Activities of Olle SCHMIDT related to 2012/0150(COD)
Plenary speeches (1)
Framework for the recovery and resolution of credit institutions and investment firms - Deposit guarantee schemes (debate)
Amendments (93)
Amendment 185 #
Proposal for a directive
Recital 21 a (new)
Recital 21 a (new)
(21a) The primary recovery and resolution plans for groups of institutions and cross border institutions shall be made on group level and where appropriate include subsections for one or more institutions that are part of the group. The recovery and resolution plans should take into account the financial, technical and business structure of the relevant group. If individual recovery and resolution plans for institutions that are a part of a group are prepared these shall be consistent with and part of the group plans.
Amendment 251 #
Proposal for a directive
Recital 73
Recital 73
(73) In order to build up the resilience of the European System of Financing Arrangements, and in line with the objective requiring that financing should come primarily from the industry rather than from public budgets, national arrangements shcould, on a voluntary basis, be able to borrow from each other in case of need.
Amendment 293 #
Proposal for a directive
Article 2 – paragraph 1 – point 24 a (new)
Article 2 – paragraph 1 – point 24 a (new)
(24a) ‘management body’ means the body or bodies of an institution, appointed in accordance with national law, that is empowered to set the institution’s strategy, objectives and overall direction, and which oversees and monitors management decision-making. This shall include persons who effectively direct the business of the institution;
Amendment 294 #
Proposal for a directive
Article 2 – paragraph 1 – point 24 b (new)
Article 2 – paragraph 1 – point 24 b (new)
(24b) ‘senior management’ means those individuals who exercise executive functions within an institution and who are responsible and accountable to the management body for the day-to-day management of the institution;
Amendment 296 #
Proposal for a directive
Article 2 – paragraph 1 – point 26 a (new)
Article 2 – paragraph 1 – point 26 a (new)
(26a) ‘systemic crisis’ means a disruption in the financial system with the potential to have serious negative consequences for the internal market and the real economy.
Amendment 326 #
Proposal for a directive
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the designated authority in accordance with paragraph 1 is not the competent ministry in a Member State, Member States may require that any decision of the designated authority pursuant to this Directive shall be taken in consultation with the competent ministry where they would be likely to have implications for public funds.
Amendment 346 #
Proposal for a directive
Article 3 – paragraph 8 a (new)
Article 3 – paragraph 8 a (new)
8a. Member States shall ensure that the resolution authority and its staff are protected against liability arising from action taken or not taken in discharge or purported discharge of its functions unless the act or omission implies negligence or misconduct that justifies indemnity in accordance with national law.
Amendment 406 #
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The competent authorities shall ensure that institutions include in recovery plans appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options. Competent authorities shall ensure that firmsinstitutions' test their recovery plans against a range of scenarios of financial distress, varying in their severity including system wide events, legal-entity specific stress and group-wide stresrelevant to the institution's specific conditions.
Amendment 426 #
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Member States shall require institutions , drawn up in accordance with Article 5(1), to submit recovery plans to the competent authorities for review.
Amendment 457 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group, including for the companies referred to in points (c) and (d) of Article 1, as well as, where relevant and on a voluntary basis, a recovery plan for eachone or more of the institutions that isare part of the group.
Amendment 504 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
In the absence of a joint decision between the competent authorities within four months, the consolidating supervisor, shall make its own decision on the review and assessment of the group recovery plan or on the measures required in accordance with Article 6(4). The decision shall be set out in a document containing the fully reasoned decision and should take into account the views and reservations of the other competent authorities expressed during the four-month period. The consolidating supervisor shall notify the decision to the parent undertaking of the institution subject to consolidated supervision and to the other competent authorities.
Amendment 505 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 a (new)
Article 8 – paragraph 2 – subparagraph 2 a (new)
The decision of the consolidating supervisor shall take account of the potential impact on the stability of the financial system in the Member States concerned.
Amendment 521 #
Proposal for a directive
Article 8 a (new)
Article 8 a (new)
Article 8a For the purpose of Articles 5 to 8, competent authorities shall ensure that without prejudice to article 5.1 each recovery plan includes a trigger framework established by the institution which identifies the points at which appropriate actions referred to in the plan may be taken. The triggers may be expressed by reference to qualitative and quantitative indicators relating to the institution's financial strength and must be forward looking and capable of being monitored easily. Competent authorities shall ensure that institutions put in place appropriate arrangements for the regular monitoring of the indicators. An institution may take action under its recovery plan where the relevant trigger has not been met, but where the management of the institution considers it appropriate due to the circumstances.
