BETA

64 Amendments of Mario MAURO related to 2012/0150(COD)

Amendment 155 #
Proposal for a directive
Recital 10
(10) National Authorities should take into account the risk, size and interconnectedness of an institution, legal status, nature, scope and complexity of business activity, and interconnectedness of an institution and membership to an IPS as according to Art. 80(8) CRD or other cooperative mutual solidarity systems as according to Art. 80(7) CRD and Art. 3 CRD when applying the requirements under this Directive in the context of recovery and resolution plans and when using the different tools at their disposal, making sure that the regime is applied in an proportionate and appropriate way.
2012/12/20
Committee: ECON
Amendment 274 #
Proposal for a directive
Article 1 a (new)
Article 1 a The competent authorities shall ensure when establishing and applying the requirements under this Directive and when using the different tools at their disposal to take account of risk, size, legal status interconnectedness, the nature, the scope and the complexity of the activities of institutions and membership to an IPS and other cooperative solidarity systems as according to Art. 80(8) CRD and Art. 3 CRD.
2012/12/20
Committee: ECON
Amendment 277 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
(1) ‘resolution’ means the restructuring of an institution in order to ensure the continuity of its essential functions, preserve financial stability and restore the viability of all or part of that institution; The resolution phase is formally declared by the resolution authority when conditions are met;
2012/12/20
Committee: ECON
Amendment 279 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
(1a) ‘early intervention’ means any action taken by a competent authority or by the DGS or by the IPS in consultation with a competent authority before the resolution phase is formally declared.
2012/12/20
Committee: ECON
Amendment 283 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
(7a) ‘IPS’ means an Institutional Protection Scheme meeting the requirements laid down in art. 80(8) of Directive 48/2006/CE.
2012/12/20
Committee: ECON
Amendment 313 #
Proposal for a directive
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
2012/12/20
Committee: ECON
Amendment 335 #
Proposal for a directive
Article 3 – paragraph 6 a (new)
6a. EBA should develop the required standards of expertise, resources and operational capacity and monitor the implementation of this paragraph also through periodical peer reviews. If needed, EBA shall require the designated authorities to take all measures necessary to ensure full compliance with such standards.
2012/12/20
Committee: ECON
Amendment 340 #
Proposal for a directive
Article 3 – paragraph 7
7. Where a Member State designates more than one authority to apply the resolution tools and exercise the resolution powers, it shall allocate functions and responsibilities clearly between these authorities, ensure adequate coordination between them and designate a single authority as a contact authority for the purposes of cooperation and coordination with the relevant authorities of other Member States.deleted
2012/12/20
Committee: ECON
Amendment 345 #
Proposal for a directive
Article 3 – paragraph 8
8. Member States shall inform European Banking Authority (EBA) of the national authority or authorities appointed as resolution authorities and contact authority and, where relevant, their specific functions and responsibilities. EBA shall publish the list of those resolution authorities.
2012/12/20
Committee: ECON
Amendment 355 #
Proposal for a directive
Article 4 – paragraph 1 – introductory part
1. Having regard to the impact that the failure of the institution could have, due to the legal model of the institution, the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, on financial markets, on other institutions, on funding conditions, having also regard to the existence of IPS for those institutions which participate in them, Member States shall ensure that competent and resolution authorities determine the extent to which the following apply to institutions:
2012/12/20
Committee: ECON
Amendment 392 #
Proposal for a directive
Article 5 – paragraph 1 a (new)
1a. Member States shall ensure that IPSs draw up and maintain a recovery plan for the whole network to the benefice to which they operate. Competent authorities shall refer to IPS for institutions that participate to them.
2013/01/11
Committee: ECON
Amendment 394 #
Proposal for a directive
Article 5 – paragraph 1 b (new)
1b. Institutions which are part of an intra group financial support a arrangements as referred to Article 16 of this directive are exempted to draw up recovery plans at individual level.
2013/01/11
Committee: ECON
Amendment 531 #
Proposal for a directive
Article 9 – paragraph 1 a (new)
1a. Institutions which are part of an intra group financial support arrangements as referred to Article 16 of this directive are exempted to draw up resolution plans at individual level.
2013/01/11
Committee: ECON
Amendment 640 #
Proposal for a directive
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.
2012/12/20
Committee: ECON
Amendment 676 #
Proposal for a directive
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 financing arrangements; (b) the absence of agreements pursuant to Article 11 or agreements pursuant to Article 88 with relevant third country authorities.
