40 Amendments of Sirpa PIETIKÄINEN related to 2011/0202(COD)
Amendment 247 #
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
For the purpose of this Regulation any reference to real estate or residential or commercial immovable property or mortgage on such property shall include shares in Finnish residential housing companies operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation. Member States or their competent authorities may allow shares constituting an equivalent indirect holding of real estate to be treated as a direct holding of real estate provided that such indirect holding is specifically regulated in the national law of the Member State and, when pledged as a collateral, provides equivalent protection to creditors.
Amendment 390 #
Proposal for a regulation
Article 26 – paragraph 1 – point h – point i
Article 26 – paragraph 1 – point h – point i
(i) there are no preferential distribution treatment regarding the order of distribution payments, including in relation to other Common Equity Tier 1 instruments, and the terms governing the instruments do not provide preferential rights to payment of distributions;
Amendment 400 #
Proposal for a regulation
Article 27 – title
Article 27 – title
Capital instruments issued by mutuals, cooperative societies and similar institutions and by central institutions of co-operative networks
Amendment 401 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Capital instruments issued by mutuals, co-operative societies, savings institutions and similar institutions shall qualify as Common Equity Tier 1 instruments only if the conditions laid down in Article 26 and this Article are mets amended by paragraphs 1 to 5 and 7 of this Article are met. Capital instruments issued by institutions which carry out the necessary central operations of a network of affiliated institutions referred to in Article 9 shall qualify as Core Equity Tier 1 instruments only if the conditions laid down in Article 26 as amended by paragraph 6 of this Article.
Amendment 411 #
Proposal for a regulation
Article 27 – paragraph 4 – subparagraph 1 a (new)
Article 27 – paragraph 4 – subparagraph 1 a (new)
The condition laid down in the first sub- paragraph is without prejudice of the possibility for a mutual, cooperative society or a similar institution to recognize within CET1 capital instruments that do not afford voting rights to the holder and that meet both the following conditions: (a) the claim of the holders of the non- voting instruments in the insolvency or liquidation of the institution is proportionate to the share of the total Common Equity Tier 1 instruments that those non-voting instruments represent; (b) the instruments otherwise qualify as a Common Equity Tier 1 instruments, subject to the third sub-paragraph. Institutions referred to in the second sub- paragraph may, notwithstanding Article 26 (1) (h), pay higher distributions on the instruments referred to in the second sub- paragraph than on their other Common Equity Tier 1 instruments.
Amendment 413 #
Proposal for a regulation
Article 27 – paragraph 5 a (new)
Article 27 – paragraph 5 a (new)
Amendment 671 #
Proposal for a regulation
Article 120 – paragraph 1 – point b
Article 120 – paragraph 1 – point b
Amendment 681 #
Proposal for a regulation
Article 121 – paragraph 1 – point b
Article 121 – paragraph 1 – point b
Amendment 708 #
Proposal for a regulation
Article 124 – paragraph 1 – subparagraph 1 – point d – introductory part
Article 124 – paragraph 1 – subparagraph 1 – point d – introductory part
(d) loans secured by residential property or shares in Finnish residential housing companies as referred to in Article 120(1)(b) up to the lesser of the principal amount of the liens that are combined with any prior liens and 80 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising residential property exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) shall ensure that the assets underlying such units shall, at any time while they are included in the cover pool be at least 90 % composed of residential mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 80 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Chapter and that such units do not exceed 10 % of the nominal amount of the outstanding issue;
Amendment 710 #
Proposal for a regulation
Article 124 – paragraph 1 – subparagraph 1 – point e
Article 124 – paragraph 1 – subparagraph 1 – point e
