18 Amendments of Irene TINAGLI related to 2023/0115(COD)
Amendment 111 #
Proposal for a directive
Recital 22 a (new)
Recital 22 a (new)
(22a) To avoid a DGS becoming insufficiently funded and unable to support a new intervention, robust and favourable alternative funding arrangements are required. Therefore, to prevent temporary financing by the Member States, and to ensure that it remains a last resort, the Single Resolution Board should be able to provide a guarantee based on the Single Resolution Fund to a DGS in order to facilitate its access to markets at favourable financing conditions. The Single Resolution Fund's guarantee should be provided when the DGS is required to intervene in resolution, yet available financial means are insufficient to satisfy the needs of such action.
Amendment 112 #
Proposal for a directive
Recital 22 b (new)
Recital 22 b (new)
(22b) The provision of Single Resolution Fund guarantees to DGSs pursuing alternative funding arrangements must not preclude, nor delay, any progress in the establishment of a fully-fledged European deposit insurance scheme, which remains the optimal solution.
Amendment 119 #
Proposal for a directive
Recital 26
Recital 26
(26) To ensure that preventive measures achieve their objective, credit institutions should be required to prepare a note outlining the measures that they commit to undertake. The preparation of such note should not be too burdensome and time- consuming for the credit institution to ensure the possibility for the DGS to intervene early enough. Therefore, the note accompanying preventive measures should take the form of a sufficiently short explanatory document. Such note should contain all elements which aim at preventing the outflow of funds and strengthening the capital and liquidity position of the credit institution, enabling the credit institution to comply with all the relevant prudential and other regulatory requirements on a forward-looking basis. Such note should therefore contain capital raising measures, including rules on the issuance of rights, the voluntary conversion of subordinated debt instruments, liability management exercises, capital generating sales of assets, the securitisation of portfolios, and earnings retention, including dividend bans and bans on the acquisition of stakes in undertakings. For the same reason, during the implementation of the measures envisaged in the note, credit institutions should also strengthen their liquidity positions and refrain from aggressive commercial practices, and from the repurchasing of own shares or call hybrid capital instruments. Such note should also contain an exit strategy for any support measures received. Competent authorities are best positioned to be consulted onassess the relevance and credibility of the measures envisaged in the note. To ensure that the designated authorities of the DGS that is requested to finance a preventive measure by the credit institution can assess that all the conditions for preventive measures are fulfilled, the competent authorities should cooperate with the designated authorities. To ensure a consistent approach to the application of preventive measures across the Union, the EBA should issue guidelines to assist credit institutions to draft such a note.
Amendment 120 #
Proposal for a directive
Recital 27
Recital 27
(27) To ensure that credit institutions receiving support from DGSs in the form of preventive measures deliver on their commitments, competent authorities should request a remediation plan from credit institutions that failed to fulfil their commitments or to repay the amount contributed under the preventive measures. Where a competent authority is of the opinion that the measures in the remediation plan are not capable of achieving the credit institution’s long-term viability, the DGS should not provide any further preventive support to the credit institution and the relevant authorities should carry out an assessment on whether the institution is failing or is likely to fail, in accordance with Article 32 of Directive 2014/59/EU. The same consequences should apply in cases where the credit institution fails to comply with the remediation plan or fails to repay the preventive measures. To ensure a consistent approach to the application of preventive measures across the Union, the EBA should issue guidelines to assist credit institutions to draft such a remediation plan.
Amendment 135 #
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 the possibility of Member States to allow IPSs to adapt to the new safeguards for the application of preventive measures within a 63-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 IPSs.
Amendment 159 #
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point -a (new)
Article 1 – paragraph 1 – point 5 – point -a (new)
Directive 2014/49/EU
Article 6 – paragraph 1
Article 6 – paragraph 1
(-a) paragraph 1 is replaced by the following: "Member States shall ensure that the coverage level for the aggregate deposits of each depositor is EUR 1200 000 in the event of deposits being unavailable. "
Amendment 180 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 – point c a (new)Directive 2014/49/EU
Article 1 – paragraph 1 – point 11 – point c a (new)Directive 2014/49/EU
Article 10 – paragraph 6 – subparagraph 1 – points a and b
(a) the reductionca) paragraph 6, points a and b are replaced by the following: “(a) the reduction is applicable at the single DGS level and is based on the assumption that it is unlikely that a significant share of available financial means will be used for measures to protect covered depositors, other than as provided for in Article 11(2) and (6); and (b) the banking sector in which theis composed of credit institutions affiliated to the DGS operate is highly concentrated with a large quantity of assets held by a small number of credit institutions or banking groups, subject to supervision on a consolidated basis which, given their size, are likely in case of failure to be subject to resolution proceedings.”
