BETA

46 Amendments of Sari ESSAYAH related to 2011/0202(COD)

Amendment 247 #
Proposal for a regulation
Article 4 – paragraph 1 a (new)
For the purpose of this Regulation any reference to real estate or residential or commercial immovable property or mortgage on such property shall include shares in Finnish residential housing companies operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation. Member States or their competent authorities may allow shares constituting an equivalent indirect holding of real estate to be treated as a direct holding of real estate provided that such indirect holding is specifically regulated in the national law of the Member State and, when pledged as a collateral, provides equivalent protection to creditors.
2012/03/07
Committee: ECON
Amendment 256 #
Proposal for a regulation
Article 4 – paragraph 1 – point 82
(82) 'management body' means the governingbody or bodyies of an institution, comprising the supervisory and the managerial functions, which has the ultimate decision-making authority andappointed in accordance with the national law, which is empowered to set the institution's strategy, objectives and overall direction. Management body, and which oversees and monitors management decision-making. This shall include persons who effectively direct the business of the institution;. Where, according to national law, management body comprises different bodies with specific functions, the requirements of this Directive shall apply only to those members of the management body to whom the applicable national law assigns the respective responsibility.
2012/03/07
Committee: ECON
Amendment 257 #
Proposal for a regulation
Article 4 – paragraph 1 – point 83
(83) ‘management body in its supervisory function’ means the management body acting in its supervisory function of overseeing and monitoring management decision-making;deleted
2012/03/07
Committee: ECON
Amendment 390 #
Proposal for a regulation
Article 26 – paragraph 1 – point h – point i
(i) there are no preferential distribution treatment regarding the order of distribution payments, including in relation to other Common Equity Tier 1 instruments, and the terms governing the instruments do not provide preferential rights to payment of distributions;
2012/03/07
Committee: ECON
Amendment 400 #
Proposal for a regulation
Article 27 – title
Capital instruments issued by mutuals, cooperative societies and similar institutions and by central institutions of co-operative networks
2012/03/07
Committee: ECON
Amendment 401 #
Proposal for a regulation
Article 27 – paragraph 1
1. Capital instruments issued by mutuals, co-operative societies, savings institutions and similar institutions shall qualify as Common Equity Tier 1 instruments only if the conditions laid down in Article 26 and this Article are mets amended by paragraphs 1 to 5 and 7 of this Article are met. Capital instruments issued by institutions which carry out the necessary central operations of a network of affiliated institutions referred to in Article 9 shall qualify as Core Equity Tier 1 instruments only if the conditions laid down in Article 26 as amended by paragraph 6 of this Article.
2012/03/07
Committee: ECON
Amendment 411 #
Proposal for a regulation
Article 27 – paragraph 4 – subparagraph 1 a (new)
The condition laid down in the first sub- paragraph is without prejudice of the possibility for a mutual, cooperative society or a similar institution to recognize within CET1 capital instruments that do not afford voting rights to the holder and that meet both the following conditions: (a) the claim of the holders of the non- voting instruments in the insolvency or liquidation of the institution is proportionate to the share of the total Common Equity Tier 1 instruments that those non-voting instruments represent; (b) the instruments otherwise qualify as a Common Equity Tier 1 instruments, subject to the third sub-paragraph. Institutions referred to in the second sub- paragraph may, notwithstanding Article 26 (1) (h), pay higher distributions on the instruments referred to in the second sub- paragraph than on their other Common Equity Tier 1 instruments.
2012/03/07
Committee: ECON
Amendment 413 #
Proposal for a regulation
Article 27 – paragraph 5 a (new)
5 a. Institutions, which carry out the necessary central operations of a network of affiliated institutions referred to in Article 9, may, notwithstanding Article 26(1) (h), pay higher distributions on the Core Equity Tier I instruments referred to in point (c) below than on the Core Equity Tier I instruments referred to in point (a), if the following conditions are met: a) according to the by-laws of the institution, Core Equity Tier I instruments with preferential voting rights can be issued to ensure that the affiliated undertakings maintain a dominant influence in their central institution; b) the instruments referred to in point (a) are not traded in a regulated market; c) there is no preferential treatment between any other Core Equity Tier 1 instruments issued by the institution.
2012/03/07
Committee: ECON
Amendment 611 #
Proposal for a regulation
Article 109 – paragraph 4
4. Exposures to Member States' central governments and central banks denominated and funded in the domestic currency of that central government and central bank that do not attain the 0 % risk weight pursuant to paragraph 3, shall be assigned a risk weight of 20 %.
