BETA

21 Amendments of Danuta Maria HÜBNER related to 2016/0362(COD)

Gabriel MATO, Danuta Maria HÜBNER

Proposal for a directive
Recital 27 a (new)

(27 a) Member States should ensure that the national insolvency laws correctly reflect the loss absorption hierarchy under resolution, avoiding major mismatches between the resolution and the insolvency legal frameworks and ensuring that the regulatory capital instruments absorb losses both in resolution and insolvency before the rest of subordinated claims.

2018/01/29
Committee: ECON

Gabriel MATO, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 4

Directive 2014/59/EU
Article 2 – paragraph 1 – point 83b

(83b) 'resolution group' means a resolution entity and its subsidiaries that are not: (i) resolution entities themselves ~~and that are not subsidiaries of ano~~; or (ii) subsidiaries of other resolution entities; or (iii) entities established in a third country that are not included in the resolution group in accordance with ther resolution ~~entity;~~plan and their subsidiaries.

2018/01/29
Committee: ECON

Danuta Maria HÜBNER, Dariusz ROSATI

Proposal for a directive
Article 1 – paragraph 19

Directive 2014/59/EU
Article 29a – paragraph 2

2. The suspension referred to in paragraph 1 shall not exceed the minimum period of time that the competent authority considers necessary to carry out the assessment referred to in point (a) of Article 27(1) or to make the determination referred to in point (a) of Article 32(1) and shall in any event not exceed 52 working days.

2018/01/29
Committee: ECON

Tom VANDENKENDELAERE, Sander LOONES, Hugues BAYET, Dariusz ROSATI, Lieve WIERINCK, Lívia JÁRÓKA, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 22 a (new)

Directive 2014/59/EU
Article 44 – paragraph 2 – subparagraph 1 – point g a (new)

22 a. In Article 44(2), the following point (ga) is added: “(ga) liabilities to institutions or entities referred to in point (b), (c) or (d) of Article 1(1) that are part of the same resolution group without being themselves resolution entity, regardless of their maturities except where these liabilities rank below ordinary unsecured liabilities under the relevant national law setting the hierarchy of claims applicable on the date of transposition of this Directive. Where the previous subparagraph applies, the resolution authority of the relevant subsidiary that is not a resolution entity shall assess whether the amount of instruments complying with Article 45g (3) is sufficient to support the implementation of the preferred resolution strategy.

2018/01/29
Committee: ECON

Dariusz ROSATI, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 1 – point e

~~(e) the extent to which the Deposit Guarantee Scheme could contribute to the financing of resolution in accordance with Article 109;~~deleted

2018/01/31
Committee: ECON

Gabriel MATO, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 a (new)

1a. For the purposes of points (i) and (ii) of point (a) of subparagraph (1), each resolution entity shall determine the total risk exposure amount of its resolution group in accordance with Title II of Part Three of the Regulation (EU) No 575/2013. An institution which is subject to Article 92a of Regulation (EU) No 575/2013 shall calculate the total risk exposure amount of its resolution group exclusive of any exposure which, where applicable, must be deducted according to Article 72e of Regulation (EU) No 575/2013.

2018/01/31
Committee: ECON

Dariusz ROSATI, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 7 – subparagraph 2

The resolution authority may reduce the requirement referred to in Article 45(1) to take account of the amount which a deposit guarantee scheme is expected to contribute to the financing of the preferred resolution strategy in accordance with Article 109 of Directive 2014/59/EU.deleted

2018/01/31
Committee: ECON

Dariusz ROSATI, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45c – paragraph 7 – subparagraph 3

The size of any such reduction shall be based on a credible assessment of the potential contribution from the deposit guarantee scheme, and shall at least: (a) the potential losses which the deposit guarantee scheme would have had to bear, had the institution been wound up under normal insolvency proceedings, taking into account the priority ranking of the deposit guarantee scheme pursuant to Article 108 of Directive 2014/59/EU; (b) be less than the limit on deposit guarantee scheme contributions set out in the second subparagraph of Article 109(5) of Directive 2014/59/EU; (c) exhausting the available financial means of the deposit guarantee scheme due to contributing to multiple bank failures or resolutions; and (d) be consistent with any otdeleted be less than a prudent estimate of take account of the overall risk of Ther relevant provisions in national law and the duties and responsibilities of the authority responsible for the deposit guarantee scheme. (e) after consulting the authority responsible for the deposit guarantee scheme, document its approach as regards the assessment of the overall risk of exhausting the available financial means of the deposit guarantee scheme and apply reductions in accordance with subparagraph 1, provided that that risk is not excessive.solution authority shall,