2012/12/20
Committee: ECON
Amendment 685 #
Proposal for a directive
Article 14 – paragraph 7 a (new)
7a. Member States shall ensure that: (a) institutions that are affected by the taking of measures by a resolution authority under this article have adequate rights of appeal and review, including judicial review, concerning such decision; (b) necessary legislative measures are taken to remove impediments which exist or arise as a result of compliance with Union or national legislation or regulations.
2012/12/20
Committee: ECON
Amendment 763 #
Proposal for a directive
Article 18
Article 18 deleted
2012/12/20
Committee: ECON
Amendment 784 #
Proposal for a directive
Article 20 – paragraph 1 – point c a (new)
(ca) Member states shall ensure their national laws did not prevent or impede the establishment and maintenance of intra-group support arrangements.
2012/12/20
Committee: ECON
Amendment 892 #
Proposal for a directive
Article 26 – paragraph 2 – point d
(d) to avoid unnecessary destruction of value and to seek to minimise the cost of resolutionbe the least cost alternative for creditors;
2012/12/20
Committee: ECON
Amendment 942 #
Proposal for a directive
Article 28 – paragraph 4
4. Subject to paragraph 3 and by way of derogation from the provisions of paragraph 1, notwithstanding the fact that a company referred to in point(c) or (d) of Article 1 may not meet the conditions established in Article 27 (1) resolution authorities may take resolution action with regards to a company referred to in point (c) or (d) of Article 1 when one or more of the subsidiaries which are institutions comply with the conditions established in Article 27 (1), (2) and (3) and their assets and liabilities represent the majority of the assets and liabilities of the group and action with regard to the company referred to in points (c) or (d) of Article 1 is necessary for the resolution of one or moresuch subsidiaries which are institutions orand for the resolution of the group as a whole.
2012/12/20
Committee: ECON
Amendment 953 #
Proposal for a directive
Article 29 – paragraph 1 – point c
(c) senior management of the institution under resolution is replaced and a monitoring trustee is appointed by the creditors to control the application of the resolution tool and the management of the institution under resolution;
2012/12/20
Committee: ECON
Amendment 1006 #
Proposal for a directive
Article 31 – paragraph 4
4. Resolution authorities may apply the asset separation tool and the bail-in tool only in conjunction with another resolution tool an in accordance with Article 31 (3) and (4).
2012/12/20
Committee: ECON
Amendment 1058 #
Proposal for a directive
Article 37 – paragraph 2 – introductory part
2. Member States shall ensure that resolution authorities may apply the bail-in tool for either of the following purposes:
2012/12/20
Committee: ECON
Amendment 1060 #
Proposal for a directive
Article 37 – paragraph 2 – point a
(a) to recapitalise an institution that meets the conditions for resolution to the extent sufficient to restore its ability to comply with the conditions for authorisation and to carry on the activities for which is authorised under Directive 2006/48/EC or Directive 2004/39/EC;deleted
2012/12/20
Committee: ECON
Amendment 1065 #
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 1
Member States shall ensure that resolution authorities may apply the bail-in tool for the purpose referred to in point (a) of paragraph 2 only if there is a realistic prospect that the application of that tool, in conjunction with measures implemented in accordance with the business reorganisation plan required by Article 47 will, in addition to achieving relevant resolution objectives, restore the institution in question to financial soundness and long-term viabilitythe powers of bail-in are only applied to eligible liabilities, identified in accordance with Article 39.
2012/12/20
Committee: ECON
Amendment 1070 #
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2
If the condition set out in the first subparagraph is not fulfilled, Member States shall apply any of the resolution tools referred to in points (a), (b) and (c) of Article 31 (2), and the bail-in tool referred to in point (b) of paragraph 2 of this Article, as appropriate.
2012/12/20
Committee: ECON
Amendment 1074 #
Proposal for a directive
Article 37 – paragraph 3 a (new)
3 a. Member States shall ensure that resolution authorities apply the bail-in tool as a last resort measure, in accordance with the resolution objectives specified in Article 26 (2), with a particular view on avoiding unnecessary destruction of value and on minimising losses for creditors.
2012/12/20
Committee: ECON
Amendment 1075 #
Proposal for a directive
Article 38 – paragraph 1
1. Member States shall ensure that the bail- in tool may beis applied to allonly to the liabilities of an institution that are not excluded from the scope of that tool pursuant to paragraph 2. fulfilling the conditions set out in draft regulatory technical standards developed by EBA. EBA shall submit those draft regulatory technical standards to the Commission within twenty four months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No1093/2010.