(e) loans secured by commercial immovable property or shares in Finnish housing companies as referred to in Article 121(1)(b) up to the lesser of the principal amount of the liens that are combined with any prior liens and 60 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising commercial immovable property exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC shall ensure that the assets underlying such units shall, at any time while they are included in the cover pool be at least 90 % composed of commercial mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 60 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Chapter and that such units do not exceed 10 % of the nominal amount of the outstanding issue. Loans secured by commercial immovable property are eligible where the Loan to Value ratio of 60 % is exceeded up to a maximum level of 70 % if the value of the total assets pledged as collateral for the covered bonds exceed the nominal amount outstanding on the covered bond by at least 10 %, and the bondholders' claim meets the legal certainty requirements set out in Chapter 4. The bondholders' claim shall take priority over all other claims on the collateral. Exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the 90 % limit;
Amendment 754 #
Proposal for a regulation
Article 160 – paragraph 4 – subparagraph 1
Article 160 – paragraph 4 – subparagraph 1
Amendment 755 #
Proposal for a regulation
Article 160 – paragraph 4 – subparagraph 2
Article 160 – paragraph 4 – subparagraph 2
Amendment 775 #
Proposal for a regulation
Article 195 – paragraph 3
Article 195 – paragraph 3
Amendment 888 #
Proposal for a regulation
Article 391 – paragraph 1 – subparagraph 1 – point a
Article 391 – paragraph 1 – subparagraph 1 – point a
(a) the exposure is secured, by mortgages on residential property or by shares in Finnish residential housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation;
Amendment 889 #
Proposal for a regulation
Article 391 – paragraph 2 – subparagraph 1 – point a
Article 391 – paragraph 2 – subparagraph 1 – point a
(a) exposures secured by mortgages on offices or other commercial premises, or by shares in Finnish housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation, in respect of offices or other commercial premises;
Amendment 941 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – introductory part
Article 404 – paragraph 1 – subparagraph 1 – introductory part
Institutions shall report the following as liquid assets unless excluded by paragraph 2 and only if the liquid assets fulfil the conditions in paragraph 3:
Amendment 946 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point a
Article 404 – paragraph 1 – subparagraph 1 – point a
(a) cash and deposits held with central banks to the extent that these deposits can be withdrawn in times of stress;
Amendment 954 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point b
Article 404 – paragraph 1 – subparagraph 1 – point b
(b) transferable assets that are of extremely high liquidity and credit quality;
Amendment 955 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point c
Article 404 – paragraph 1 – subparagraph 1 – point c
Amendment 963 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d
Article 404 – paragraph 1 – subparagraph 1 – point d
(d) transferable assets that are of high liquidity and credit quality that meet at least the quality criteria set by central banks for monetary policies subject to appropriate haircuts.
Amendment 972 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d a (new)
Article 404 – paragraph 1 – subparagraph 1 – point d a (new)
(da) if the credit institution is associated in a network in accordance with legal of statutory provisions, credit institutions deposits, legal or statutory minimum deposits and other available liquid funding from the central credit institution;
Amendment 973 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d b (new)
Article 404 – paragraph 1 – subparagraph 1 – point d b (new)
(db) transferable assets representing claims on or guaranteed by central government or central banks issued in domestic currencies, by the central government or central bank in currency in which the liquidity risk is being taken, to the extent that the holding of such debt matches the liquidity needs of the bank's operations in that third country.
Amendment 987 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 2
Article 404 – paragraph 1 – subparagraph 2
Pending a uniform definition in accordance with Article 481(2) of high and extremely high liquidity and of high credit quality, institutions shall identify themselves in a given currency transferable assets that are respectively of high or extremely high liquidity and of high credit quality. Pending a uniform definition, competent authorities may, taking into account the criteria listed in Article 481(2), provide general guidance that institutions shall follow in identifying assets of high and extremely high liquidity and of high credit quality. In the absence of such guidance, institutions shall use transparent and objective criteria to this end, including some or all of the criteria listed in Article 481(2).