Amendment 527 #
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Resolution authorities, inmay consultation with competent authorities, shallthe host resolution authorities of any significant branch, and the institution concerned, when drawing up a resolution plan for each institution that is not part of a group subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC. The resolution plan shall provide for the resolution actions which the resolution and competent authoritiesy may take where the institution meets the conditions for resolution.
Amendment 564 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that resolution authorities after consultation with the relevant competent authorities and in accordance with paragraph 2 of Article 12, draw up group resolution plans. Group resolution plans shall include both a plan for resolution at the level of the parent undertaking or institution subject to consolidated supervision pursuant to Article 125 and 126 of Directive 2006/48/EC and where relevant the resolution plans for the individual subsidiary institutions drawn up in accordance with Article 9the provisions laid down in Article 9, paragraphs 2 to 5 of this Directive. The group resolution plans shall also include plans for the resolution of the companies referred to in points (c) and (d) of Article 1 and plans for the resolution of institutions with branches in other Member States in compliance with the provisions of Directive 2001/24/EC.
Amendment 591 #
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Member States shall ensure that group level resolution authorities, acting jointly with the resolution authorities referred to in the second subparagraph of paragraph 1, in resolution colleges and inafter consultation with the relevant competent authorities, draw up and maintain group resolution plans. Group level resolution authorities may, at their discretion, and without prejudice to the confidentiality requirements laid down in Article 76, involve in the drawing up and maintenance of group resolution plans third country resolution authorities of jurisdictions in which the group has established subsidiaries or financial holding companies or significant branches as referred to in Article 42a of Directive 2006/48/EC.
Amendment 598 #
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 2
Article 12 – paragraph 4 – subparagraph 2
In the absence of such a joint decision between the resolution authorities within four months, the group level resolution authority shall make its own decision. The decision on the resolution plan shall be set out in a document containing the fully reasoned decisions and shall take into account the views and reservations of the other competent authorities expressed during the four- month period. The group level resolution authority shall provide the decision to the parent undertakings or institution which is subject to consolidated supervision and to other resolution authorities.
Amendment 627 #
Proposal for a directive
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. The Resolution Authority shall inform the Competent Authorities, SSM and EBA, about its findings.
Amendment 639 #
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the resolution authority assesses that the measures proposed by an institution in accordance with paragraph 2 do not effectively reduce or remove the impediments in question, it shall, where necessary and proportionate, subject to paragraph 5 and in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution.
Amendment 674 #
Proposal for a directive
Article 14 – paragraph 5
Article 14 – paragraph 5
5. Resolution authorities shall not base a determination in accordance with paragraph 1 on impediments resulting from factors beyond the control of the institution, including: (a) the operational and financial capacity of the resolution authority and resolution fund; (b) impediments which are as a result of compliance with Union of national legislation or regulations; (c) the absence of agreements pursuant to Article 11 or agreements pursuant to Article 88 with relevant third country authorities.
Amendment 680 #
Proposal for a directive
Article 14 – paragraph 7
Article 14 – paragraph 7
7. Before indentifying any measure referred to in paragraph 3 as necessary and proportionate, resolution authorities shall duly consider the potential effect of those measures on the stability of the financial system in other Member State: (a) the single market for financial services; (b) the stability of the financial system in Member States and the Union; (c) the rights of the shareholders or owners in accordance with Union or national company law; (d) competition in the financial sector in the relevant Member States; (e) access to finance and third country markets for non-financial firms.
Amendment 735 #
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Member States shall ensure that a parent institution in a Member State, or a Union parent institution, or a company referred to in points (c) and (d) of Article 1and its subsidiaries that are institutions or financial institutions covered by the supervision of the parent undertaking, may enter into an specific agreement, for the purposes of this Directive, to provide financial support to any other party to the agreement that experiences financial difficulties, provided that the conditions laid down in this chapter are satisfied.