2012/03/08
Committee: ECON
Amendment 671 #
Proposal for a regulation
Article 120 – paragraph 1 – point b
(b) exposures fully and completely secured by shares in Finnish residential housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation, in respect of residential property which is or shall be occupied or let by the owner shall be assigned a risk weight of 35 %;deleted
2012/03/08
Committee: ECON
Amendment 681 #
Proposal for a regulation
Article 121 – paragraph 1 – point b
(b) exposures fully and completely secured, by shares in Finnish housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation, in respect of offices or other commercial premises may be assigned a risk weight of 50%;deleted
2012/03/08
Committee: ECON
Amendment 708 #
Proposal for a regulation
Article 124 – paragraph 1 – subparagraph 1 – point d – introductory part
(d) loans secured by residential property or shares in Finnish residential housing companies as referred to in Article 120(1)(b) up to the lesser of the principal amount of the liens that are combined with any prior liens and 80 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising residential property exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) shall ensure that the assets underlying such units shall, at any time while they are included in the cover pool be at least 90 % composed of residential mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 80 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Chapter and that such units do not exceed 10 % of the nominal amount of the outstanding issue;
2012/03/08
Committee: ECON
Amendment 710 #
Proposal for a regulation
Article 124 – paragraph 1 – subparagraph 1 – point e
(e) loans secured by commercial immovable property or shares in Finnish housing companies as referred to in Article 121(1)(b) up to the lesser of the principal amount of the liens that are combined with any prior liens and 60 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising commercial immovable property exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC shall ensure that the assets underlying such units shall, at any time while they are included in the cover pool be at least 90 % composed of commercial mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 60 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Chapter and that such units do not exceed 10 % of the nominal amount of the outstanding issue. Loans secured by commercial immovable property are eligible where the Loan to Value ratio of 60 % is exceeded up to a maximum level of 70 % if the value of the total assets pledged as collateral for the covered bonds exceed the nominal amount outstanding on the covered bond by at least 10 %, and the bondholders' claim meets the legal certainty requirements set out in Chapter 4. The bondholders' claim shall take priority over all other claims on the collateral. Exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the 90 % limit;
2012/03/08
Committee: ECON
Amendment 754 #
Proposal for a regulation
Article 160 – paragraph 4 – subparagraph 1
The exposure weighted average LGD for all retail exposures secured by residential property and not benefiting from guarantees from central governments shall not be lower than 10%Based on the data collected under Article 96, and any other relevant indicators, the competent authorities shall periodically, and at least annually, assess whether the exposure weighted average LGD for exposures secured by mortgages on residential property and exposures secured by commercial immovable property located in its territory are appropriate, based on the default experience of exposures secured by immovable property and taking into account forward-looking immovable property markets developments, and may set a minimum exposure weighted average LGD level, where appropriate, on the basis of financial stability considerations. EBA shall coordinate the assessments carried out by the competent authorities. The assessment process followed by the authorities shall be publicly available. The full results and the aggregate data used in the assessment process shall be disclosed at the same time with the minimum exposure weighted average LGD level.
2012/03/08
Committee: ECON
Amendment 755 #
Proposal for a regulation
Article 160 – paragraph 4 – subparagraph 2
The exposure weighted average LGD for all retail exposures secured by commercial immovable property and not benefiting from guarantees from central governments shall not be lower than 15%deleted
2012/03/08
Committee: ECON
Amendment 775 #
Proposal for a regulation
Article 195 – paragraph 3
3. Institutions may use as eligible residential property collateral shares in Finnish residential housing companies operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation in respect of residential property which is or will be occupied or let by the owner provided that the conditions in paragraph 2 are met.deleted
2012/03/08
Committee: ECON
Amendment 888 #
Proposal for a regulation
Article 391 – paragraph 1 – subparagraph 1 – point a
(a) the exposure is secured, by mortgages on residential property or by shares in Finnish residential housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation;
2012/03/09
Committee: ECON
Amendment 889 #
Proposal for a regulation
Article 391 – paragraph 2 – subparagraph 1 – point a
(a) exposures secured by mortgages on offices or other commercial premises, or by shares in Finnish housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation, in respect of offices or other commercial premises;
2012/03/09
Committee: ECON
Amendment 941 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – introductory part
Institutions shall report the following as liquid assets unless excluded by paragraph 2 and only if the liquid assets fulfil the conditions in paragraph 3:
2012/03/09
Committee: ECON
Amendment 946 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point a
(a) cash and deposits held with central banks to the extent that these deposits can be withdrawn in times of stress;
2012/03/09
Committee: ECON
Amendment 947 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) assets that are eligible collateral in normal times for intraday liquidity needs and overnight liquidity facilities of a central bank in a Member State or if the liquid assets are held to meet liquidity outflows in the currency of a third country, of the central bank of that third country;
2012/03/09
Committee: ECON
Amendment 954 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point b
(b) transferable assets that are of extremely high liquidity and credit quality;
2012/03/09
Committee: ECON
Amendment 955 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point c
(c) transferable assets representing claims on or guaranteed by the central government of a Member State or a third country if the institution incurs a liquidity risk in that Member State or third country that it covers by holding those liquid assets;deleted
2012/03/09
Committee: ECON
Amendment 963 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d
(d) transferable assets that are of high liquidity and credit quality that meet at least the quality criteria set by central banks for monetary policies subject to appropriate haircuts.
