44 Amendments of Engin EROGLU related to 2023/0115(COD)
Amendment 90 #
Proposal for a directive
Recital 3
Recital 3
(3) To support further convergence of DGSs’ practices and assist DGSs in testing their resilience, the European Banking Authority (EBA) should issuereview and, if necessary, update its guidelines on the performing of stress tests of DGS’ systems in regular intervals.
Amendment 91 #
Proposal for a directive
Recital 4
Recital 4
(4) Pursuant to Article 5(1), point (d), of Directive 2014/49/EU, deposits of certain financial institutions, including investment firms are excluded from coverage by the DGS. However, the funds that those financial institutions receive from their clients and that they deposit in a credit institution on behalf of their clients, in the exercicourse of the services they offerir business in scope of Directive (EU) 2015/2366, Directive 2009/110/EC and Commission Delegated Directive (EU) 2017/593, should be protected subject to certain conditions.
Amendment 92 #
Proposal for a directive
Recital 5
Recital 5
(5) The range of depositors that are currently protected through repayment by a DGS is motivated by the wish to protect non-professional investors, while professional investors are deemed not to need such protection. For that reason, public authorities shave been excluded from coverage. However, most public authorities (which in some Member States include schools and hospitals) cannot be considered to be professional investors. It is therefore necessary to ensure that deposits of all non-professional investors, including public authorities, can benefit from the protection offered by a DGSll remain excluded from coverage.
Amendment 96 #
Proposal for a directive
Recital 7
Recital 7
(7) During a real estate transaction, the funds can transit through different accounts prior to the actual settlement of the transaction. Therefore, to protect depositors going through real estate transactions in a homogenous manner, protection of temporary high balances should apply to the proceeds of a sale as well as to the funds deposited for a purchase of a private residential property in thewithin a predefined short-term period.
Amendment 98 #
Proposal for a directive
Recital 16
Recital 16
(16) Article 9 of Directive 2014/49/EU provides that where a DGS makes payments in the context of resolution proceedings, the DGS should have a claim against the credit institution concerned for an amount equal to its payments and that claim should rank pari passu with covered deposits. That provision does not distinguish between a DGS’s contribution when an open-bank bail-in tool is used, and DGS’s contribution to the financing of a transfer strategy (sale of business or bridge institution tool) followed by liquidation of the residual entity. To ensure clarity and legal certainty with respect to the existence and amount of a DGS’s claim in different scenarios, it is necessary to specify that when the DGS contributes to support the application of the sale of business tool or of the bridge institution tool, or alternative measures, whereby a set of assets, rights and liabilities, including deposits, of the credit institution are transferred to a recipient, that DGS should have a claim against the residual entity in its subsequent winding-up proceedings under national law. To ensure that the shareholders and creditors of the credit institution left behind in the residual entity effectively absorb the losses of that credit institution and improve the possibility of repayments in insolvency to the DGS, the DGS claim should have the same ranking as thecovered depositors’ claims. In case the open bank bail-in tool is applied (i.e., the credit institution continues its operations), the DGS contributes in the amount by which covered deposits would have been written down or converted to absorb the losses in that credit institution, had covered deposits been included within the scope of bail-in. Therefore, the DGS’s contribution should not result in a claim against the institution under resolution as it would eliminate the purpose of the DGS’s contribution.
Amendment 114 #
Proposal for a directive
Recital 23
Recital 23
Amendment 125 #
Proposal for a directive
Recital 33
Recital 33
(33) The cooperation between DGSs across the Union is vital to ensure fast and cost-efficient depositors’ repayment where credit institutions conduct banking service through branches in other Member States. In view of technological advancements that promote the use of cross-border transfers and remote identification, the DGS of the home Member State should be allowed to make the repayments directly to depositors at branches located in another Member State, provided that the administrative burden and costs are lower than if the repayment would be carried out by the DGS of the host Member State. That flexibility should complement the current cooperation mechanism, requiring the DGS of the host Member State to repay depositors in branches on behalf of the DGS of the home Member State. To preserve depositor confidence in both host and home Member States, EBA should issue guidelines under consideration of available expertise shared by EFDI to assist the DGSs in such cooperation, inter alia by suggesting a list of conditions under which a DGS of the home Member State could decide to reimburse depositors at branches located in the host Member State.
