Activities of Miguel VIEGAS related to 2016/0361(COD)
Plenary speeches (1)
Capital Requirements Regulation - Capital Requirements Directive - Loss-absorbing and recapitalisation capacity for credit institutions and investment firms -Loss-absorbing and recapitalisation capacity of credit institutions and investment firms and amending Directive 98/26/EC (debate) PT
Amendments (4)
Amendment 14 #
Proposal for a regulation
Recital 1
Recital 1
(1) The Financial Stability Board (FSB) published the Total Loss-Absorbing Capacity (TLAC) Term Sheet ('the TLAC standard') on 9 November 2015, which was endorsed by the G-20 in November 2015. The TLAC standard requires global systemically important banks ('G-SIBs'), referred to as global systemically important institutions ('G-SIIs') in the Union framework, to hold a sufficient minimum amount of highly loss absorbing (bailin- able) liabilities to ensure smooth and fast absorption of losses and recapitalisation in resolution. On the other hand, the widespread use of public funds to recapitalise banks since then shows that the Banking Union’s regulatory and institutional framework is far from being able to address the problem fully. In its Communication of 24 November 201511, the Commission committed to bring forward a legislative proposal by the end of 2016 that would enable the TLAC standard to be implemented by the internationally agreed deadline of 2019. _________________ 11 Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions, "Towards the completion of the Banking Union", 24.11.2015, COM(2015) 587 final
Amendment 16 #
Proposal for a regulation
Recital 3
Recital 3
(3) The absence of harmonised rules in the Member States participating in the Single Resolution Mechanism (SRM) in respect of the implementation of the TLAC standard would create additional costs and legal uncertainty for institutions and make the application of the bail-in tool for cross- border institutions more difficult. The absence of harmonised Union rules also results in competitive distortions on the internal market given that the costs for institutions to comply with the existing requirements and the TLAC standard may differ considerably across the participating Member States. It is therefore necessary to remove those obstacles to the functioning of the internal market and to avoid distortions of competition resulting from the absence of harmonised rules in respect of the implementation of the TLAC standard. Consequently, the appropriate legal basis for this Regulation is Article 114 of the Treaty on the Functioning of the European Union (TFEU), as interpreted in accordance with the case law of the Court of Justice of the European Union. On the other hand, the concentration of the financial sector, driven recently by the Banking Union, has brought to the fore that Union’s instability, increasing the importance of the ‘too-big-to-fail’ entities and calling into question all the system’s credibility.
Amendment 18 #
Proposal for a regulation
Recital 5
Recital 5
(5) The Board should ensure that institutions have sufficient loss absorbing and recapitalisation capacity to ensure smooth and fast absorption of losses and recapitalisation in resolution with a minimum impact on financial stability and taxpayers. That should be achieved through compliance by institutions with an institution-specific minimum requirement for own funds and eligible liabilities as provided in Regulation (EU) No 806/2014. To carry out its work properly, the Board should be given the means to avoid outsourcing services essential to its decision-making as much as possible.
Amendment 30 #
Proposal for a regulation
Recital 18
Recital 18
(18) Since the objectives of this Regulation, namely to lay down uniform rules for the purposes of Union recovery and resolution framework, cannot be sufficiently achieved by the Member States and can therefore, by reason of the scale of the action, be better achieved at Union level, the Union may adopt this Regulation, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives. However, it should not take away Member States’ capacity to act in their own financial sector, helping to ensure the soundness of the institutions, protecting depositors and aligning banking interests with the country’s development needs.