2012/03/09
Committee: ECON
Amendment 972 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d a (new)
(da) if the credit institution is associated in a network in accordance with legal of statutory provisions, credit institutions deposits, legal or statutory minimum deposits and other available liquid funding from the central credit institution;
2012/03/09
Committee: ECON
Amendment 973 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 1 – point d b (new)
(db) transferable assets representing claims on or guaranteed by central government or central banks issued in domestic currencies, by the central government or central bank in currency in which the liquidity risk is being taken, to the extent that the holding of such debt matches the liquidity needs of the bank's operations in that third country.
2012/03/09
Committee: ECON
Amendment 987 #
Proposal for a regulation
Article 404 – paragraph 1 – subparagraph 2
Pending a uniform definition in accordance with Article 481(2) of high and extremely high liquidity and of high credit quality, institutions shall identify themselves in a given currency transferable assets that are respectively of high or extremely high liquidity and of high credit quality. Pending a uniform definition, competent authorities may, taking into account the criteria listed in Article 481(2), provide general guidance that institutions shall follow in identifying assets of high and extremely high liquidity and of high credit quality. In the absence of such guidance, institutions shall use transparent and objective criteria to this end, including some or all of the criteria listed in Article 481(2).
2012/03/09
Committee: ECON
Amendment 990 #
Proposal for a regulation
Article 404 – paragraph 2 – introductory part
2. The following shall not be considered highly liquid assets:
2012/03/09
Committee: ECON
Amendment 992 #
Proposal for a regulation
Article 404 – paragraph 2 – introductory part
2. The following shall not be considered liquid assets unless they meet the requirements laid down in paragraph 1 (aa):
2012/03/09
Committee: ECON
Amendment 999 #
Proposal for a regulation
Article 404 – paragraph 2 – point a – point ii
(ii) they are bonds as defined in Article 52(4) of Directive 2009/65/EC other than those referred to in (i), or equivalent items subject to the approval of the competent authorities;
2012/03/09
Committee: ECON
Amendment 1002 #
Proposal for a regulation
Article 404 – paragraph 2 – point a – point ii a (new)
(ii a) they are bonds eligible for the treatment set out in Article 124 (3) or (4) or asset backed instruments of high liquid and credit quality as established by EBA pursuant to Article 481 (1) and which are subject to supervision and fulfil the requirements [as set forth in Article 174b (2),(5),(6),(7) and (8) of the Solvency II draft implementing measures];
2012/03/09
Committee: ECON
Amendment 1013 #
Proposal for a regulation
Article 404 – paragraph 2 – point a – point iii a (new)
(iii a) the credit institution acts as a central credit institution in a network in accordance with legal of statutory provisions and where a credit institution is a Member of the same network;
2012/03/09
Committee: ECON
Amendment 1021 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1
Institutions shall only report as high liquid assets that fulfil each of the following conditions:
2012/03/09
Committee: ECON
Amendment 1031 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point b
(b) they are eligible collateral in normal times for intraday liquidity needs and overnight liquidity facilities of a central bank in a Member State or if the liquid assets are held to meet liquidity outflows in the currency of a third country, of the central bank of that third country;deleted
2012/03/09
Committee: ECON
Amendment 1032 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point b
(b) they are eligible collateral in normal times for intraday liquidity needs and overnight liquidity facilities of a central bank in a Member State or if the liquid assets are held to meet liquidity outflows in the currency of a third country, of the central bank of that third country;deleted
2012/03/09
Committee: ECON
Amendment 1039 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 – point d
(d) they are listed on a recognised exchange;deleted
2012/03/09
Committee: ECON
Amendment 1046 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 1 a (new)
In addition they should ideally meet the following conditions: a) they are eligible collateral in normal times for intraday liquidity needs and overnight liquidity facilities of a central bank in a Member State or if the liquid assets are held to meet liquidity outflows in the currency of a third country, of the central bank of that third country; b) they are listed on a recognised exchange; c) they are tradable on active outright sale or repurchase agreement markets with a large and diverse number of market participants, a high trading volume, and market breadth and depth.
