BETA

Activities of Corien WORTMANN-KOOL related to 2011/0203(COD)

Plenary speeches (1)

Credit institutions and prudential supervision - Prudential requirements for credit institutions and investment firms (debate)
2016/11/22
Dossiers: 2011/0203(COD)

Amendments (32)

Amendment 67 #
Proposal for a directive
Recital 57
(57) In order to ensure that countercyclical buffers properly reflect the risk to the banking sector of excessive credit growth, credit institutions and investment firms should calculate their institution specific buffers as a weighted average of the counter-cyclical buffer rates that apply for the countries where their credit exposures are located. Every Member State should therefore designate an authority responsible for quarterly setting the level of the Countercyclical Capital Buffer rate for exposures located in that Member State. That buffer rate should be based on the buffer guidance of the ESRB. The buffer guidance by the ESRB should take into account the growth of credit levels and changes to the ratio of credit to GDP in that Member States, and any other variables relevant to the risks to financial stability.
2012/03/07
Committee: ECON
Amendment 68 #
Proposal for a directive
Recital 58
(58) In order to promote international consistency in setting Countercyclical Capital Buffer rates, BCBS has developed a methodology on the basis of the ratio between credits and GDP. This should serve as a common starting point for decisions on buffer rates by the relevant national authoritiesguidance by ESRB, but should not give rise to an automatic buffer setting or bind the designated authority. In particular, designated authoritiesESRB. In particular, ESRB could also take into account structural variables and the exposure of the banking sector to any other risk factors related to risks to financial stability.
2012/03/07
Committee: ECON
Amendment 70 #
Proposal for a directive
Recital 60
(60) It is appropriate that dDecisions of Member States on countercyclical buffer rates are coordinated as far as possibleshould be fully coordinated in order to ensure a level playing field between institutions as well as between national authorities. In this regard, the ESRB, if requested by should give national authorities, c principal guidance on calculating buffer rates and should facilitate discussions among them about their proposed buffer settings. In order to promote a consistent approach to the factors on which designated authorities base those decisions, and to ensure that the setting of countercyclical buffer rates is consistent with the fundamental principles of the internal market, designated authorities should also be required to notify the ESRB and prior approval of EBA in consultation withe ESRBA whenever they take into account variables other than the deviation of the ratio of credit-to- GDP from its long term trend and related guidance from the ESRB, and as a result set a buffer rate that is higher than it would have been if those variables had not been taken into account. The purpose of such notification should be for the ESRB and the EBA to assess the nature of those variables and setting or maintaining buffer requirements in excess of 2,5% every six months. When taking this decision, EBA and ESRB should ensure the consistency of the setting of the buffer rate with the internal market principles.
2012/03/07
Committee: ECON
Amendment 71 #
Proposal for a directive
Recital 60 a (new)
(60a) Systemically relevant institutions and systemic risk associated with these institutions need to be addressed in the context of the European internal market and not in fragments of this market. In this regard, EBA should, in consultation with the ESRB, identify systemic institutions within the European Union. Proportionate to their size, complexity, substitutability as well as other factors that create systemic relevance, EBA should require a systemic institution to maintain an appropriate systemic buffer up to 2,5% of its total risk exposure amount. Where a systemic institution fails to meet in full the systemic buffer requirement, EBA may restrict distributions in connection with Common Equity Tier 1 capital, restrict payments on Additional Tier 1 instruments and restrict variable remuneration and discretionary pension benefits. The Commission should, after consulting EBA and the ESRB, review the setting of systemic buffer rates and, if appropriate, submit a legislative proposal to the European Parliament and the Council.
2012/03/07
Committee: ECON
Amendment 73 #
Proposal for a directive
Recital 62
(62) Technical standards in financial services should ensure consistent harmonisation and adequate protection of depositors, investors and consumers across the Union. As a body with highly specialised expertise, it would be efficient and appropriate to entrust EBA with the elaboration of draft regulatory and implementing technical standards which do not involve policy choices, for submission to the Commission. EBA should ensure efficient administrative and reporting processes when drafting regulatory technical standards.