Amendment 128 #
Proposal for a directive
Recital 36
Recital 36
(36) Standardised and regular information disclosure enhances awareness of depositors about deposit protection. To align disclosure requirements with technological developments, those requirements should take into account the new digital communication channels whereby credit institutions interact with depositors. Depositors should obtain clear and homogeneous information that explains their deposit protection, while limiting the related administrative burden for credit institutions or DGSs. The EBA should be mandated to develop draft implementing technical standards to specify, on the one hand, the content and format of the depositor information sheet to communicate to depositors on annual basis and, on the other hand, the template information that either DGSs or credit institutions are required to communicate to depositors in specific situations, including mergers of credit institutions, determination that deposits are unavailable, or repayment of client funds deposits.
Amendment 130 #
Proposal for a directive
Recital 38
Recital 38
(38) To preserve financial stability, avoid contagion and enable depositors to exercise their rights to claim deposits when applicable, designated authorities, DGSs and credit institutions concernedDGSs should inform depositors about deposits becoming unavailable.
Amendment 131 #
Proposal for a directive
Recital 39
Recital 39
(39) To increase transparency for depositors and to promote financial robustness and trust among DGSs when fulfilling their mandate, the current reporting requirements should be improved. Building on the current requirements that enable DGSs to request all necessary information from their member institutions to prepare for payout, DGSs should also be able to request information necessary to prepare for a payout in the context of cross border cooperation. Upon the request from a DGS, member institutions should be required to provide general information about any material cross-border business in other Member States. Likewise, in order to provide the EBA with the suitable range of information on the evolution of the DGSs’ available financial means and on the use of those means, Member States should ensure that DGSs inform the EBA on a yearly basis of the amount of covered deposits and available financial means, and notify the EBA about the circumstances that led toinstances of the use of DGS funds either for payouts or other measures. Finally, to reflect the strengthened role of DGSs in the bank crisis management which aims to facilitate the use of DGS funds in resolution, DGSs should have the right toDGSs should receive the summary of resolution plans of credit institutions on an annual basis to increase their general preparedness to make the funds available.
Amendment 132 #
Proposal for a directive
Recital 40
Recital 40
(40) TIn certain cases, technical standards in financial services shouldcan facilitate consistent harmonisation and adequate protection of depositors across the Union. AWhere there is an actual need in practice for more detailed provisions, these should be included in the Level-1 Legal Text where feasible. Alternatively, as a body with highly specialised expertise, it wcould exceptionally be efficient and appropriate to entrust the EBA with the development of draft regulatory and implementing technical standards which do not involve policy choices, for adoption by the Commission. This should be preceded by a cost-benefit analysis and an assessment of the associated administrative burden.
Amendment 133 #
Proposal for a directive
Recital 45
Recital 45
(45) Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of preventive measures at the core of their mandate, it is appropriate to provide for and their proven functioning withe possibility of Member States to allow IPSs to adapt to the new safeguards for the application of preventive measures within a 6-year period. This possibly longer compliance period takes into account the timeline for the build-up of a segregated fund for IPS purposes other than deposit insurance as agreed between the European Central Bank, the national competent authority and the relevant IPSsitive effects on depositor confidence and financial stability, it is appropriate to provide for the possibility of Member States to keep the respective provisions of Directive 2014/49/EU.
Amendment 136 #
Proposal for a directive
Recital 46
Recital 46
(46) To allow, where applicable, DGSs and designated authorities to build up the necessary operational capacity to apply the new rules on the use of preventive measures, it is appropriate to provide for a deferred application of those new rules.
Amendment 140 #
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 accesspurpose of depositors to their deposits.; insurance.
