markets for eligible liabilities; (iii) the reliance on Common Equity Tier 1 to meet the requirement referred to in Article 45f; (iv) the overall conditions of the relevant banking system; (v) any possible impact of the requirements in Articles 45f or 45g on financial stability and any risk of contagion to the financial system.
Amendment 573 #
Proposal for a directive
Article 1 – paragraph 34
Article 1 – paragraph 34
Directive 2014/59/EU
Article 69 – paragraph 4 – point b
Article 69 – paragraph 4 – point b
Amendment 583 #
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2 a (new)
Article 9 – paragraph 1 – subparagraph 2 a (new)
Member States shall apply Article 45i(2) from 1 January 2028.