Amendment 990 #
Proposal for a regulation
Article 404 – paragraph 2 – introductory part
Article 404 – paragraph 2 – introductory part
2. The following shall not be considered highly liquid assets:
Amendment 999 #
Proposal for a regulation
Article 404 – paragraph 2 – point a – point ii
Article 404 – paragraph 2 – point a – point ii
(ii) they are bonds as defined in Article 52(4) of Directive 2009/65/EC other than those referred to in (i), or equivalent items subject to the approval of the competent authorities;
Amendment 1002 #
Proposal for a regulation
Article 404 – paragraph 2 – point a – point ii a (new)
Article 404 – paragraph 2 – point a – point ii a (new)
(ii a) they are bonds eligible for the treatment set out in Article 124 (3) or (4) or asset backed instruments of high liquid and credit quality as established by EBA pursuant to Article 481 (1) and which are subject to supervision and fulfil the requirements [as set forth in Article 174b (2),(5),(6),(7) and (8) of the Solvency II draft implementing measures];
Amendment 1013 #
Proposal for a regulation
Article 404 – paragraph 2 – point a – point iii a (new)
Article 404 – paragraph 2 – point a – point iii a (new)
(iii a) the credit institution acts as a central credit institution in a network in accordance with legal of statutory provisions and where a credit institution is a Member of the same network;
Amendment 1021 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1
Article 404 – paragraph 3 – subparagraph 1
Institutions shall only report as high liquid assets that fulfil each of the following conditions:
Amendment 1032 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point b
Article 404 – paragraph 3 – subparagraph 1 – point b
Amendment 1039 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point d
Article 404 – paragraph 3 – subparagraph 1 – point d
Amendment 1046 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 a (new)
Article 404 – paragraph 3 – subparagraph 1 a (new)
In addition they should ideally meet the following conditions: a) they are eligible collateral in normal times for intraday liquidity needs and overnight liquidity facilities of a central bank in a Member State or if the liquid assets are held to meet liquidity outflows in the currency of a third country, of the central bank of that third country; b) they are listed on a recognised exchange; c) they are tradable on active outright sale or repurchase agreement markets with a large and diverse number of market participants, a high trading volume, and market breadth and depth.
Amendment 1048 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 2
Article 404 – paragraph 3 – subparagraph 2
Amendment 1055 #
Proposal for a regulation
Article 404 – paragraph 4
Article 404 – paragraph 4
Amendment 1070 #
Proposal for a regulation
Article 404 – paragraph 5
Article 404 – paragraph 5
5. Shares or units in CIUs may be treated as liquid assets up to an absolute amount of 250 million EUR provided that the requirements in Article 127(3) are met and that the CIU, apart from derivatives to mitigate interest rate or, credit or currency risk, only invests in liquid assets. Monetary UCITS meeting generally approved standards by ESMA shall be considered as highly liquid assets.
Amendment 1134 #
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph 1 – point b a (new)
Article 410 – paragraph 4 – subparagraph 1 – point b a (new)
(ba) by the depositor to obtain cash clearing and central credit institution services and where the credit institution is associated in a network in accordance with legal or statutory provisions;
Amendment 1276 #
Proposal for a regulation
Article 416 – paragraph 4 – subparagraph -3 new
Article 416 – paragraph 4 – subparagraph -3 new
The assets categorized as low-risk items (0 %) under Article 107(a), (b ) and (c) are excluded from institution's total exposure when calculating the sum of all exposure values.
Amendment 1466 #
Proposal for a regulation
Article 463 – paragraph 1
Article 463 – paragraph 1
1. This Article shall apply only to instruments that were issued prior to 20 Jul1 January 20113 and are not those referred to in Article 462(1).
Amendment 1475 #
Proposal for a regulation
Article 466 a (new)
Article 466 a (new)
Amendment 1485 #
Proposal for a regulation
Article 476
Article 476
Amendment 1578 #
Proposal for a regulation
Article 482 – paragraph 2 – point g
Article 482 – paragraph 2 – point g
(g) whether 3% would be an appropriate level for the leverage ratio based on Tier 1 capital and, if not, what level would be the appropriate one; and whether 1,5 % would be an appropriate level for the leverage ratio based on Tier 1 capital for credit institutions specialized in lending with regional governments, local authorities or public sector entities and, if not, what level would be the appropriate one.