Amendment 198 #
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 allow DGSs toshall ensure that a DGS may 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 201 #
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) the competent authority has confirmed that none of the circumstances referred to in Article 32(4) of Directive 2014/59/EU are present;
Amendment 206 #
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 a (new)
Article 11 – paragraph 3 – point a a (new)
(aa) the DGS has confirmed that the intervention is necessary to preserve financial soundness and long-term viability of the credit institution;
Amendment 215 #
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 5
Article 11 – paragraph 5
5. Where a credit institution is wound up in accordance with Article 32b of Directive 2014/59/EU in order to exit the market or terminate its banking activity, Member States may allow DGSsshall ensure that a DGS may to use the available financial means for alternative measures to preserve the access of depositors to their deposits, including the transfer of assets and liabilities and a deposit book transfer, provided that the DGS confirms that the cost of the measure does not exceed the cost of repaying depositors as calculated in accordance with Article 11e of this Directive and that all the conditions laid down in Article 11d of this Directive are met.’;
Amendment 220 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – introductory part
Article 11a – paragraph 1 – introductory part
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 226 #
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 has consulted the competent authority onhas assessed the measures envisaged in the note referred to in Article 11b and confirmed that the measures are necessary to secure the financial soundness and the long-term viability of the credit institution;
Amendment 259 #
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
3. Member States shall ensure that in the event of a capital support measure, the note referred to in paragraph 1 identifies all capital raising measures that can be implemented, including safeguards preventing outflows of funds, a forward- looking capital adequacy assessment, and, a subsequent determination ofs determined by the competent authority, the capital shortfall that the DGS has to cover.
Amendment 309 #
Proposal for a directive
Article 1 – paragraph 1 – point 13 a (new)
Article 1 – paragraph 1 – point 13 a (new)
Directive 2014/49/EU
Article 12a (new)
Article 12a (new)
Amendment 310 #
Proposal for a directive
Article 1 – paragraph 1 – point 13 a (new)
Article 1 – paragraph 1 – point 13 a (new)
Directive 2014/49/EU
Article 13 – paragraph 1
Article 13 – paragraph 1
(13a) Article 13(1) is replaced by the following: “1. The contributions to DGSs referred to in Article 10 shall be based on the amount of covered deposits and the degree of risk incurred by the respective members of any single DGS. Member States may provide for lower contributions for low-risk sectors of credit institutions affiliated to a DGS which are regulated under national law. Member States may decide that members of an IPS pay lower contributions to the DGS to which they are affiliated. Member States may allow the central body and all credit institutions permanently affiliated to the central body as referred to in Article 10(1) of Regulation (EU) No 575/2013 to be subject as a whole to the risk weight determined for the central body and its affiliated institutions on a consolidated basis. Member States may decide that credit institutions pay a minimum contribution, irrespective of the amount of their covered deposits.”
Amendment 313 #
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 monthan 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 preceding the change of DGS membership, with the exception of the extraordinary contributions referred to inlative to the risks they cover. EBA shall develop draft regulatory technical standards to specify the methodology for the calculation of the amount to be transferred. EBA shall submit those draft regulatory technical standards to the Commission by ... [12 months after the date of entry into force of this amending Directive]. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10(8).; to 14 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council.
Amendment 330 #
Proposal for a directive
Article 2 – paragraph 2
Article 2 – paragraph 2
2. By way of derogation from Article 11(3) of Directive 2014/49/EU, as amended by this Directive, and Articles 11a, 11b, 11c and 11e in relation to preventive measures, until [OP – please insert the date = 7236 months after the date of entry into force of this Directive], Member States may allow IPS referred to in Article 1(1), point (c), to comply with the national provisions implementing Article 11(3) of Directive 2014/49/EU as applicable on [OP – please insert the date of entry into force of this Directive].