2012/03/07
Committee: ECON
Amendment 87 #
Proposal for a directive
Article 4 – paragraph 2 – point c a (new)
(ca) 'systemic institution' means an institution which in case of failure or malfunction could lead to systemic risk within the European Union;
2012/03/07
Committee: ECON
Amendment 88 #
Proposal for a directive
Article 4 – paragraph 2 – point c b (new)
(cb) 'systemic risk' means a risk of disruption in the financial system with the potential to have serious negative consequences for the financial system and the real economy;
2012/03/07
Committee: ECON
Amendment 89 #
Proposal for a directive
Article 4 – paragraph 2 – point c c (new)
(cc) 'systemic buffer' means the own funds ratio that a specific systemic institution is required to maintain in accordance with Article 130a(new);
2012/03/07
Committee: ECON
Amendment 112 #
Proposal for a directive
Article 21 – paragraph 2
2. In case of exemptions exercised by the competent authorities in accordance with Article 9 of Regulation [inserted by OP], Articles 17, 33, 34, 35, 36(1)-(3) and 39-46, 39-46, Section II of Chapter 2 of Title VII, and Chapter 4 of Title VII of this Directive shall apply to the whole as constituted by the central body together with its affiliated institutions.
2012/03/07
Committee: ECON
Amendment 347 #
Proposal for a directive
Article 89 – point c
(c) no variable remuneration is paid to the persons who effectively direct the business of the institution within the meaning of Article 13(1) unless justified.
2012/03/07
Committee: ECON
Amendment 356 #
Proposal for a directive
Article 90 – paragraph 1 – subparagraph 1 – point f
(f) institutions shall set the appropriate ratios between the fixed and the variable component of the total remuneration, thereby taking into account that, as a rule, the variable component shall not exceed the fixed component of total remuneration;
2012/03/07
Committee: ECON
Amendment 462 #
Proposal for a directive
Article 125 – paragraph 1 – point a
(a) principles to guide designated authorities when exercising their judgement as to the appropriate countercyclical buffer rate, ensure that authorities adopt a sound approach to relevant macro-economic cycles and promote sound and consistent decision- making across jurisdictions;
2012/03/07
Committee: ECON
Amendment 464 #
Proposal for a directive
Article 125 – paragraph 1 – point c
(c) guidance on variables that indicate or might indicate the build-up of system-wide risk in a financial systemassociated with periods of excessive credit growth in a financial system, in particular the relevant credit-to-GDP-ratio and its deviation from the long-term trend, and on other relevant factors that should inform the decisions of designated authorities on the appropriate countercyclical buffer rate under Article 126;
2012/03/07
Committee: ECON
Amendment 473 #
Proposal for a directive
Article 126 – paragraph 2 – introductory part
2. Each designated authority shall calculate for every quarter a buffer guide as a reference to guide its exercise of judgement in setting the countercyclical buffer rate in accordance with paragraph 3. The buffer guide shall be based on the deviation of the ratio of credit-to-GDP from its long-term trend, taking into account:guidance of the ESRB referred to in Article 125 (b)(ii).