Amendment 144 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point c
Article 1 – paragraph 1 – point 2 – point c
Directive 2014/49/EU
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
(20) ‘client funds deposits’ means funds that account holders that are financial institutions as defined in Article 4(1), point (26), of Regulation (EU) No 575/2013 deposit in the course of their business in scope of Directive (EU) 2015/2366, Directive 2009/110/EC and Commission Delegated Directive (EU) 2017/593 with a credit institution for the account of their clients;
Amendment 147 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 4 – paragraph 4
Article 4 – paragraph 4
4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the competent authority of that credit institution thereof. Member States shall ensure that the competent authority, in cooperation with that DGS, uses the supervisory powers laid down in Directive 2013/36/EU, and promptly takes all measures to ensure that the credit institution concerned complies with its obligations, including where necessary by imposing administrative penalties and other administrative measures in accordance with the national laws adopted in addition to the implementation of provisions of Title VII, Chapter 1, Section IV, of Directive 2013/36/EU.;’
Amendment 149 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
Article 1 – paragraph 1 – point 3 – point c
Directive 2014/49/EU
Article 4 – paragraph 5
Article 4 – paragraph 5
5. Member States shall enIf the measures that the DGS informs the designated authority where the measures referred to inaken under paragraphs 4 and 4a fail to restosecure compliance byon the part of the credit institution. Member States shall ensure that the designated authority assesses whether the institution still fulfils the condi, the DGS may, subject to national law and the express consent of the competent authorities, in the absence of other efficient alternatives and taking into account the nature and severity of the infringement, give not less than one month’s notice of its intention to exclude the credit institutions for a continuedrom membership of the DGS and in. Deposits made beforme the competent authority of the outcome of that assessmentexpiry of that notice period shall continue to be fully covered by the DGS. If, on expiry of that notice period, the credit institution has not complied with its obligations, the DGS shall exclude the credit institution.
Amendment 151 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
Article 1 – paragraph 1 – point 3 – point c
Directive 2014/49/EU
Article 4 – paragraph 6
Article 4 – paragraph 6
6. Member States shall ensure that where the competent authority decides to withdraw the authorisation in accordance with Article 18 of Directive 2013/36/EU, the credit institution ceases to be a member of the DGS. Member States shall ensure that deposits held on the date on which a credit institution ceased to be a member of the DGS continue to be covered by that DGS.; Member States shall ensure that the credit institution provides the DGS with an single costumer view (SCV) as of the effective date of the withdrawal of the banking authorization without delay.
Amendment 154 #
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a – point iii
Article 1 – paragraph 1 – point 4 – point a – point iii
Directive 2014/49/EU
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
(iii) point (e) is deleted;
Amendment 157 #
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a – point v
Article 1 – paragraph 1 – point 4 – point a – point v
Directive 2014/49/EU
Article 5 – paragraph 1 – point j
Article 5 – paragraph 1 – point j
Amendment 161 #
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point a – point ii
Article 1 – paragraph 1 – point 5 – point a – point ii
Directive 2014/49/EU
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) deposits resulting from real estate transactions relating to private residential properties and deposits intended for such transactions, provided that those transactions are concluded in the short terma three months period by a natural person, and provided that that natural person can provide documents proving such transaction;;
Amendment 172 #
Proposal for a directive
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Directive 2014/59/EU
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Without prejudice to rights they may have under national law, DGSs that make payments under guarantee within a national framework shall have the right of subrogation to the rights of depositors in winding up or reorganisation proceedings for an amount equal to the DGSs payments made to depositors. DGSs that make a contribution in the context of the resolution tools referred to in Article 37(3), point (a) or (b), of Directive 2014/59/EU, or in the context of measures taken in accordance with Article 11(5) of this Directive, shall have a claim against the residual credit institution for any loss incurred as a result of any contributions made to resolution pursuant to Article 109 of Directive 2014/59/EU or to the transfer made pursuant to Article 11(5) of this Directive in connection to losses which depositors otherwise would have borne. That claim shall rank at the same level as covered deposits under national law governing normal insolvency proceedings.
Amendment 175 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 – point a – point i
Article 1 – paragraph 1 – point 11 – point a – point i
Directive 2014/49/EU
Article 10 – paragraph 2 – subparagraphs 2 and 3
Article 10 – paragraph 2 – subparagraphs 2 and 3
Amendment 193 #
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that DGSs use the available financial means referred to in Article 10 primarily to repay depositors in accordance with Article 8 without prejudice to the use of additionalthese financial means collected by DGSs for the fulfilment of mandates other than depositor protection under this Directive.