Amendment 808 #
Proposal for a directive
Article 23 – paragraph 1 – introductory part
Article 23 – paragraph 1 – introductory part
1. Where an institution does not meet or is likely to breach the requirements of Directive 2006/48/EC,any of the following: i) a Common Equity Tier 1 ratio of 5.75% ii) a Tier 1 ratio of 7,25% iii) an own funds ratio of 9,25% Member States shall ensure that competent authorities, have at their disposal, in addition to the measures referred to in Article 136 of Directive 2006/48/EC where applicable, in particular, the following measures:
Amendment 813 #
Proposal for a directive
Article 23 – paragraph 1 – introductory part
Article 23 – paragraph 1 – introductory part
1. Where an institution does not meet or is likely to breach the requirements of Directive 2006/48/ECminimum own funds requirements according to Article 87 (1) of Regulation (EU) No .../201x of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms], Member States shall ensure that competent authorities, , have at their disposal, in addition to the measures referred to in Article 136 of Directive 2006/48/EC where applicable, in particular, the following measures:
Amendment 825 #
Proposal for a directive
Article 23 – paragraph 1 – point e
Article 23 – paragraph 1 – point e
(e) require the management of the institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors to use if strictly necessary as the bank approaches the point of resolution;
Amendment 828 #
Proposal for a directive
Article 23 – paragraph 1 – point f
Article 23 – paragraph 1 – point f
Amendment 831 #
Proposal for a directive
Article 23 – paragraph 1 – point g
Article 23 – paragraph 1 – point g
Amendment 835 #
Proposal for a directive
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1a. If the institution is in breach of the requirements of Directive 2006/48/EC and there is no reasonable prospect that early intervention measures or alternative private sector or supervisory action would prevent the institution meeting the conditions for resolution, and the conditions in paragraph 1 are met, the resolution authority shall have the power to: (a) acquire, including through on-site inspections, all the information necessary in order to prepare for the resolution of the institution, including carrying out an evaluation of the assets and liabilities of the institution; (b) contact potential purchasers in order to prepare for the resolution of the institution, subject to the conditions laid down in article 33(2) and the confidentiality provisions laid down in Article 76.
Amendment 845 #
Proposal for a directive
Article 23 a (new)
Article 23 a (new)
Article 23a In accordance with Article 6(2) of Directive 2003/6/EC, competent authorities may delay public disclosure of the application of early intervention measures pursuant to this article that would otherwise be required in accordance with Article 6(1) of Directive 2003/6/EC, where they consider it necessary and proportionate to ensure the effectiveness of the recovery plan and early intervention measures. Member States shall ensure that similar delays can be applied to any disclosures required under relevant listing rules.
Amendment 846 #
Proposal for a directive
Article 24
Article 24
Amendment 862 #
Proposal for a directive
Article 25 – title
Article 25 – title
Coordination of early intervention measures and appointment of special manager in relation to groups
Amendment 864 #
Proposal for a directive
Article 25 – paragraph 1
Article 25 – paragraph 1
1. Where the conditions for the imposition of requirements under Article 23 of this Directive or the appointment of a special manager in accordance with Article 24 of this Directive are met in relation to a parent undertaking or an institution subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC or any of its subsidiaries, the competent authority that intends to take a measure in accordance with thoseat Articles shall notify other relevant competent authorities within the supervisory college and EBA of its intention.
Amendment 867 #
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
The consolidating supervisor and the other relevant competent authorities shall consider whether it is necessary to take measures in accordance with Article 23 or appoint a special manager in accordance with Article 24 in relation to other group entities and whether the coordination of the measures to be taken is desirable. The consolidating supervisor and other relevant authorities shall consider whether any alternative measure would be more likely to restore the viability of the individual entities and preserve the financial soundness of the group as a whole. Where more than one competent authority intends to appoint a special manager in relation to an entity affiliated to a group, authorities shall consider whether it is more appropriate to appoint the same special manager for all the entities concerned or for the whole group in order to facilitate solutions redressing the financial soundness of the group as a whole.
