114 Amendments of Philippe LAMBERTS related to 2015/0270(COD)
Amendment 96 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 806/2014 and amending Directive 2014/49/EU in order to establish a European Deposit Insurance Scheme
Amendment 118 #
Proposal for a regulation
Recital 5
Recital 5
(5) In June 2015, the Five Presidents Report on Completing Europe’'s Economic and Monetary Union pointed out that a single banking system can only be truly single if confidence in the safety of bank deposits is the same irrespective of the Member State in which a bank operates. This requires single bank supervision, single bank resolution and single deposit insurance. The Five Presidents report therefore proposed to complete the Banking Union by establishing a European Deposit Insurance Scheme (EDIS), the third pillar of a fully-fledged Banking Union alongside bank supervision and resolution. Concrete steps in that direction should already be taken as a priority, with a partial re-insurance system at the European level for the national deposit guarantee schemes as a first step towards a fully mutualised approach. The scope of this reinsurance system should coincide with that of the SSM.
Amendment 128 #
Proposal for a regulation
Recital 7
Recital 7
(7) The absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market and exacerbate negative externalities within the Single Market. A common deposit insurance scheme is therefore essential for the completion of the internal market in financial services.
Amendment 135 #
Proposal for a regulation
Recital 8
Recital 8
(8) Although Directive 2014/49/EU significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are needed at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors and thereby safeguard financial stability. EDIS would increase the resilience of the Banking Union against future crises by sharing and diversifying risk more widely and would offer equal protection for insured depositors, supporting the proper functioning of the internal market.
Amendment 142 #
Proposal for a regulation
Recital 10
Recital 10
(10) Despite the further harmonisation introduced by the Directive 2014/49/EU, national DGSs retain certain options and discretions, including with respect to certain essential elements like target levels, risk factors to be applied when assessing credit institutions’' contributions, repayment periods or the use of funds. Those differences between national rules may obstruct the free provision of services and create distortions of competition and negative externalities. In a highly integrated banking sector, uniformity ofcommon rules and approaches isare needed to ensure a consistently robust level of protection of depositors throughout the Union and so guarantee the objective of financial stability.
Amendment 149 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure parallelism with the SSM and the SRM, EDIS should apply to participating Member States. Banks established in the Member States not participating in the SSM should not be subject to EDIS. As long as supervision in a Member State remains outside the SSM, that Member State should remain responsible for ensuring the protection of depositors against the consequences of the insolvency of a credit institutiondeposits becoming unavailable. As Member States join the SSM, they should also automatically become subject to the EDIS. Transitional measures should be put in place to ensure a smooth phasing-in of any DGS that joins EDIS at a later date. Ultimately, the EDIS could potentially extend to the entire internal market.
Amendment 156 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure a level playing field within the internal market as a whole, this Regulation is consistent with Directive 2014/49/EU. It complements the rules and principles of that Directive to ensure the proper functioning of EDIS and that appropriate funding is available to the latter. The key objective of the EDIS is to enhance the effective deposit guarantee framework with a view to protecting depositors against the consequences of deposits becoming unavailable. At the full insurance stage, the objective is to provide an equal level of protection to all depositors of credit institutions affiliated to the participating DGSs. The material law on deposit guarantee to be applied within the EDIS framework will therefore be consistent with the one applicable by the national DGSs or designated authorities of the non- participating Member States, harmonised through the Directive 2014/49/EU.
Amendment 159 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) It should also be possible for the DIF to go beyond a pure reimbursement function and to use the available financial means in order to prevent the failure of a credit institution with a view to avoiding the costs of reimbursing depositors and other adverse impacts. Those measures should, however, be carried out within a clearly defined framework including appropriate systems and procedures in place for selecting and implementing such measures and monitoring affiliated risks. Implementing such measures should be subject to the imposition of conditions as defined in Directive 2014/49/EU. The costs of the measures taken to prevent the failure of a credit institution should not exceed the costs of fulfilling the statutory or contractual mandates of the respective DIF with regard to protecting covered deposits at the credit institution or the institution itself.
Amendment 165 #
Proposal for a regulation
Recital 17
Recital 17
(17) EDIS should progressively evolve from a reinsurance scheme into a fully mutualised co-insurance scheme over a number of6 years. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge-financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step is necessary to reduce the bank/sovereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective. However, such risk sharing implied by steps to reinforce Banking Union must proceed in parallel with risk reducing measures designed to break the bank-sovereign link more directly. Risks reduction measures are already supported by the SSM and SRM which aim to reduce the likelihood of bank failures and by the Banking Union single rulebook which establishes a wide range of prudential measures, taken in respect of banks, with the objective of strengthening supervision and crisis management, improving the amount and quality of capital, reducing concentration of exposures, fostering deleveraging, limiting pro-cyclical lending behaviour, reinforcing access to liquidity, addressing systemic risk due to size, complexity and interconnectedness, reinforcing depositor confidence and incentivising proper risk management via rules on governance
Amendment 173 #
Proposal for a regulation
Recital 17
Recital 17
(17) EDIS should progressively evolve from a limited reinsurance scheme into a fully mutualised co-reinsurance scheme over a number of years. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge-financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step is necessary to reduce the bank/sovereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective. However, such risk sharing implied by steps to reinforce Banking Union must proceed in parallel with risk reducing measures designed to break the bank-sovereign link more directly.
Amendment 183 #
Proposal for a regulation
Recital 18
Recital 18
(18) EDIS should be established in threewo sequential stages, first a limited reinsurance scheme that covers a gradually increasing share of the liquidity shortfall and a share of the excess losses of participating DGSs, followed by a co- insurance scheme that covers a gradually increasing share of the liquidity shortfallneeds and losses of participating DGSs and eventually resulting in a full insurance scheme that covers all liquidity needs and losses of participating deposit guaresulting at the end of the period in a fully mutualized reinsurantece schemes.