Amendment 194 #
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Member States shall ensure that DGSs use the available financial means to finance the resolution of credit institutions in accordance with Article 109 of Directive 2014/59/EU. Member States shall ensure that resolution authorities determine the amount that a DGS is to contribute to the financing of resolution of credit institutions, after those resolution authorities have consulted the DGS on the results of the least cost test referred to in Article 11e of this Directive.
Amendment 205 #
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 208 #
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 b
Article 11 – paragraph 3 – point b
(b) the DGS has confirmed that the cost of the measure does not exceed the cost of repaying depositors as calculatedmeets the provisions for a Least Cost Test in accordance with Article 11e;
Amendment 224 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – point a
Article 11a – paragraph 1 – point a
(a) the request of a credit institution for the financing of such preventive measures is accompanied by a note containing measures as referred to in Article 11b paragraphs (1) to (5) or the credit institute is required by the DGS to prepare and submit a comprehensive restructuring concept within a reasonable period of time as referred to in Article 11b paragraph (7);
Amendment 227 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – point b
Article 11a – paragraph 1 – point b
(b) the credit institution or the DGS has consulted the competent authority on the measures envisaged in the note referred to in Article 11b (1) to (5);
Amendment 232 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – point f
Article 11a – paragraph 1 – point f
(f) the credit institution complies with its obligations under this Directive and has fully reimbursed any previous preventive measure.;
Amendment 246 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 3
Article 11a – paragraph 3
3. Member States shall ensure that DGSs may implement preventive measures only whereinform the designated authority has confirmed that all the conditions laid down in paragraph 1 have been met. The designated authority shall notify the competent authority and the resolution authority.
Amendment 266 #
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 frameworkAll measures under this Directive are not subject to state aid law.
Amendment 271 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 6a (new)
Article 11b – paragraph 6a (new)
6a. Member States shall ensure that, by way of derogation from paragraphs (1) to (5) of this Article, for member institutions of an IPS referred to in of Article 1(2), point (c), of this Directive, the following shall apply: When granting a preventive measure, the IPS requires and the credit institution is obliged to prepare and submit to the IPS a comprehensive restructuring concept within a reasonable period of time after the measure is granted, showing the way to restore the basic profitability of the institution. This includes compliance with the regulatory requirements applicable to the credit institution concerned.
Amendment 283 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11c – paragraph 4a (new)
Article 11c – paragraph 4a (new)
4a. Member States shall ensure that, by way of derogation from paragraphs (1) to (4) of this Article, for member institutions of an IPS referred to in of Article 1 (2) point c) of this Directive, the following shall apply: Where the credit institution fails to fulfil the commitments outlined in the restructuring concept referred to in Article 11b paragraph (7), the IPS shall require and the institute is obliged to revise the concept describing the steps the credit institution will take to ensure or restore compliance with supervisory requirements and to ensure its long term viability. The IPS informs the competent authority thereof without delay.
Amendment 295 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/59/EU
Article 11e – paragraph 3
Article 11e – paragraph 3
3. Member States shall ensure that the amount used to finance the resolution of credit institutions, as referred to in Article 11(2), for the preventive measures referred to in Article 11(3), or for the alternative measures referred to in Article 11(5), does not exceed the amount of covered deposits at the credit institution.
Amendment 301 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/59/EU
Article 11e – paragraph 5 – subparagraph 2
Article 11e – paragraph 5 – subparagraph 2
For the calculation of the estimated cost of repaying depositors as referred to in paragraph 1, point (b), in the case of preventive measures, the methodology referred to in point (b) shall take into account the importance of preventive measures for the statutory or contractual mandate of the DGS, including. Regarding IPS referred to in Article 1(2) point (c), prevented reputational damage by protecting the joint corporate trademark are to be taken into account as well as prevented external costs in the specific region through continuation of credit and financial services function of the institutions belonging to an IPS referred to in Article 1(2), point (c).