2012/03/07
Committee: ECON
Amendment 474 #
Proposal for a directive
Article 126 – paragraph 2 – point a
(a) the growth of levels of credit within that jurisdiction and, in particular, changes in the ratio of credit granted in that Member State to GDP;deleted
2012/03/07
Committee: ECON
Amendment 476 #
Proposal for a directive
Article 126 – paragraph 2 – point b
(b) any current guidance maintained by the ESRB in accordance with Article 125(1)(b).deleted
2012/03/07
Committee: ECON
Amendment 479 #
Proposal for a directive
Article 126 – paragraph 3 – point c
(c) any other variables that the designated authority considers relevant.deleted
2012/03/07
Committee: ECON
Amendment 481 #
Proposal for a directive
Article 126 – paragraph 4 – subparagraph 1
4. The variables referred to in point (c) of paragraph 3 may include structural variables and the exposure of the banking sector to particular risk factors, or to any other factors related to risks to financial stability.deleted
2012/03/07
Committee: ECON
Amendment 484 #
Proposal for a directive
Article 126 – paragraph 4 – subparagraph 2
Where, in setting the countercyclical buffer rate, a designated authority takes into account variables mentioned in point (c), and the setting of that buffer rate would have been lower if variables mentioned in point (c) had not been taken into account, the designated authority shall notify EBA and the ESRB. EBA and the ESRB shall assess whether the variables on which the buffer rate is based relate to risks to financial stability and whether the setting of a buffer rate taking into account those variables is consistent with the fundamental principles of the internal market for financial services as reflected in Union legislation in the field of financial services.deleted
2012/03/07
Committee: ECON
Amendment 489 #
Proposal for a directive
Article 126 – paragraph 4 – subparagraph 3
By way of derogation from paragraph 3, the designated authority shall review the part of the countercyclical buffer rate based on the other variables referred to in point (c) of paragraph 3 on an annual basis only. That part shall not be taken into account by institutions established in another Member State for the purposes of calculating their institution specific countercyclical capital buffer.deleted
2012/03/07
Committee: ECON
Amendment 494 #
Proposal for a directive
Article 126 – paragraph 5
5. The countercyclical buffer rate, expressed as a percentage of the total risk exposure amount referred to in Article 87(3) of Regulation [inserted by OP(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms] of institutions that have credit exposures in that Member State, must be between 0% and 2.5%, calibrated in steps of 0.25 percentage points or multiples of 0.25 percentage points.Where justified in view of the considerations set out in paragraph 3, and prior to approval of EBA in consultation with ESRB, a designated authority may set a countercyclical buffer rate in excess of 2.5% of the total risk exposure amount referred to in Article 87(3) of Regulation [inserted by OP] for the purpose set out in Article 130(3)(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms] for the purpose set out in Article 130(3). The designated authority shall review its decision regularly and shall obtain approval from EBA, in consultation with ESRB, to maintain a buffer requirement in excess of 2,5% every six months.
2012/03/07
Committee: ECON
Amendment 495 #
Proposal for a directive
Article 126 – paragraph 6
6. When a designated authority sets the countercyclical buffer rate above zero for the first time, or when thereafter a designated authority increases the prevailing countercyclical buffer rate setting, it shall also decide the date from which the institutions must apply that increased buffer for the purposes of calculating their institution specific countercyclical capital buffer. That date may be no later thanshall be 12 months after the date when the increased buffer setting is announced in accordance with paragraph 8. If the date is less than 12 months after the increased buffer setting is announced, that shorter deadline for application shall be justified by exceptional circumstances.
2012/03/07
Committee: ECON
Amendment 497 #
Proposal for a directive
Article 126 – paragraph 8 – subparagraph 1 – point b
(b) the relevant credit-to-GDP-ratio and its deviation from the long-tem trend;deleted
2012/03/07
Committee: ECON
Amendment 498 #
Proposal for a directive
Article 126 – paragraph 8 – subparagraph 1 – point d
(d) a justification for that buffer rate, including by reference to any variables other than those covered by the buffer guide that the designated authority took into account in accordance with point (c) of paragraph 3 when setting the countercyclical buffer rate;
2012/03/07
Committee: ECON
Amendment 499 #
Proposal for a directive
Article 126 – paragraph 8 – subparagraph 1 – point f
(f) where the date mentioned in point (e) is less than 12 months after the date of the announcement under this paragraph, a reference to the exceptional circumstances that justify that shorter deadline for application;deleted
2012/03/07
Committee: ECON
Amendment 500 #
Proposal for a directive
Article 126 – paragraph 8 – subparagraph 1 – point h
(h) where the designated authority has taken into account variables mentioned in point (c) of paragraph 3, an indication of the amount of the buffer rate that relates to those variables.deleted
2012/03/07
Committee: ECON
Amendment 508 #
Proposal for a directive
Article 127 – paragraph 2 a (new)
2a. EBA and the ESRB shall ensure supervisory convergence across jurisdictions in terms of the application of the calculation methodology for the buffer requirements.