Amendment 187 #
Proposal for a regulation
Recital 19
Recital 19
(19) In the limited reinsurance stage, and in order to limit the liability for the European Deposit Insurance Fund (“"the Deposit Insurance Fund”") and to reduce moral hazard risk at the national level, assistance from the Deposit Insurance Fund can only be requested if the national DGS has raised ex-ante contributions in accordance with a precise funding path, and if it first depletes these funds. However, to the extent that a national DGS has collected funds over and above that which is required by the funding path, it only needs to use up the funds it had to collect to comply with the funding path before being able to receive coverage by EDIS. Therefore, DGSs which have collected more funds than is needed to comply with the funding path should not be in a worse position than those which have collected funds not exceeding the levels set out in the funding path.
Amendment 196 #
Proposal for a regulation
Recital 20
Recital 20
(20) As the Deposit Insurance Fund, in the re-insurance stage, would only provide an additional source of funding and would only weaken the link between banks and their national sovereign, without howeverOnly a fully mutualised Deposit Insurance Scheme would ensuringe that all depositors in the Banking Union enjoy an equal level of protection, the reinsurance stage should, after three years, gradually progress into a co-insurance scheme and ultimately into a fully mutualised deposit insurance scheme.
Amendment 199 #
Proposal for a regulation
Recital 20
Recital 20
(20) As the Deposit Insurance Fund, in the limited re-insurance stage, would only provide an additional source of funding and would only weaken the link between banks and their national sovereign, without however ensuring that all depositors in the Banking Union enjoy an equal level of protection, the reinsurance stage should, after three years, gradually progress into a co- insurance scheme and ultimately into a fully mutualised deposit reinsurance scheme.
Amendment 208 #
Proposal for a regulation
Recital 21
Recital 21
(21) While the reinsurance and coinsurancetwo stages would share many common features, ensuring a smooth gradual evolution, pay-outs under the co- insurancesecond stage would be shared between national DGS and the Deposit Insurance Fund as of the first euro of loss. The relative contribution from the Deposit Insurance Fund would gradually increase to 100 percent, resulting in thea fully mutualisationzed reinsurance of depositor risk across the Banking Union after four years.
Amendment 223 #
Proposal for a regulation
Recital 23
Recital 23
(23) The Deposit Insurance Fund is an essential element without which the progressive establishment of EDIS could not be achieved. Different national systems of funding would not provide for homogenous deposit insurance across the Banking Union. Throughout the threewo stages, the Deposit Insurance Fund should help ensuring the stabilising role of DGSs, a uniform high level of protection to all depositors in a harmonised framework throughout the Union and avoiding the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to different levels of protection at national level.
Amendment 228 #
Proposal for a regulation
Recital 24
Recital 24
(24) The Deposit Insurance Fund should be financed by direct contributions from banks and IPSs. Decisions taken within the EDIS, requiring the use of the Deposit Insurance Fund or of a national deposit guarantee scheme should not impinge on the fiscal responsibilities of the Member States. In that regard, only extraordinary public financial support should be considered to be an impingement on the budgetary sovereignty and fiscal responsibilities of the Member States.
Amendment 239 #
Proposal for a regulation
Recital 26
Recital 26
(26) Contributions would be directly levied on banks to finance the Deposit Insurance Fund. The Board would collect the contributions and administer the Deposit Insurance Fund, while national DGSs would continue to collect national contributions and administer national funds. In order to ensure fair and harmonised contributions for participating banks and provide incentives to operate under a model which presents less risk, both contributions to EDIS and to national DGS should be calculated on the basis of covered deposits and a risk-adjustment factor per bank. During the limited re- insurance period the risk-adjustment factor should consider the degree of risk incurred by a bank or IPS relative to all other banks affiliated to the same participating DGS. Once the stage of co-insurance is reached, the risk- adjustment factor should consider the degree of risk incurred by a bank relative to all other banks established in the participating Member States. This would ensure that, overall, EDIS is cost-neutral for banks and national DGSs and avoid any redistribution of contributions during the build-up phase of the Deposit Insurance Fund.
Amendment 262 #
Proposal for a regulation
Recital 30
Recital 30
(30) Ensuring effective and sufficient financing of the Deposit Insurance Fund is of paramount importance to the credibility and efficiency of EDIS. The capacity of the Board to contract alternative funding means for the Deposit Insurance Fund should be enhanced in a manner that optimises the cost of funding and preserves the creditworthiness of the Deposit Insurance Fund. Immediately after the entry into force of this Regulation, the necessary steps should be taken by the Board in cooperation with the participating Member States to develop the appropriate methods and modalities permitting the enhancement of the borrowing capacity of the Deposit Insurance Fund that should be in place by the date of application of this Regulation. It is essential also to create a mutualised credit line via the European Stability Mechanism (ESM) and an effective common fiscal backstop for the Banking Union to be used as a last resort.
Amendment 269 #
Proposal for a regulation
Recital 31
Recital 31
(31) It is necessary to ensure that the Deposit Insurance Fund is fully available for the purpose of ensuring the guarantee of deposits. Therefore, the Deposit Insurance Fund should primarily be used for the efficient implementation of deposit guarantee requirements and actions. Furthermore, it should be used only in accordance with the applicable deposit guarantee objectives and principles. Under certain conditions, the Deposit Insurance Fund could also provide funding where alternative measures are implemented in accordance with Article 41ja of this Regulation or where the available financial means of a DGS are used in resolution in accordance with Article 79 of this Regulation.
Amendment 275 #
Proposal for a regulation
Recital 36
Recital 36
(36) The Board should operate in joint- plenary, plenary and executive sessions. The Board, in its executive session, should prepare all decisions concerning pay-out procedures and, to the fullest extent possible, adopt those decisions. Regarding the use of the Deposit Insurance Fund, it is important that there is no first-mover advantage and that the outflows of the Deposit Insurance Fund are monitored. Once the net accumulated use of the Deposit Insurance Fund in the previous consecutive 12 months reaches the threshold of 250% of the final target level, the plenary session should evaluate the application of the deposit insurance actions or the participations in resolution actions and the use of the Deposit Insurance Fund, and should provide guidance which the executive session should follow in subsequent decisions. Guidance to the executive session should, in particular, focus on ensuring the non-discriminatory application of deposit insurance actions or participation in resolution actions, on measures to be taken to avoid a depletion of the Deposit Insurance Fund.