Amendment 885 #
Proposal for a directive
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) to avoid significant adverse effects on financial stability, including by preventing contagion, and maintaining market discipline, while protecting public funds and limiting or avoiding unnecessary destruction of value;
Amendment 906 #
Proposal for a directive
Article 27 – paragraph 1 – point a
Article 27 – paragraph 1 – point a
(a) the competent authority or resolution authority determines that the institution is failing or likely to failnot viable to operate within its authorisation anymore based on the minimum own funds requirements according to Article 87 of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms];
Amendment 915 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 1 – introductory part
Article 27 – paragraph 2 – subparagraph 1 – introductory part
For the purposes of point (a) of paragraph 1, an institution is deemed failing or likely to fail in one or more of the following circumstancesthe following conditions should be met:
Amendment 919 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 1 – point c
Article 27 – paragraph 2 – subparagraph 1 – point c
Amendment 923 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 1 – point d – introductory part
Article 27 – paragraph 2 – subparagraph 1 – point d – introductory part
(d) the institution requires extraordinary public financial support except when, in order to preserve financial stability, it requires any of the following: and there is no realistic prospect of the institution recovering without it. In all cases extraordinary public financial support shall be confined to solvent financial institutions, shall not be part of a larger aid package, shall be subject to State aid rules, and shall operate under the conditions set out in Article 35.
Amendment 924 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 1 – point d – point i
Article 27 – paragraph 2 – subparagraph 1 – point d – point i
Amendment 925 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 1 – point d – point ii
Article 27 – paragraph 2 – subparagraph 1 – point d – point ii
Amendment 926 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 2
Article 27 – paragraph 2 – subparagraph 2
Amendment 934 #
Proposal for a directive
Article 27 – paragraph 5
Article 27 – paragraph 5
Amendment 952 #
Proposal for a directive
Article 29 – paragraph 1 – point c
Article 29 – paragraph 1 – point c
(c) senior management of the institution under resolution is replaced subject to Member State law, by an administrator appointed by the resolution authority;
Amendment 956 #
Proposal for a directive
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(d) senior managers of the institution under resolution bear losses that are commensurateare made liable, subject to Member State law, under civil or criminal law withfor their individual responsibility for the failure of the institution;
Amendment 975 #
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. BeforeWhen taking resolution action and in particular, for the purposes of Articles 31, 32, 34, 36, 41, 42 and 6542, resolution authorities shall ensure that a fair and realistic valuation of the assets and liabilities of the institution is carried out by a person independent from any public authority, including the resolution authority, and the institution. The resovaluation authority shall endorse that valuation. Wrequirement should not limit the re independent vasoluation is not possible due to the urgency in the circumstances of the case, resolution authorities may carry out the valuation of the assets and liabilities of the institution. authority's ability to take control of a failing institution before a valuation has been completed.
Amendment 988 #
Proposal for a directive
Article 30 – paragraph 3 – point d
Article 30 – paragraph 3 – point d
(d) the listvalue of assets held by the institution for account of third parties who have ownership rights on those assets.
Amendment 1005 #
Proposal for a directive
Article 31 – paragraph 2 – point d a (new)
Article 31 – paragraph 2 – point d a (new)
(d a) other resolution tools.
Amendment 1008 #
Proposal for a directive
Article 31 – paragraph 7
Article 31 – paragraph 7
7. Member States shall not be prevented from conferring upon resolution authoritiey’s additional tools and powers exercisable where an institution meets the conditions for resolution, provided that those additional powers do not pose obstacles to effective group resolution and that they are consistent with the resolution objectives and the general principles governing resolution set out in Articles 26 and 29.
Amendment 1038 #
Proposal for a directive
Article 35 – paragraph 1 – point b a (new)
Article 35 – paragraph 1 – point b a (new)
(b a) the resolution authority approves the strategy and risk profile of the bridge institution;
Amendment 1044 #
Proposal for a directive
Article 35 – paragraph 6 – introductory part
Article 35 – paragraph 6 – introductory part
6. The resolution authority may extend the period referred to in paragraph 5 for up to three additional one-year periods where:
Amendment 1045 #
Proposal for a directive
Article 35 – paragraph 6 – point a
Article 35 – paragraph 6 – point a
(a) such extension is likely to achieve one ofsupports the outcomes referred to in points (a), (b) or (c) of paragraph 3; or
Amendment 1083 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) deposits that are guaranteed in accordance with Directive 94/19/EC to the extent that they are covered by a DGS which is not excluded;
Amendment 1103 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) liabilities with an original maturity of less than onthree months;
Amendment 1108 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
(e a) derivatives that do not fall within the scope of point (d) this paragraph, until delegated acts provided for in paragraph 4 are adopted.