2012/12/20
Committee: ECON
Amendment 1076 #
Proposal for a directive
Article 38 – paragraph 2
2. [...]deleted
2012/12/20
Committee: ECON
Amendment 1131 #
Proposal for a directive
Article 38 – paragraph 3
3. Where resolution authorities apply the bail-in tool, they may exclude from the application of the write-down and conversion powers liabilities arising from derivatives that do not fall within the scope of point (d) of paragraph 2, if that exclusion is necessary or appropriate to achieve the objectives specified in points (a) and (b) of Article 26(2).deleted
2012/12/20
Committee: ECON
Amendment 1140 #
Proposal for a directive
Article 38 – paragraph 4
4. The Commission shall be empowered to adopt delegated acts adopted in accordance with Article 103 in order to specify further: (a) specific classes of liabilities covered by point (d) of paragraph 2, and. (b) the circumstances when exclusion is necessary or appropriate to achieve the objectives specified in points (a) and (b) of Article 26(2), having regard to the following factors: (i) the systemic impact of closing out derivative positions in order to apply the debt write-down tool; (ii) the effect on the operation of a Central Counterparty of applying the debt write-down tool to liabilities arising from derivatives that are cleared by the Central Counterparty; and (iii) the effect of applying the debt write- down tool to liabilities arising from derivatives on the risk management of counterparties to those derivatives.
2012/12/20
Committee: ECON
Amendment 1160 #
Proposal for a directive
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficientn aggregate amount of own funds and eligible liabilities expressed as athat is equal or higher than 10 per centage of the total liabilities of the institution that: a) 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; b) are not deposits that are guaranteed in accordance with Directive 94/19/EC; and c) are not guaranteed or covered bonds as defined in Article 22(4) of Council Directive 86/611/EEC.
2012/12/20
Committee: ECON
Amendment 1165 #
Proposal for a directive
Article 39 – paragraph 3
3. The minimum aggregate amount pursuant to paragraph 1 shall be determined on the basis of the following criteria: (a) the need to ensure that the institution can be resolved by the application of the resolution tools including, where appropriate, the bail in tool, in a way that meets the resolution objectives; (b) the need to ensure, in appropriate cases, that the institution has sufficient eligible liabilities to ensure that, if the bail in tool were to be applied the Common Equity Tier 1 ratio of the institution could be restored to a level necessary to sustain sufficient market confidence in the institution and enable it to continue to comply with the conditions for authorisation and to carry on the activities for which is authorised under Directive 2006/48/EC or Directive 2006/49/EC; (c) the size, the business model and the risk profile of the institution; (d) the extent to which the Deposit Guarantee Scheme could contribute to the financing of resolution in accordance with Article 99; (e) the extent to which the failure of the institution would have an adverse effect on financial stability, including, due to its interconnectedness with other institutions or with the rest of the financial system through contagion to other institutions.deleted
2012/12/20
Committee: ECON
Amendment 1190 #
Proposal for a directive
Article 39 – paragraph 6
6. Resolution authorities shall inform EBA of the minimum amount they have determined for each institution under their jurisdiction. EBA shall report to the Commission by 1 January 2018 at the latest on the implementation of the requirement under paragraph 1. In particular EBA shall report to the Commission whether there are divergences regarding the implementation at national level of that requirementEBA shall report to the Commission by 1 January 2018 at the latest on the implementation of the requirement under paragraph 1.
2012/12/20
Committee: ECON
Amendment 1194 #
Proposal for a directive
Article 39 – paragraph 7
7. The Commission shall, by means of delegated acts in accordance with Article 103, adopt measures to specify the criteria provided for in points (a) to (e) of paragraph 3 with possible references to different categories of institutions and related ranges of percentages.