Amendment 284 #
Proposal for a regulation
Recital 46
Recital 46
(46) In order for EDIS to function in an effective manner as of […....], the provisions concerning the payment of contributions to the Deposit Insurance Fund, the establishment of all the relevant procedures and any other operational and institutional aspects should apply from XXJanuary 2017.
Amendment 285 #
Proposal for a regulation
Recital 47
Recital 47
(47) Regulation (EU) No 806/2014 and Directive 2014/49/EU should be amended to incorporate and respectively take into account the establishment of EDIS,
Amendment 289 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – introductory part
Article 1 – paragraph 2 – subparagraph 1 – introductory part
2. In addition, in order to ensure that all depositors in the Banking Union enjoy an equal level of protection, this Regulation establishes a fully mutualised European Deposit Insurance Scheme ('EDIS') in threeby 2024 at the latest in successive stages:.
Amendment 294 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – introductory part
Article 1 – paragraph 2 – subparagraph 1 – introductory part
2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS') in three successivewo stages:
Amendment 299 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 1
Article 1 – paragraph 2 – subparagraph 1 – indent 1
- a limited reinsurance scheme that, to a certain extent, provides funding and provides a gradually increasing level of funding and to a certain extent covers a share of the losses of participating deposit guarantee schemes in accordance with Article 41a;
Amendment 305 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Article 1 – paragraph 2 – subparagraph 1 – indent 2
- a co-mutualised reinsurance scheme that, to a gradually increasing extent, provides funding and covers losses of participating deposit guarantee schemes in accordance with Article 41cda;
Amendment 309 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 3
Article 1 – paragraph 2 – subparagraph 1 – indent 3
Amendment 324 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Regulation (EU) No 806/2014
Article 3 – paragraph 1 – point 57
Article 3 – paragraph 1 – point 57
(57) 'available financial means of the DIF' means cash, deposits and, irrevocable payment commitments collateralized with sovereign securities and payable at any rate within 48 hours upon the request of the Board or within 24 hours if early intervention or crisis management measures are applied to the credit institution by the competent or resolution authority, as well as low-risk assets which can be liquidated within a period not exceeding that referred to in Article 8(1) of the Directive 2014/49/EU.;
Amendment 329 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 806/2014
Article 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 806/2014
Article 5 – title
Amendment 334 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 b (new)
Article 1 – paragraph 1 – point 5 b (new)
Regulation (EU) No 806/2014
Article 5 – paragraph 1
Article 5 – paragraph 1
5b. In Article 5(1), the following new subparagraph -1 is added: ‘Where, pursuant to this Regulation, the Board decides to exercise the recovery rights, which, pursuant to Directive 2014/49/EU are exercised by the DGS, the Board shall, for the application of this Regulation and of Directive 2014/49/EU, be considered to be the relevant DGS in national insolvency proceedings.’
Amendment 335 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 806/2014
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Every action, proposal or policy of the Board, the Council, the Commission, a national resolution authority, or a participating DGS in the framework of the SRM or of EDIS shall be undertaken with full regard and duty of care for the unity and integrity of the internal market with the purpose of ensuring the highest possible level of depositor protection across the Member States of the Banking Union and of reducing the overall level of risk within the banking sector and to minimize systemic risks.;
Amendment 338 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 806/2014
Article 34 – paragraph 5
Article 34 – paragraph 5
9a. in Article 34, paragraph 5 is replaced as follows: ‘5. The Board, the ECB, the national competent authorities and the national resolution authorities and the designated authorities may draw up memoranda of understanding with a procedure concerning the exchange of information. The exchange of information between the Board, the ECB, the national competent authorities and the national resolution authorities and the designated authorities shall not be deemed to infringe the requirements of professional secrecy.’
Amendment 349 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 1 – title
Part IIa – title I – chapter 1 – title
Reinsurance Partial reinsurance
Amendment 354 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Amendment 362 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 1
Article 41a – paragraph 1
1. As from the date of application set out in Article 99(5a)January 2018, participating DGSs are reinsured by EDIS in accordance with this Chapter for a period of three years (‘'partial reinsurance period’').
Amendment 368 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 2
Article 41a – paragraph 2
2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation or is used for alternative measures in accordance with Article 41ja of this Regulation, it may claim funding from the DIF of up to 20% of its. The share of liquidity shortfall acoverage a participating DGS may claim from the DIF is set out in Article 41bparagraph 3a.
Amendment 381 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 3
Article 41a – paragraph 3
3. The DIF shall alsobe liable to the participating DGS and cover 230% of the excess loss of the participating DGS as set out in Article 41c. The participating DGS shall repay the amount of funding it obtained under paragraph 2 of this Article, less the amount of excess loss cover, in accordance with the procedure set out in Article 41o.
Amendment 382 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 3a (new)
Article 41a – paragraph 3a (new)
3a. The share of liquidity coverage under the second paragraph shall increase during the partial reinsurance period as follows: - in the first year of the partial reinsurance period it shall be 20 %; - in the second year of the partial reinsurance period it shall be 60 %; - in the third year of the partial reinsurance period it shall be 100 %.
Amendment 383 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 3b (new)
Article 41a – paragraph 3b (new)
3b. If a Member State joins the SSM during the partial reinsurance period the Commission, the Board and the designated authority of the Member State joining the SSM shall conclude a memorandum of understanding establishing transitional measures to ensure a phasing-in of the DGS of the joining Member State within one year. The memorandum shall detail in particular the transfer of funds accumulated by the DGS of the joining Member State in line with the funding path referred to in Article 74b.
Amendment 385 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41a – paragraph 4
Article 41a – paragraph 4
Amendment 391 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41b – paragraph 1 –point b
Article 41b – paragraph 1 –point b
(b) the amount of extraordinary contributions as defined in Article 10(8) of the Directive 2014/49/EU the participating DGS can raise within threefour days from the payout event.
Amendment 399 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41c – paragraph 1 – point b
Article 41c – paragraph 1 – point b
(b) the amount of available financial means the participating DGS should havehas at the time of the payout event if it hads raised ex- ante contributions in accordance with Article 41j;
Amendment 400 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41c – paragraph 1 – point c
Article 41c – paragraph 1 – point c
(c) the amount of ex-post contributions the participating DGS may raise in accordance with the first sentence of the first subparagraph of Article 10(8) of Directive 2014/49/EU within onthree calendar year, which shall contain the amount raised in accordance with point (b) of Article 41b(1) of this Regulation.