Amendment 1142 #
Proposal for a directive
Article 38 – paragraph 4 – introductory part
Article 38 – paragraph 4 – introductory part
4. The Commission shall within five years of the entry into force of this Directive conduct a review of the feasibility of including liabilities arising from derivatives in the scope of this Article. On the basis of that review, the Commission shall be empowered to adopt delegated acts adopted in accordance with Article 103 in order to specify further:
Amendment 1158 #
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficient aggregate amount of own funds and eligible liabilities expressed as a percentage of the total liabilities of the institution that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC. risk weighted assets of the institution. that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC. EBA shall develop draft regulatory technical standards specifying the assessment criteria on how to determine for each institution the sufficient aggregate amount of own funds and eligible liabilities that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 1205 #
Proposal for a directive
Article 40 – paragraph 1 – point a
Article 40 – paragraph 1 – point a
(a) the percentage referred to in Article 39(1) is calculated on the basis of the consolidated level of the eligible liabilities, the risk weighted assets and of the own funds held by the group;
Amendment 1224 #
Proposal for a directive
Article 43 – paragraph 1 – point b
Article 43 – paragraph 1 – point b
(b) if, and only if, the writing down pursuant to point (a) is less than the aggregate amount, authorities reduce to zero the principal amount of Additional Tier 1 instruments that are liabilities and Tier 2 instruments in accordance with sub- section 2;
Amendment 1226 #
Proposal for a directive
Article 43 – paragraph 1 – point b a (new)
Article 43 – paragraph 1 – point b a (new)
(b a) if, and only if, the writing down pursuant to point (b) is less than the aggregate amount, authorities reduce to zero the principal amount of Tier 2 instruments in accordance with subsection 2;
Amendment 1227 #
Proposal for a directive
Article 43 – paragraph 1 – point c
Article 43 – paragraph 1 – point c
(c) if, and only if, the total reduction of liabilities pursuant to points (a), (b) and (ba) is less than the aggregate amount, authorities reduce the principal amount of subordinated debt that is not Additional Tier 1 or Tier 2 capital to the extent required, in conjunction with the write down pursuant to points (a), (b) and (ba) to produce the aggregate amount;
Amendment 1230 #
Proposal for a directive
Article 43 – paragraph 1 – point d
Article 43 – paragraph 1 – point d
(d) if, and only if, the total reduction of liabilities pursuant to points (a), (b), (ba) or (c) of this paragraph is less than the aggregate amount, authorities reduce the principal amount of, or outstanding amount payable in respect of, the rest of eligible liabilities, pursuant to Article 38, that are senior debt to the extent required, in conjunction with the write down pursuant to points (a), (b), (ba) or (c) of this paragraph to produce the aggregate amount.
Amendment 1234 #
Proposal for a directive
Article 43 – paragraph 3 – introductory part
Article 43 – paragraph 3 – introductory part
3. Resolution authorities shall reduce the principal amount of the instrument or convert it in accordance with those terms referred to in points (b), (ba), or (c) of paragraph 1 before exercising the write- down and conversion powers to the liabilities referred to in points (d) of paragraph 1 and when those terms have not taken effect where an institution has issued instruments, other than those referred to in point (b) of r (ba) of paragraph 1, that contain either of the following terms:
Amendment 1276 #
Proposal for a directive
Article 51 – paragraph 1 – point a
Article 51 – paragraph 1 – point a
(a) the appropriate authority determines that the institution would otherwise meets the conditions for resolution;
Amendment 1277 #
Proposal for a directive
Article 51 – paragraph 1 – point b
Article 51 – paragraph 1 – point b
Amendment 1278 #
Proposal for a directive
Article 51 – paragraph 1 – point d
Article 51 – paragraph 1 – point d
Amendment 1296 #
Proposal for a directive
Article 57 a (new)
Article 57 a (new)
Amendment 1327 #
Proposal for a directive
Article 71 a (new)
Article 71 a (new)
Article 71 a Protection corresponding to items 1(a) and 1 (b) above shall also apply in respect of covered bond issuance arrangements.