2012/12/20
Committee: ECON
Amendment 1202 #
Proposal for a directive
Article 40 – paragraph 1 – introductory part
1. Resolution authorities may choose to apply the minimum requirement established in Article 39(1) and (3) on a consolidated basis to groups which are subject to consolidated supervision, provided that the following conditions are satisfied:
2012/12/20
Committee: ECON
Amendment 1247 #
Proposal for a directive
Article 47 – paragraph 1
1. Member States shall require that, within [one month] after the application of the bail-in tool to an institution in accordance with point (a) of Article 37(2), the administrator appointed under Article 46 shall draw up and submit to the resolution authority, the Commission and EBA a business reorganisation plan that satisfies the requirements of paragraphs 2 and 3 of this Article. Where the Union State aid framework is applicable, Member States shall ensure that such plan is compatible with the restructuring plan that the institution is required to submit to the Commission under that framework.deleted
2012/12/20
Committee: ECON
Amendment 1249 #
Proposal for a directive
Article 47 – paragraph 2
2. A business reorganisation plan shall set out measures aimed at restoring the long term viability of the institution or parts of its business within a reasonable timescale no longer than two years. Those measures shall be based on realistic assumptions as to the economic and financial market conditions under with the institution will operate. The business reorganisation plan shall take account, inter alia, of the current state and future prospects of the financial markets, reflecting best-case and worst- case assumptions. Stress-testing shall consider a ranged of scenarios, including a combination of events of stress and a protracted global recession. Assumptions shall be compared with appropriate sector-wide benchmarks.deleted
2012/12/20
Committee: ECON
Amendment 1250 #
Proposal for a directive
Article 47 – paragraph 2 – subparagraph 1
A business reorganisation plan shall set out measures aimed at restoring the long term viability of the institution or parts of its business within a reasonable timescale no longer than two years. Those measures shall be based on realistic assumptions as to the economic and financial market conditions under with the institution will operate.deleted
2012/12/20
Committee: ECON
Amendment 1252 #
Proposal for a directive
Article 47 – paragraph 2 – subparagraph 2
The business reorganisation plan shall take account, inter alia, of the current state and future prospects of the financial markets, reflecting best-case and worst- case assumptions. Stress-testing shall consider a ranged of scenarios, including a combination of events of stress and a protracted global recession. Assumptions shall be compared with appropriate sector-wide benchmarks.deleted
2012/12/20
Committee: ECON
Amendment 1254 #
Proposal for a directive
Article 47 – paragraph 3
3. A business reorganisation plan shall include the following elements: (a) a detailed diagnosis of the factors and problems that caused the institution to fail or to be likely to fail, and the circumstances that led to its difficulties; (b) a description of the measures aimed at restoring the long-term viability of the institution that are to be adopted; (c) a timetable for the implementation of those measures.deleted
2012/12/20
Committee: ECON
Amendment 1255 #
Proposal for a directive
Article 47 – paragraph 4
4. Measures aimed at restoring the long- term viability of an institution may include: (a) the reorganisation of the activities of the institution; (b) the withdrawal from loss-making activities; (c) the restructuring of existing activities that can be made competitive; (d) the sale of assets or of business lines.deleted
2012/12/20
Committee: ECON
Amendment 1257 #
Proposal for a directive
Article 47 – paragraph 5
5. Within one month from the date of submission of the business reorganisation plan, the resolution authority shall assess the likelihood that the plan, if implemented, restores the long term viability of the institution. If the resolution authority is satisfied that the plan would achieve that objective, it shall approve the plan.deleted
2012/12/20
Committee: ECON
Amendment 1258 #
Proposal for a directive
Article 47 – paragraph 6
6. If the resolution authority is not satisfied that the plan would achieve that objective the resolution authority shall notify the administrator of its concerns and require the administrator to amend the plan in way that addresses those concerns.deleted
2012/12/20
Committee: ECON
Amendment 1259 #
Proposal for a directive
Article 47 – paragraph 7
7. Within two weeks from the date of receipt of such a notification, the administrator shall submit an amended plan to the resolution authority for approval. The resolution authority shall assess the amended plan, and shall notify the administrator within one week whether it is satisfied that the plan, as amended, addresses the concerns notified or whether further amendment is required.deleted
2012/12/20
Committee: ECON
Amendment 1260 #
Proposal for a directive
Article 47 – paragraph 8
8. The administrator shall implement the reorganisation plan as agreed by the resolution authority, and shall report every six months to the resolution authority on the progress in the implementation of the plan.deleted
2012/12/20
Committee: ECON
Amendment 1261 #
Proposal for a directive
Article 47 – paragraph 9
9. The administrator shall revise the plan if that is necessary to achieve the aim set out in paragraph 2, and shall submit any such revision to the resolution authority for approval.deleted
2012/12/20
Committee: ECON
Amendment 1262 #
Proposal for a directive
Article 47 – paragraph 10
10. EBA shall develop draft regulatory technical standards to specify further: (a) the elements that should be included in a business reorganisation plan pursuant to paragraph 3; and (b) the contents of the reports pursuant to paragraph 8. 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 referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.deleted
2012/12/20
Committee: ECON
Amendment 1382 #
Proposal for a directive
Article 82 – paragraph 2
The group resolution authoritiesy shall communicate on requestordinate the flow of 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).
2012/12/20
Committee: ECON
Amendment 1426 #
Proposal for a directive
Article 91 – paragraph 1
1. Member States shall establish financing arrangements for the purpose of enabling each national Deposit Guarantee Scheme under Directive 94/19/EC, for all the institutions authorised in the territory of the Member State, the capability to ensuring the effective application by the resolution authority of the resolution tools and powers. The financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in Articles 26 and 29.