Amendment 401 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41c – paragraph 2 – point b
Article 41c – paragraph 2 – point b
(b) the amount of available financial means the participating DGS should havehas at the time of the determination if it had raised ex-ante contributions in accordance with Article 41j.
Amendment 411 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 2 – title
Part IIa – title I – chapter 2 – title
Chapter 2 Co-Mutualised reinsurance
Amendment 412 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41d
Article 41d
Amendment 419 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41d a (new)
Article 41d a (new)
Article 41d a Funding and Loss Cover 1. As from the end of the partial reinsurance period, the participating DGS shall be fully reinsured by EDIS in accordance with this Chapter and shall be liable in respect of depositors' compensation claims in accordance with the share referred to in Article 41e. 2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of this Regulation, or is used for alternative measures in accordance with Article 41ja of this Regulation, it may claim funding from the DIF of a share of its liquidity need as defined in Article 41f of this Regulation. The share shall increase in accordance with Article 41e. 3. The DIF shall also cover a share of the loss of the participating DGS as defined by Article 41g. The share shall increase in accordance with Article 41e. The participating DGS shall repay the amount of funding it obtained under paragraph 2, less the amount of loss cover, in accordance with the procedure set out in Article 41o. 4. If a Member State joins the SSM during the mutualised reinsurance period the Commission, the Board and the designated authority of the Member State joining the SSM shall conclude a memorandum of understanding establishing transitional measures to ensure a phasing-in of the DGS of the joining Member State within one year. The memorandum shall detail in particular the transfer of funds accumulated by the DGS of the joining Member State in line with the funding path referred to in Article 74b.
Amendment 420 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41e – paragraph 1
Article 41e – paragraph 1
The share of coverage under the second and third paragraph of Article 41da shall increase during the co-mutualised reinsurance period as follows: - in the first year of the co-insurance period it shall be 20%; - in the second year of the co- insurance period it shall 450%; - in the third year of the co- insurance period it shall be 680%; - in the fourth year of the co- insurance period it shall be 8100%.
Amendment 427 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa – title I – chapter 3
Part IIa – title I – chapter 3
Amendment 457 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41i – paragraph 1 – introductory part
Article 41i – paragraph 1 – introductory part
1. A participating DGS shall notmay cease to be covered by EDIS in the reinsurance, co- insurance or full insurance phase,or shall be subject to pecuniary sanctions if the Commission, acting on its own initiative or upon a request of the Board or a participating Member State, decides and informs the Board accordingly that at least one of the following disqualifying conditions is met:disqualifying conditions referred to in subparagraphs (a) and (b) is met and that the disqualification is proportionate to the breach committed and is imposed after the participating DGS has failed to comply with interim enforcement actions within pre-set deadlines.
Amendment 465 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41i – paragraph 1 – point a
Article 41i – paragraph 1 – point a
(a) the participating DGS has failed to comply with the relevant obligations under this Regulation or Articles 4, 6, 7 or 10 of Directive 2014/49/EU;
Amendment 472 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41i – paragraph 2
Article 41i – paragraph 2
2. When funding has already been obtained by a participating DGS and at least one of the disqualifying conditions referred to in paragraph 1 is met in relation to a payout event or a use in resolutionthe participating DGS has been disqualified in accordance with paragraph 1, the Commission may order a full or partial repayment of the funding to the DIF provided that deposits held by the date on which a DGS is disqualified continue to be covered by the EDIS.
Amendment 474 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41i – paragraph 2 a (new)
Article 41i – paragraph 2 a (new)
2a. The Commission shall adopt a delegated act in accordance with Article 93 to specify the procedure and timeframe to follow when disqualification decisions are being taken as well as the interim enforcement actions and sanctions referred to in paragraph 1.
Amendment 483 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41j – paragraph 1
Article 41j – paragraph 1
1. A participating DGS shall only be reinsured, co-insured or fully insucovered by EDIS during the year following any of the dates set out below, if, by that date, its available financial means raised by contributions referred to in Article 10(1) of Directive 2014/49/EU amount to at least the following percentages of the total amount of covered deposits of all credit institutions affiliated to the participating DGS: – by 3 July 2017: 0.145%; – by 3 July 2018: 0.215%; – by 3 July 2019: 0.2835%; – by 3 July 2020: 0.2840%; – by 3 July 2021: 0.2635%; – by 3 July 2022: 0.205%; – by 3 July 2023: 0.1120%; – by 3 July 2024: 0.20%.
Amendment 498 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41j – paragraph 2
Article 41j – paragraph 2
2. The Commission, after consulting the Board, may approve a derogation from the requirements set out in paragraph 1 for duly justified reasons linked to the business cycle in the respective Member State, the impact pro-cyclical contributions may have, or to a payout event or a resolution action financing which occurred at national level. Those derogations must be temporary and may be subject to the fulfilment of certain conditions.
Amendment 504 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41j – paragraph 2a (new)
Article 41j – paragraph 2a (new)
2a. The Commission shall adopt a delegated act in accordance with Article 93 to specify the conditions referred to in paragraph 2.
Amendment 505 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41ja (new)
Article 41ja (new)
Article 41ja Alternative measures 1. The Board may use up to 25% of the DIF available financial means for alternative measures in order to prevent the failure of a credit institution provided that the conditions referred to in paragraph 3 of Directive 2014/49/EU are met. 2. If available financial means are used for alternative measures in accordance with paragraph 1 of this Article, the affiliated credit institutions shall immediately provide the DIF with the means used for alternative measures, where necessary in the form of extraordinary ex post contributions in case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation and the available financing means of the DIF are not sufficient to provide the funding that DGSs may claim from the DIF in accordance with the provisions of this Regulation. 3. Alternative measures as referred to in paragraph 1 of this Article shall not be applied where the competent authority, after consulting the resolution authority, considers the conditions for resolution action under Article 27(1) of Directive 2014/59/EU to be met. 4. The Commission shall adopt a delegated act in accordance with Article 93 to specify the conditions referred to in paragraph 1. 5. Whenever available financial means are used for alternative measures in accordance with paragraph 1, competent authorities shall require the beneficiary credit institution to update the recovery plan referred to in Article 7 of Directive 2014/59/EU. The competent authority shall in particular direct the beneficiary credit institution to implement the measures referred to in the third subparagraph of paragraph 6 of Article 6 of Directive 2014/59/EU. The competent authority may also restrict or prohibit the beneficiary institution from undertaking any of the following actions: (a) make a distribution in connection with Common Equity Tier 1 capital; (b) create an obligation to pay variable remuneration or discretionary pension benefits or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet the combined buffer requirements; (c) make payments on Additional Tier 1 instruments.