2012/03/07
Committee: ECON
Amendment 512 #
Proposal for a directive
Article 129 – paragraph 3 – subparagraph 2
When exercising the power under the first sub-paragraph, a designated authority shall not set a countercyclical buffer rate below the level set by the relevant third country authority unless that buffer rate exceeds 2.5%, expressed, as a percentage of the total risk exposure amount referred to in Article 87(3) of Regulation [inserted by OP] of institutions that have credit exposures in that third country. (EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms] of institutions that have credit exposures in that third country. EBA and the ESRB shall ensure the consistency of third country buffer rates across jurisdictions.
2012/03/07
Committee: ECON
Amendment 513 #
Proposal for a directive
Article 129 – paragraph 4
4. Where a relevant third country authority sets a countercyclical buffer rate for a third pursuant to paragraph 2 or 3 which increases the existing applicable countercyclical buffer rate, it shall decide the date from which domestically authorised institutions must apply that buffer rate for the purposes of calculating their institution specific countercyclical capital buffer. That date shall be no later than 12 months from the date when the buffer rate is announced in accordance with paragraph 5. If that date is less than 12 months after the setting is announced, that shorter deadline for application must be justified by exceptional circumstances.
2012/03/07
Committee: ECON
Amendment 514 #
Proposal for a directive
Article 129 – paragraph 5 – point d
(d) where the date mentioned in point (c) is less than 12 months after the date of the publication of the setting under this paragraph, a reference to the exceptional circumstances that justify that shorter deadline for application.deleted
2012/03/07
Committee: ECON
Amendment 521 #
Proposal for a directive
Section II a (new)
Section IIa Setting Systemic Institution Buffers Article 130a Setting systemic institution buffer rates 1. EBA shall, based on a quantitative and qualitative analysis and after consultation with the ESRB, identify systemic institutions within the Union, taking into account, in particular, their: (a) size; (b) substitutability of the services provided by the institution; (c) interconnectedness with the financial system; (d) complexity; (e) cross border activity. The identified systemic institutions shall be notified to the ESRB, the designated authorities and the Commission. 2. EBA shall require a systemic institution to maintain an appropriate systemic buffer of up to 2,5% of the total risk exposure amount calculated in accordance with Article 87(3) of Regulation (EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms], as applicable in accordance with Part One, Title II of that Regulation. The systemic buffer ratio shall be disclosed by EBA. 3. A systemic institution can maintain the systemic buffer on a consolidated basis, as applicable in accordance with Part One, Title II of Regulation(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms]. 4. A systemic buffer required under paragraph 1 shall be determined with due consideration to the significance of the items under Article 130a(1) associated with the systemic institution. 5. EBA shall assess the systemic buffer required under paragraph 1 as part of the supervisory review and evaluation process in accordance with Article 92. 6. Systemic institutions shall meet the requirement imposed by paragraph 1 with Common Equity Tier 1 capital, which shall be additional to any Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 87 of Regulation (EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms], the requirement to maintain a capital conservation buffer under Article 123, the requirement to maintain an institution specific countercyclical capital buffer under Article 124 and any requirement imposed under Article 100. 7. Where a systemic institution fails to meet in full the requirement under paragraph 1, EBA may restrict distributions in connection with Common Equity Tier 1 capital, restrict payments on Additional Tier 1 instruments and restrict variable remuneration and discretionary pension benefits.
2012/03/07
Committee: ECON
Amendment 544 #
Proposal for a directive
Article 150 – paragraph 4 a (new)
4a. By 31 December 2014, the European Commission shall, after consulting EBA and ESRB, review Article 130a on setting systemic buffer rates, taking into account internationally agreed standards for systemic institutions and, if appropriate, submit a legislative proposal to the European Parliament and the Council.
2012/03/07
Committee: ECON