Amendment 1356 #
Proposal for a directive
Article 76 – paragraph 2
Article 76 – paragraph 2
2. Without prejudice to the generality of the requirements under paragraph 1, the persons referred to in that paragraph shall be prohibited from divulging confidential information received during the course of their professional activities, or from a resolution authority in connection with its functions, to any person or authority unless it is in summary or collective form such that individual institutions cannot be identified or with the express and prior consent of the resolution authority. In particular, Member States shall ensure that resolution authorities, competent authorities and competent ministries shall not disclose: (a) the contents and details of recovery and resolution plans provided for in Articles 5, 7, 9, 10, and 11; (b) the results of any assessment carried out under Articles 6, 8 and 13
Amendment 1370 #
Proposal for a directive
Article 80 – paragraph 4
Article 80 – paragraph 4
4. EBA shall contribute to promoting and monitoring the efficient, effective and consistent functioning of resolution colleges in accordance with international standards. To that end, EBA may participate in particular meetings or particular activities as it deems appropriate, but it shall not have voting rights.
Amendment 1374 #
Proposal for a directive
Article 80 – paragraph 8
Article 80 – paragraph 8
8. Group level resolution authorities may not establish resolution colleges if other groups or colleges perform the same functions and carry out the same tasks specified in this Article and comply with all the conditions and procedures established in this Section. In this case all references to resolution colleges in this Directive shall also be understood as reference to those other groups or colleges. Where a Crisis Management Group for an institution has been established in line with the recommendations of the FSB, this Crisis Management Group shall be considered to be the Resolution College for that institution.
Amendment 1375 #
Proposal for a directive
Article 80 – paragraph 9 – subparagraph 1
Article 80 – paragraph 9 – subparagraph 1
EBA shall develop draft regulatory standards in order to specify the operational functioning of the resolution colleges which are consistent with international standards for the performance of the tasks provided for in paragraphs 1, 3, 5, 6 and 7.
Amendment 1383 #
Proposal for a directive
Article 82 – paragraph 2
Article 82 – paragraph 2
The group resolution authoritiesy shall communicate on requestordinate all relevant information between resolution authorities. In particular, the group level resolution authority shall provide the resolution authorities in other Member States with all the relevant information in a timely manner in view of facilitating the exercise of the tasks referred to in points (b) to (h ) of the second subparagraph of Article 80(1).
Amendment 1411 #
Proposal for a directive
Article 86 – paragraph 1 – point c
Article 86 – paragraph 1 – point c
(c) that creditors, including in particular depositors located or payable in a Member State, would not receive equalitable treatment with third country creditors with similar legal rights under the third foreign home country resolution proceedings.
Amendment 1439 #
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – introductory part
Article 92 – paragraph 1 – subparagraph 1 – introductory part
The financing arrangements established in accordance with Article 91 may be used by the resolution authority only to the extent necessary to ensure the effective application of when applying the resolution tools, for the following purposes:
Amendment 1446 #
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 2
Article 92 – paragraph 1 – subparagraph 2
The financing arrangements may be used to take the actions referred to in points (a) to (e) also with respect to the purchaser in the context of the sale of business tool. Member States may allow for such functions to be undertaken by the DGS established in accordance with Directive 94/19/EC. In such cases, Member States shall provide for separate accounting lines and levy bases to be maintained by the DGS.
Amendment 1453 #
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 10 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1the context of the plans developed in accordance with Articles 9, 10 and 11, the available financial means of their financing arrangements reach a target level by way of ex ante and ex post contributions as necessary, of at least 5,5 % of the amount of covered deposits of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/EC, or 2,5 % of GDP, whichever is more appropriate taking into account the nature of the financial sector and wider economy within an appropriate initial time period sufficient to ensure the effective application of resolution tools and thereafter on an ongoing basis. by way of ex ante or ex post contributions as necessary to reach the target level within an appropriate time period.
Amendment 1458 #
Proposal for a directive
Article 93 – paragraph 2 – subparagraph 2
Article 93 – paragraph 2 – subparagraph 2
Amendment 1462 #
Proposal for a directive
Article 93 – paragraph 3
Article 93 – paragraph 3
Amendment 1483 #
Proposal for a directive
Article 94 – paragraph 2 – point c
Article 94 – paragraph 2 – point c
(c) the contributions calculated under (a) and (b) shall be adjusted in proportion to the risk profile of institutions, in accordance with the criteria adopted under paragraph 7 of this Articlebased on risk weighted assets.