Amendment 508 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 k – paragraph 1
Article 41 k – paragraph 1
Where a participating DGS has been informed by the competent authority or the resolution authority about, or has otherwise become aware of, circumstances relating to a credit institution affiliated to that participating DGS that are likely to result in a payout event or its use in resolution proceedings, it shall inform the Board about such circumstances without delay if it intends to request coverage by EDIS. In this case the participating DGS shall also provide the Board with an estimate of the expected liquidity shortfall or liquidity need.
Amendment 510 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 l – paragraph 1
Article 41 l – paragraph 1
1. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of this Regulation, it shall immediately notify the Board and submit all necessary information in order to allow the Board to assess whether the conditions for the provision of funding and loss cover in accordance with Article 41a, 41d and 41hda of this Regulation are met.
Amendment 513 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 l – paragraph 1 – point c
Article 41 l – paragraph 1 – point c
(c) in case of a payout event, an estimate of the extraordinary contributions it can raise within threefour days from that event;
Amendment 517 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 m – paragraph 2
Article 41 m – paragraph 2
Amendment 522 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 m – paragraph 3
Article 41 m – paragraph 3
3. The Board shall immediately inform the participating DGS about its decision under paragraphs 1 and 2. The participating DGS may request a review of the Board’'s decision within 24 hours after it has been informed. It shall state the reasons why it considers an amendment to the Board’'s decision necessary, in particular with respect to the extent of coverage by EDIS. The Board shall take a decision on the request within another 24 hours.
Amendment 524 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 n – paragraph 1 – introductory part
Article 41 n – paragraph 1 – introductory part
The Board shall provide funding under Articles 41a(2), 41d(21) and 41hda(2) in accordance with the following provisions:
Amendment 527 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 n – paragraph 1 – point b
Article 41 n – paragraph 1 – point b
(b) the funds shall be due immediatelwithin one day after the determination of the Board in Article 41m.
Amendment 535 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 1
Article 41 o – paragraph 1
1. The participating DGS shall repay the funding provided by the Board under Article 41n, less the amount of any excess loss cover in case of coverage under Article 41a or any loss cover in case of coverage under Article 41d or Article 41ha.
Amendment 539 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 2
Article 41 o – paragraph 2
2. Until the termination of the insolvency or resolution procedure, the Board shall determine, on an annual basis, the amount the participating DGS has already recovered from the insolvency procedure or has already been paid in accordance with Article 75 of Directive 2014/59/EU. The participating DGS shall provide to the Board all information necessary to make this determination. The participating DGS shall pay to the Board a share of that amount which corresponds to the share that is covered by EDIS in accordance with Article 41a, Article 41d or Article 41hda.
Amendment 542 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 3
Article 41 o – paragraph 3
3. In case of coverage under Article 41a, the participating DGS shall also pay to the Board, by the end of the first calendar year after the funding was provided, an amount equal to the ex-post contributions that the participating DGS may raise within onthree calendar year in accordance with the first sentence of the first subparagraph of Article 10(8) of Directive 2014/49/EU, less the amount of ex-post contributions it raised in accordance with point (b) of Article 41b(1) of this Regulation.
Amendment 547 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 4
Article 41 o – paragraph 4
4. After the termination of the insolvency procedure or resolution procedure of the credit institution concerned, the Board shall without delay determine the excess loss in accordance with Article 41da or the loss in accordance with Article 41hda. Where this determination results in a repayment obligation of the participating DGS that differs from the amounts repaid in accordance with the second and third paragraph, the difference shall be settled between the Board and the participating DGS without delay.
Amendment 548 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 p – paragraph 2
Article 41 p – paragraph 2
2. The participating DGS shall provide to the Board and the Commission, at regular intervals established by the Board, accurate, reliable and complete information on the payout procedure, the exercise of the rights it subrogated into, or any other matter that is relevant for the effective implementation of the Board’'s actions provided for in this Regulation or for the exercise of the powers of the participating DGS in the Directive 2014/49/EU or this Regulation. The participating DGS shall inform the Board, on a daily basis, about the total amount repaid to depositors, the use of the cash contribution, and any difficulties it encountered.
Amendment 549 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 q – paragraph 2
Article 41 q – paragraph 2
2. The participating DGS shall maximise its proceeds from the insolvency estate and shall be liable towards the Board for any amounts not recovered due to a lack of diligence. The Board may decide, after hearing the participating DGS or at the request of the Commission, to exercise itself all rights arising under the deposit claims mentioned in paragraph 1.;
Amendment 553 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 – point b a (new)Regulation (EU) No 806/2014
Article 1 – paragraph 1 – point 12 – point b a (new)Regulation (EU) No 806/2014
Article 45 – paragraph 8
(ba) Paragraph 8 is replaced by the following: '8. During any investigations by the European Parliament, the Board shall cooperate with the European Parliament, subject to the TFEU and regulations referred to in Article 226 thereof. Within six months of the appointment of the Chair, the Board and the European Parliament shall conclude appropriate arrangements on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the Board by this Regulation. Such appropriate arrangements shall be updated every two years and by 2018 at the latest. Subject to the power of the European Parliament pursuant to Article 226 TFEU, those arrangements shall cover, inter alia, access to information, including rules on the handling and protection of classified or otherwise confidential information, cooperation in hearings, as referred to in Article 45(4) of this Regulation, confidential oral discussions, reports, responding to questions, investigations and information on the selection procedure of the Chair, the Vice- Chair, and the four members referred to in Article 43(1)(b) of this Regulation.'