2012/03/09
Committee: ECON
Amendment 1048 #
Proposal for a regulation
Article 404 – paragraph 3 – subparagraph 2
The condition in point (b) shall not apply in case of liquid assets held to meet liquidity outflows in a currency in which there is an extremely narrow definition of central bank eligibility. In case of currencies of third countries, this exception shall apply and only apply if the competent authorities of the third country apply the same exception and the third country has comparable reporting requirements in place.deleted
2012/03/09
Committee: ECON
Amendment 1055 #
Proposal for a regulation
Article 404 – paragraph 4
4. EBA shall develop draft implementing technical standards listing the currencies which meet the conditions referred to in the paragraph 3. EBA shall submit those draft technical standards to the Commission by 1 January 2013. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 15 of Regulation (EU) No 1093/2010. Before the entry into force of the technical standards referred to in the previous subparagraph, institutions may continue to apply the treatment set out in the first subparagraph, where the competent authorities have applied that treatment before 1 January 2013.deleted
2012/03/09
Committee: ECON
Amendment 1070 #
Proposal for a regulation
Article 404 – paragraph 5
5. Shares or units in CIUs may be treated as liquid assets up to an absolute amount of 250 million EUR provided that the requirements in Article 127(3) are met and that the CIU, apart from derivatives to mitigate interest rate or, credit or currency risk, only invests in liquid assets. Monetary UCITS meeting generally approved standards by ESMA shall be considered as highly liquid assets.
2012/03/09
Committee: ECON
Amendment 1134 #
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph 1 – point b a (new)
(ba) by the depositor to obtain cash clearing and central credit institution services and where the credit institution is associated in a network in accordance with legal or statutory provisions;
2012/03/09
Committee: ECON
Amendment 1276 #
Proposal for a regulation
Article 416 – paragraph 4 – subparagraph -3 new
The assets categorized as low-risk items (0 %) under Article 107(a), (b ) and (c) are excluded from institution's total exposure when calculating the sum of all exposure values.
2012/03/09
Committee: ECON
Amendment 1466 #
Proposal for a regulation
Article 463 – paragraph 1
1. This Article shall apply only to instruments that were issued prior to 20 Jul1 January 20113 and are not those referred to in Article 462(1).
2012/03/09
Committee: ECON
Amendment 1475 #
Proposal for a regulation
Article 466 a (new)
Article 466a Instruments with preferential distributions Institutions may, notwithstanding Article 26.1 (h), continue to pay higher distributions to the Common Equity Tier I instruments referred to in point (c) below than on the instruments referred to in point (a), if the following conditions are met: a) according to the by-laws of the institution adopted prior to the entering into force of this Regulation the institution was allowed to issue Core Equity Tier I instruments with preferential voting rights; b) the instruments referred to in point (a) are not traded in a regulated market; c) there are no preferential distributions among instruments that are traded in a regulated market.
2012/03/09
Committee: ECON
Amendment 1485 #
Proposal for a regulation
Article 476
Transitional provisions – Basel I floor 1. Until 31 December 2015, institutions calculating risk-weighted exposure amounts in accordance with Part Three, Title II, Chapter 3 and institutions using the Advanced Measurement Approaches as specified in Part Three, Title III, Chapter 4 for the calculation of their own funds requirements for operational risk shall meet both of the following requirements: (a) They shall hold own funds as required by Part Three Title II Chapter 1; (b) They shall meet a temporary capital ratio of not less 6.4%. The temporary capital ratio is the own funds of the institution expressed as a percentage of the risk-adjusted assets and off-balance sheet items as set out in Annex IV. 2. The competent authorities may, after having consulted EBA, waive the application of paragraph 1(b) to institutions provided that all the requirements for the Internal Ratings Based Approach set out in Part Three, Title II, Chapter 3, Section 6 and the qualifying criteria for the use of the Advanced Measurement Approach set out in Part Three, Title III, Chapter 4 are met.deleted
2012/03/09
Committee: ECON
Amendment 1578 #
Proposal for a regulation
Article 482 – paragraph 2 – point g
(g) whether 3% would be an appropriate level for the leverage ratio based on Tier 1 capital and, if not, what level would be the appropriate one; and whether 1,5 % would be an appropriate level for the leverage ratio based on Tier 1 capital for credit institutions specialized in lending with regional governments, local authorities or public sector entities and, if not, what level would be the appropriate one.
2012/03/09
Committee: ECON