2012/12/20
Committee: ECON
Amendment 1427 #
Proposal for a directive
Article 91 – paragraph 1 a (new)
1 a. Institutional Protection Schemes shall be considered as financing arrangements, provided that they meet the requirements laid down in art. 80(8) of Directive 48/2006/CE.
2012/12/20
Committee: ECON
Amendment 1455 #
Proposal for a directive
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 105 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1% of the amount of covered deposits of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/EC.
2012/12/20
Committee: ECON
Amendment 1465 #
Proposal for a directive
Article 93 – paragraph 3
3. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 2, contributions raised in accordance with Article 94 shall resume until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than 0.251% of covered deposits.
2012/12/20
Committee: ECON
Amendment 1474 #
Proposal for a directive
Article 94 – paragraph 2 – point a
(a) if a Member State has availed itself of the option provided for in Article 99(5) of this Directive to use the funds of Deposit Guarantee Scheme for the purposes of Article 92 of this Directive, the contribution from each institution shall be pro-rata to the amount of its liabilities excluding own funds and deposits guaranteed under Directive 94/19/EC with respect to the total liabilities, excluding own funds and deposits guaranteed under Directive 94/19/EC, of all the institutions authorised in the territory of the Member State.
2012/12/20
Committee: ECON
Amendment 1478 #
Proposal for a directive
Article 94 – paragraph 2 – point b
(b) if a Member State has not availed itself of the option provided for in Article 99(5) to use the funds of the Deposit Guarantee Scheme for the purposes of Article 92, the contribution from each institution shall be pro-rata to the total amount of its liabilities, excluding own funds, with respect to the total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.deleted
2012/12/20
Committee: ECON
Amendment 1484 #
Proposal for a directive
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 Article.
2012/12/20
Committee: ECON
Amendment 1486 #
Proposal for a directive
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 30% of the total amount of contributions raised in accordance with this Article.
2012/12/20
Committee: ECON
Amendment 1491 #
Proposal for a directive
Article 94 – paragraph 5
5. The amounts raised in accordance with this Article shall only be used for the purposes specified in Article 92 of this Directive, and, where Member States have availed themselves of the option provided for under Article 99(5) of this Directive, for the purposes specified in Article 92 of this Directive or for the repayment of deposits guaranteed under Directive 94/19/EC.
2012/12/20
Committee: ECON
Amendment 1509 #
Proposal for a directive
Article 94 – paragraph 7 – point d
(d) the probability that the institution enters into resolution;deleted
2012/12/20
Committee: ECON
Amendment 1527 #
Proposal for a directive
Article 95 – paragraph 1
1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the financing arrangements, Member States shall ensure that extraordinary ex post contributions not exceeding 0.25% of covered deposits per calendar year are raised from the institutions authorised in their territory, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Article 94(2). However, such contributions shall not exceed an annual affordability threshold for contributions set by the financing arrangement. The credit institution may entirely or partially be exempted from the obligation referred to in the second subparagraph if this would jeopardise the settlement of claims of other creditors against it. Such exemption shall not be granted for a longer period than 6 months but may be renewed on request of the credit institution.
2012/12/20
Committee: ECON
Amendment 1613 #
Proposal for a directive
Article 99 – paragraph 4
4. The contribution from the deposit guarantee scheme for the purpose of paragraph 1 shall be made in cashproportionate to the situation and the need to maintain stability of the financial system.
2012/12/20
Committee: ECON
Amendment 1617 #
Proposal for a directive
Article 99 – paragraph 5
5. Member States may also provide that the available financial means of deposit guarantee schemes established in their territory may be used for the purposes of Article 92(1), provided that the deposit guarantee schemes comply, where applicable, with the provisions laid down in Articles 93 to 98.
2012/12/20
Committee: ECON
Amendment 1625 #
Proposal for a directive
Article 99 – paragraph 7
7. Where Member States avail themselves of the option provided for under paragraph 5 of this Article, the deposit guarantee schemes shall be considered as financing arrangements for the purpose of Article 91. In that case Member States may abstain from establishing separate funding arrangements.deleted
2012/12/20
Committee: ECON
Amendment 1630 #
Proposal for a directive
Article 99 – paragraph 8 – subparagraph 1
Where a Member State avails itself of the option provided for in paragraph 5, the following priority rule shall apply to the use of available financial means of the deposit guarantee scheme.
2012/12/20
Committee: ECON