Amendment 559 #
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 50 a – paragraph 1 – point a
Article 50 a – paragraph 1 – point a
(a) once the net accumulated use of the DIF in the last consecutive 12 months reaches the threshold of 250% of the final target level, evaluate the application of EDIS, in particular the use of the DIF, and provide guidance which the executive session shall follow in subsequent payout decisions, in particular, if appropriate, differentiating between the provision of funding and loss cover;
Amendment 562 #
Proposal for a regulation
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Regulation (EU) No 806/2014
Article 52 – paragraph 3
Article 52 – paragraph 3
3. By way of derogation from paragraph 1 of this Article, decisions referred to in Article 50(1) or Article 50a(1), which involve the raising of ex- post contributions in accordance with Article 71 or Article 74d, on voluntary borrowing between financing arrangements in accordance with Article 72 or Article 74f, on alternative financing means in accordance with Article 73, Article 74 or Article 74g, as well as on the mutualisation of national financing arrangements in accordance with Article 78, exceeding the use of the financial means available in the SRF or in the DIF, shall be taken by a majority of two thirds60% of the Board members, representing at least 50 40% of contributions during the transitional period until the SRF is fully mutualised and respectively the DIF has reached its final target level and by a majority of two thirds of the Board members, representing at least 30 % of contributions from then on. Each voting member shall have one vote. In the event of a tie, the Chair shall have a casting vote.
Amendment 564 #
Proposal for a regulation
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Regulation (EU) No 806/2014
Article 52 – paragraph 4
Article 52 – paragraph 4
4. By way of derogation from paragraph 1 of this Article, the decision referred to in point (d) of Article 50a(1) shall be taken by a majority of two thirds60% of the Board members. Each voting member shall have one vote. In the event of a tie, the Chair shall have a casting vote.
Amendment 567 #
Proposal for a regulation
Article 1 – paragraph 1 – point 28
Article 1 – paragraph 1 – point 28
Regulation (EU) No 806/2014
Article 60 a – paragraph 2 – point a
Article 60 a – paragraph 2 – point a
(a) funding provided to participating DGSs for the purposes of Article 41a, Article 41d or Article 41hda;
Amendment 569 #
Proposal for a regulation
Article 1 – paragraph 1 – point 32 a (new)
Article 1 – paragraph 1 – point 32 a (new)
Regulation (EU) No 806/2014
Article 74
Article 74
32a. Article 74 is replaced as follows: Article 74 ‘Article 74 Access to financial facility Access to financial facility The Board shall contract for the Funds financial arrangements, including, where possible, public financial arrangements, regarding the immediate availability of additional financial means to be used in accordance with Articles 74a and 76, where the amounts raised or available in accordance with Articles 70, 71, 74c and 714d are not sufficient to meet the Funds' obligations.’
Amendment 571 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 1
Article 74 a – paragraph 1
1. The DIFeposit Insurance Fund (DIF) is hereby established. It shall be gradually filled by contributions owed to the Board by credit institutions affiliated to participating DGSs. The contributions shall be calculated and invoiced, on behalf of the Board, by participating DGSs.
Amendment 579 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 2
Article 74 a – paragraph 2
2. The Board shall use the DIFeposit Insurance Fund only in order to provide the funding to, and cover the losses of, participating DGS in the differenttwo stages set out in Article 1(2) and in accordance with the objectives and the principles governing EDIS referred to in Article 6. Under no circumstances shall the Union budget or the national budgets be held liable for expenses or losses of the Fund.
Amendment 600 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b – paragraph 1
Article 74 b – paragraph 1
1. By the end of the third year of the partial reinsurance period the available financial means of the DIFeposit Insurance Fund shall reach an initial target level of 20% of four ninth of the sum of thethe total minimum target levels that participating DGSs shall reach in accordance withunder the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 616 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b – paragraph 2
Article 74 b – paragraph 2
2. By the end of the co-fourth year of the mutualised reinsurance period the available financial means of the DIFeposit Insurance Fund shall reach the sum80% of the minimum target levels that participating DGSs shall reach under the first subparagraph of Article 10(2) of the Directive 2014/49/EU.
Amendment 623 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
3. During the reinsurance and co- By the end of the fourth year of the mutualised reinsurance periods contributions to the DIFeposit Insurance Fund calculated in accordance with Article 74c shall be spread out in time as evenly as possible until the respective target level is reached.
Amendment 630 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 b – paragraph 4
Article 74 b – paragraph 4
4. After the target level specified in paragraph 2 has been reached for the first time and where the available financial means have subsequently been reduced to less than two-thirds75% of the target level, the contributions calculated in accordance with Article 74c shall be set at a level allowing to reach the target level within sixfive years.
Amendment 640 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
1. Each year during the reinsurance and co-before the fourth year of the mutualised reinsurance period, the Board shall, after consulting the ECB, the EBA and the national competent authority and in close cooperation with the participating DGSs and designated authorities, determine for each participating DGS the total amount of ex- ante contributions that it may claim from the credit institutions affiliated to the respective participating DGS in order to reach the target levels provided for in Article 74b. The total amount of contributions shall not exceed the target levels provided for in Aarticle 74b (1) and (2).
Amendment 646 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 2
Article 74 c – paragraph 2
Amendment 652 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 2 – subparagraph 2
Article 74 c – paragraph 2 – subparagraph 2
Amendment 657 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 2 – subparagraph 3
Article 74 c – paragraph 2 – subparagraph 3
In allthe two stages of EDIS the participating DGS shall invoice, on behalf of the Board, the contribution of each credit institution on anat least annual basisly. Credit institutions shall pay the invoiced amount directly to the Board. The contributions shall become due on 31 May of each year.
Amendment 661 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 2 a (new)
Article 74 c – paragraph 2 a (new)
2a. By way of derogation from paragraphs 1 and 2, an Institutional Protection Scheme (IPS) as referred to in Article 2(2) of Directive 2014/49/EU may pay a consolidated contribution on behalf of its members. The individual contributions of the members of the IPS to the consolidated contribution shall be subject to a regular review by the Board.