Amendment 308 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/59/EU
Article 11f (new)
Article 11f (new)
Article 11f Preventive measures by IPS 1. Where the institution is a member of a recognized IPS under Article 1(2), point (c), the IPS shall be consulted by the resolution authority prior to taking any resolution measures and shall be given the opportunity to implement preventive measures. 2. By way of derogation from Articles 11a to 11e, Member States may allow an IPSs to use the available financial means for preventive measures referred to in Article 11(3), point (b), provided that the following conditions are met: (a) the competent authority has been consulted by the IPS on the preventive measures and the conditions imposed on the supported credit institution; (b) the credit institution requesting financing of the preventive measures shall be obliged to present a plan to ensure or restore compliance of the credit institution with the supervisory requirements set forth in Directive 2013/36/EU and Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013; (c) the use of preventive measures by the IPS is conditional on the credit institution’s commitments to secure access to covered deposits; (d) the use of preventive measures by the IPS is linked to conditions imposed on the supported credit institution, involving at least more stringent risk monitoring of the credit institution and greater verification rights for the IPS; (e) the ability of the affiliated credit institutions to pay the extraordinary contributions in accordance with Article 11(4) is confirmed; (f) the costs of the measures do not exceed the costs of fulfilling the IPS’s statutory or contractual mandate which is recognised as fulfilling the criteria laid down in Art. 113(7) of Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013. External costs in society as well as in the network of the institutional protection scheme are taken into account. 3. Member States shall ensure that IPSs have monitoring systems and decision making procedures in place that are appropriate for selecting and implementing preventive measures and monitoring affiliated risks. 4. Such preventive measures carried out by an IPS shall not lead to the determination that the credit institution is failing or is likely to fail in the sense of Article 32 (1) of Directive 2014/59/EU or Art. 18 (1) of Regulation (EU) 806/2014.’
Amendment 318 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point e
Article 1 – paragraph 1 – point 14 – point e
Directive 2014/59/EU
Article 14 – paragraph 3a
Article 14 – paragraph 3a
3a. For the purposes of paragraph 3, Member States shall ensure that the DGS of origin transfers the amount referred to in that paragraph within 13 months from the point on which the DGS is informed of change of DGS membership.;
Amendment 321 #
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point c
Article 1 – paragraph 1 – point 17 – point c
Directive 2014/59/EU
Article 16 – paragraph 2
Article 16 – paragraph 2
2. Member States shall ensure that credit institutions provide the information sheet referred to in paragraph 1 before they enter into a contract on deposit-taking and, subsequently, annually. Depositors shall acknowledge the receipt of that information sheet.;
Amendment 322 #
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point g
Article 1 – paragraph 1 – point 17 – point g
Directive 2014/59/EU
Article 16 – paragraph 7a
Article 16 – paragraph 7a
7a. Member States shall ensure that designated authorities, DGSs and credit institutions concernedDGSs inform depositors, including by a publication on their websites, of the fact that a relevant administrative authority has made a determination as referred to in Article 2(1), point (8)(a), or a judicial authority has made a ruling as referred to in Article 2(1), point (8)(b).;
Amendment 324 #
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 3
Article 16a – paragraph 3
3. Member States shall ensure that, by 31 March each year, DGSs inform the EBA of the amount of covered deposits in their Member State on 31 December of the preceding year. By the same date, DGSs shall also report to the EBA the amount of their available financial means, including the share of borrowed resources, payment commitments and the timeline for reaching the target level in case of use of DGS funds.
Amendment 326 #
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 4 – point b
Article 16a – paragraph 4 – point b
(b) whether any of the measures referred to in Article 11(2), (3) and (5) have been applied and the amount of funds used in accordance with Article 8(1) and Article 11(2), (3) and (5), and, where applicable and once available, the amount of funds recovered, the resulting cost for the DGS and the duration of the recovery process;.
Amendment 327 #
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 4
Article 16a – paragraph 4
Amendment 328 #
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 6
Article 16a – paragraph 6
6. Member States shall ensure that the resolution authorities of the credit institutions which are a member of a DGSs provide that DGS, upon request, annually with the summary of the key elements of the resolution plans as referred to in Article 10(7), point (a), of Directive 2014/59/EU, provided that such information is necessary for the DGS and designated authorities to exercise the obligations referred to in Article 11(2), (3) and (5) and in Article 11e.