Amendment 1493 #
Proposal for a directive
Article 94 – paragraph 7
Article 94 – paragraph 7
Amendment 1496 #
Proposal for a directive
Article 94 – paragraph 7 – introductory part
Article 94 – paragraph 7 – introductory part
7. The Commission shall be empowered to adopt delegated acts in accordance with Article 103 in order specify the notion of adjusting contributions in proportion to the risk profile of institutions as referred to in paragraph 2 (c) of this Article, taking into account the following:Risk Weighted Assets of the institution calculated in accordance with Article 87(3) of Regulation (EU) No .../201x of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms].
Amendment 1525 #
Proposal for a directive
Article 95
Article 95
Amendment 1531 #
Proposal for a directive
Article 96 – paragraph 1 – subparagraph 1a (new)
Article 96 – paragraph 1 – subparagraph 1a (new)
Article 96 should not limit the ability of national financing arrangements to secure state guarantees, subject to that these guarantees are paid for by the arrangement through an actuarial fee.
Amendment 1548 #
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1
Article 97 – paragraph 2 – subparagraph 1
Member States shall ensure that financing arrangements under their jurisdiction are oabligede to lend to other financing arrangements within the Union in the circumstances specified under paragraph 1.
Amendment 1558 #
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 2
Article 97 – paragraph 2 – subparagraph 2
Subject to the first subparagraph, national financing arrangements shall not be obliged to lend to another national financing arrangement in those circonstances when the resolution authority of the Member State of the financing arrangement considers that it would not have sufficient funds to finance any foreseeable resolution in the near future. In any case they should not be obliged to lend more than half of the funds that the national financing arrangement has available at the moment when the borrowing request is formalised.
Amendment 1572 #
Proposal for a directive
Article 98 – paragraph 2
Article 98 – paragraph 2
2. For the purposes of paragraph 1, the group level resolution authority, in consultation to the resolution authorities of the institutions that are part of the group, shall establish, if necessary before taking any resolution action, a financing plan determinestimating the total financial needs for the financing of the group resolution as well as the modalities for that financing.
Amendment 1579 #
Proposal for a directive
Article 98 – paragraph 3 – subparagraph 2
Article 98 – paragraph 3 – subparagraph 2
The financing plan shall be part of the group resolution scheme as specified in Article 83. The financing plan shallmay establish the contribution from each national financing arrangement.
Amendment 1582 #
Proposal for a directive
Article 98 – paragraph 4
Article 98 – paragraph 4
4. Provided that the requirements under paragraph 2 of this article and Article 83 are fulfilled, Member States shallmay establish rules and procedures to ensure that each national financing arrangement under their jurisdiction effects its contribution to the financing plan immediately after their resolution authorities receive a request from the group level resolution authority.
Amendment 1583 #
Proposal for a directive
Article 98 – paragraph 5
Article 98 – paragraph 5
Amendment 1588 #
Proposal for a directive
Article 98 – paragraph 7
Article 98 – paragraph 7
7. Member States shall ensure that any proceeds or benefits, net of resolution costs, that arise from the use of the financing arrangements shall benefit all national financing arrangements in accordance to their contribution to the financing of the resolution as established in paragraph 2.
Amendment 1589 #
Proposal for a directive
Article 98 – paragraph 8
Article 98 – paragraph 8
Amendment 1614 #
Proposal for a directive
Article 99 – paragraph 4
Article 99 – paragraph 4
4. The contribution from the deposit guarantee scheme for the purpose of paragraph 1 shall be made in cashmay include (without limitation) cash, loan, guarantee or other security.
Amendment 1622 #
Proposal for a directive
Article 99 – paragraph 6
Article 99 – paragraph 6
6. Member States shall ensure that the deposit guarantee scheme has arrangements are in place to ensure that, following a contribution made by the deposit guarantee scheme under paragraphs 1 or 5 and where the depositors of the institution under resolution need to be reimbursed, the members of the scheme can immediately provide the scheme with the amounts that have to be paiddeposit guarantee scheme will be refunded for its contribution without delay.