Amendment 675 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 2
Article 74 c – paragraph 5 – subparagraph 2
It shall adopt one delegated act specifyfor covering the method for the calculation of contributions payable to participating DGSs and, for the reinsurance period only, to the DIF. In this delegated actperiod by the end of the third year of the mutualised reinsurance where the calculation shall be based on the amount of covered deposits and the degree of risk incurred by each credit institution relative to all other credit institutions affiliated to the same participatingrespective DGS.
Amendment 685 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – introductory part
Article 74 c – paragraph 5 – subparagraph 4 – introductory part
Both delegated acts shall include, inter alia, a calculation formula, specific indicators, risk classes for members, thresholds for risk weights assigned to specific risk classes, and other necessary elements and shall take due account of the phase of the business cycle, and the impact pro-cyclical contributions may have when setting annual contributions in the context of this paragraph. The degree of risk shall be assessed on the basis of the following criteria:
Amendment 693 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point c
Article 74 c – paragraph 5 – subparagraph 4 – point c
(c) the stability and variety of the institutions sources of funding and its unencumbered highly liquid assets’ and the degree to which the institution's assets are encumbered;
Amendment 695 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point c a (new)
Article 74 c – paragraph 5 – subparagraph 4 – point c a (new)
(ca) the institution's contribution to overall systemic risks and its size its complexity and its degree of interconnection with other institutions as well as the ease at which its critical functions can be segregated from other functions,
Amendment 697 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point d
Article 74 c – paragraph 5 – subparagraph 4 – point d
(d) the quality of the institution’s's assets, in particular the proportion of level 2 and 3 assets;
Amendment 700 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point e
Article 74 c – paragraph 5 – subparagraph 4 – point e
(e) the institution’'s business model and management, as well as the structural complexity of the group to which it belongs;
Amendment 703 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point f
Article 74 c – paragraph 5 – subparagraph 4 – point f
Amendment 705 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point fa
Article 74 c – paragraph 5 – subparagraph 4 – point fa
(fa) the potential within a Member State that insolvency proceedings are achieved fully and timely and the expected outcomes of such proceedings as well as the likely effectiveness of alternative measures used in accordance with Article 11(3) of Directive 2014/49/EU;
Amendment 715 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 – subparagraph 4 – point f b (new)
Article 74 c – paragraph 5 – subparagraph 4 – point f b (new)
(fb) the institution's level of diversification of its sovereign exposures.
Amendment 725 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
1. Where, after the partial reinsurance period, the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the DIFeposit Insurance Fund following a payout event, extraordinary ex-post contributions from the credit institutions affiliated to participating DGSs shall be raised in order to cover the additional amounts. Notwithstanding paragraphs 2 and 3, the amount of ex-post contributions to be raised shall be equal to the shortfall of available financial means but shall not exceed the maximum share of total covered deposits of all credit institutions within the scope of EDIS laid down by delegated act of the Commission in accordance with paragraph 5.
Amendment 728 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 d – paragraph 3
Article 74 d – paragraph 3
3. The Board shall, on its own initiative after consulting the relevant competent authority, or upon proposal by the relevant competent authority, defer, in whole or in part, in accordance with the delegated acts referred to in paragraph 4, an institution's payment of extraordinary ex-post contributions if it is necessary to protect its financial position or to avoid procyclical effects. Such a deferral shall not be granted for a period of longer than six monthsone year but may be renewed on request of the institution. The contributions deferred pursuant to this paragraph shall be made later at a point in time when the payment no longer jeopardises the institution's financial position.
Amendment 741 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g – paragraph 1
Article 74 g – paragraph 1
1. The Board may contract for the DIFeposit Insurance Fund borrowings or other forms of support from institutions, financial institutions or other third parties, which offer better financial terms, at the most appropriate time so as to optimise the cost of funding and preserve its reputation. The proceeds of such borrowings shall be used exclusively to meet payment obligations towards participating DGSs, in the event that the amounts raised in accordance with Articles 74c and 74d are not immediately accessible or do not cover the amounts claimed from the DIF in relation to payout events.
Amendment 743 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g – paragraph 1 a (new)
Article 74 g – paragraph 1 a (new)
1a. Where the Board decides to make a disbursement from the DIF to the participating DGS, the Board may raise, as appropriate, temporary funding by alternative funding means, to a maximum equivalent of that determined disbursement. The DIF shall subrogate to the claims which the participating DGS has, in accordance with Article 9(2) of Directive 2014/49/EU, on the credit institution concerned. It may use those claims as collateral for raising the alternative means of funding. Such subrogation is without prejudice to the role of the participating DGS in collecting the deposit claims which it subrogated to in accordance with Article 9(2) of Directive 2014/49/EU.
Amendment 750 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g – paragraph 3 a (new)
Article 74 g – paragraph 3 a (new)
3a. The Board shall apply for a credit institution authorisation to the Single Supervisory Mechanism in accordance with Article 6 of Directive 2006/48/EC limited to the purpose of paragraph 1.
Amendment 753 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Article 74ga Monitoring tools 1. The Board shall monitor on a yearly basis whether the overall level of risk and in particular of systemic risks within the banking sector has been objectively reduced following the entry into force of this Regulation. 2. For the purpose of paragraph 1 it shall assess on a yearly basis the indicators referred to in subparagraph n4 of article 74c as well as available indicators relevant for the banking sector including, inter alia, the ESRB dashboard referred to in article 3 paragraph 2(g) of Regulation No 1092/2010, the recovery plans indicators referred to in article 9 of Directive 2014/59/EU. The yearly assessment shall be integrated in the annual report referred to in article 45.
Amendment 754 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g a (new)
Article 74 g a (new)
Article 74ga The Board shall contract for the DIF financial arrangements, including public financial arrangements as a mutualised credit line via the European Stability Mechanism in order to make immediate availability of additional financial means to be used where the amounts raised or available are not sufficient to meet the DIF obligations. A common backstop shall be developed during transitional period before setting a mutualised fund to facilitate borrowing by the DIF. The use of the common backstop shall be fiscally neutral in the medium term.
Amendment 759 #
Proposal for a regulation
Article 1 – paragraph 1 – point 36
Article 1 – paragraph 1 – point 36
Regulation (EU) No 806/2014
Article 75 – paragraph 2
Article 75 – paragraph 2
2. The amounts received from an institution under resolution or a bridge institution, the interests and other earnings on investments and any other earnings shall benefit only the SRF and the DIF, as appropriate.
Amendment 764 #
Proposal for a regulation
Article 1 – paragraph 1 – point 36
Article 1 – paragraph 1 – point 36
Regulation (EU) No 806/2014
Article 75 – paragraph 3
Article 75 – paragraph 3
3. The Board shall have a prudent and safe investment strategy that is provided for in the delegated acts adopted pursuant to paragraph 4 of this Article, and shall invest the amounts held in the SRF and the DIF in obligations of the Member States or intergovernmental organisations, or in highly liquid assets of high creditworthiness, taking into account the delegated act referred to in Article 460 of Regulation (EU) No 575/2013 as well as other relevant provisions of that Regulation. Investments shall be sufficiently sectorally, geographically and proportionally diversified. The return on those investments shall benefit the SRF and the DIF respectively in strict proportion to the monies invested on behalf of each of those funds.
Amendment 766 #
Proposal for a regulation
Article 1 – paragraph 1 – point 37
Article 1 – paragraph 1 – point 37
Regulation (EU) No 806/2014
Article 77 a – paragraph 1
Article 77 a – paragraph 1
1. During the limited reinsurance period the Board shall use the DIF to provide the funding in accordance with Article 41a(2) and cover a share of the excess loss in accordance with Article 41a(3).
Amendment 771 #
Proposal for a regulation
Article 1 – paragraph 1 – point 37
Article 1 – paragraph 1 – point 37
Regulation (EU) No 806/2014
Article 77 a – paragraph 2
Article 77 a – paragraph 2
2. During and after the co-the mutualised reinsurance periods the Board shall use the DIF to provide the funding in accordance with Article 41d(2) and Article 41h a(2), respectively, and cover the loss in accordance with Article 41d(3) and 41h a(3), respectively.
Amendment 775 #
Proposal for a regulation
Article 1 – paragraph 1 – point 37
Article 1 – paragraph 1 – point 37
Regulation (EU) No 806/2014
Article 77 a – paragraph 3 a (new)
Article 77 a – paragraph 3 a (new)
3a. The Board may allow the use of the DIF for alternative measures in order to prevent the failure of a credit institution provided that the conditions defined in the Article 11(3) of the Directive 2014/49/EU are met. The Board may decide that the available financial means may also be used to finance measures such as the transfer of assets and liabilities and deposit book transfer, provided that the costs borne by the DIF do not exceed the net amount of compensating covered depositors of the credit institution concerned in case of pay out.
Amendment 778 #
Proposal for a regulation
Article 1 – paragraph 1 – point 38 a (new)
Article 1 – paragraph 1 – point 38 a (new)
Regulation (EU) No 806/2014
Article 92 – paragraph 2
Article 92 – paragraph 2
38a. Paragraph 2 of Article 92 is replaced as follows: “2. Each report shall examine whether: (a) sufficient regard was had to economy, efficiency and effectiveness with which the Fund hasSRF and the DIF have been used, in particular the need to minimise the use of the FundSRF and the DIF; (b) the assessment of FundSRF and DIF aid was efficient and rigorous.”
Amendment 783 #
Proposal for a regulation
Article 1 – paragraph 1 – point 39 a (new)
Article 1 – paragraph 1 – point 39 a (new)
39a. Article 94 is amended as follows: (a) the introductory part of paragraph 1 is replaced by the following: 'By 31 December 2018, and every threewo years thereafter, the Commission shall publish a report on the application of this Regulation, with a special emphasis on monitoring the potential impact on the smooth functioning of the internal market. That report shall evaluate:' (b) points (ea) and (eb) are added as follows: '(ea) whether the target level referred to in paragraph 2 of Article 10 of Directive 2014/49/EU is appropriate and sufficient to achieve an effective and high level protection of covered deposits. (eb) whether on the basis of available indicators relevant for the banking sector including, inter alia the ESRB dashboard, the recovery plans indicators referred to in Article 9 of Directive 2014/59/EU, the overall level of risk and in particular of systemic risks within the banking sector has been objectively reduced following the entry into force of this Regulation.'
Amendment 788 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Directive 2014/49/EU
Article 10 – paragraph 2
Article 10 – paragraph 2
Article 1a Amendment to Directive 2014/49/EU Paragraph 2 of Article 10 of Directive 2014/49/EU is replaced as follows: "2. Member States shall ensure that, by 3 July 2024, the available financial means of a DGS shall at least reach a target level of 0,81% of the amount of the covered deposits of its members. Where the financing capacity falls short of the target level, the payment of contributions shall resume at least until the target level is reached again. If, after the target level has been reached for the first time, the available financial means have been reduced to less than two- thirds of the target level, the regular contribution shall be set at a level allowing the target level to be reached within sixfive years. The regular contribution shall take due account of the phase of the business cycle, and the impact procyclical contributions may have when setting annual contributions in the context of this Article. Member States may extend the initial period referred to in the first subparagraph for a maximum of four years if the DGS has made cumulative disbursements in excess of 0,81% of covered deposits."
Amendment 790 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Directive 2014/59/EU
Articles 32, 43 a (new), 44, 56, 57
Articles 32, 43 a (new), 44, 56, 57
Article 1a Amendments to Directive 2014/59/EU In Directive 2014/59/EU: (a) Article 43a (new) is inserted: 'Article 43a Restrictions on holdings of bail-inable liabilities Member States shall ensure that resolution authorities prevent other credit institutions from holding: – own funds instruments or – eligible liabilities as defined in Article 2 (71) of this Directive of other credit institutions that are not part of the same group;' (b) In Article 44, the following paragraph (3a) is added: 'Member States shall ensure that resolution authorities prevent other credit institutions from holding: – own funds instruments or – eligible liabilities as defined in Article 2 (71) of this Directive of other credit institutions that are not part of the same group;' (c) Point (d) of paragraph 4 of Article 32 is deleted; (d) Articles 56 and 57 are deleted.
Amendment 791 #
Proposal for a regulation
Article 1 b (new)
Article 1 b (new)
Regulation (EU) No 575/2013
Articles 39, 395, 395 a (new)
Articles 39, 395, 395 a (new)