2018/01/31
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45e

~~[...]~~deleted

2018/01/31
Committee: ECON

Tom VANDENKENDELAERE, Sander LOONES, Hugues BAYET, Dariusz ROSATI, Lieve WIERINCK, Lívia JÁRÓKA, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45g – paragraph 2

2. The requirement referred to in Article 45(1)of entities referred to in the first paragraph shall be subject to the following conditions: (a) the consolidated requirement referred to in Article 45f; (b) applied to the resolution group's subsidiaries shall be covered by and not exceed the consolidated requirement referred to in Article 45f unless this is only due to the effects of the consolidation at the level of the resolution group in accordance with Article 45f(1). (c) the contribution of the subsidiary to the consolidated requirement referred to in Article 45f(1). (d) provided in paragraph 3.deleted the resolution entity complies with the sum of all requirements to be the requirement shall not exceed it shall fulfil the eligibility criteria

2018/01/31
Committee: ECON

Tom VANDENKENDELAERE, Sander LOONES, Hugues BAYET, Dariusz ROSATI, Lieve WIERINCK, Lívia JÁRÓKA, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45g – paragraph 4

4. Subject to the agreement of the resolution authorities of the subsidiary and the resolution entity, the requirement may be met with a guarantee of the resolution entity granted to its subsidiary, which fulfils the following conditions: (a) least the equivalent amount as the amount of the requirement for which it substitutes; (b) the subsidiary is unable to pay its debts or other liabilities as they fall due or a determination has been made in accordance with Article 59(3) in respect of the subsidiary, whichever is the earliest; (c) through a financial collateral arrangement as defined in point (a) of Article 2(1) of Directive 2002/47/EC for at least 50 per cent of its amount; (d) collateral arrangement are governed by the laws of the Member State where the subsidiary is established unless specified otherwise by the resolution authority of the subsidiary; (e) guarantee fulfils the requirements of Article 197 of Regulation (EU) No 575/2013, which, following appropriately conservative haircuts, is sufficient to fully cover the amount guaranteed; (f) the collateral backing the guarantee is unencumbered and in particular is not used as collateral to back any other guarantee; (g) the collateral has an effective maturity that fulfils the same maturity condition as that for referred to in Article 72c(1) of Regulation (EU) No 575/2013 , and (h) operational barriers to the transfer of the collateral from the resolution entity to the relevant subsidiary, including when resolution action is taken in respect of the resolution entity.deleted the guarantee is provided for at the guarantee is triggered when the guarantee is collateralised the guarantee and financial the collateral backing the there are no legal, regulatory or

2018/01/31
Committee: ECON

Dariusz ROSATI, Tom VANDENKENDELAERE, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45h – paragraph 5 – subparagraph 4

The matter shall not be referred to EBA after the end of the four-month period or after a joint decision has been reached. The group level resolution authority shall not refer the matter to EBA for binding mediation where the level set by the resolution authority of the subsidiary is within two percentage points of the consolidated level set under paragraph 4 of this Article under both measures set out in Article 45(2).

2018/01/31
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23

Directive 2014/59/EU
Article 45l –paragraph 1 – point a

(a) how the requirement for own funds and ~~permiss~~eligible liabilities has been implemented at national level, and in particular whether there have been divergences in the levels set for comparable entities across Member States;

2018/01/31
Committee: ECON

Gabriel MATO, Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 23 a (new)

Driective 2014/59/EU
Article 48 – paragraph 6 a (new)

23a. In Article 48, the following paragraph 6a is added: "6a. In order to enable the effective application of the bail-in tool and/or the write down or conversion powers without infringing the general principle set forth in Article 34(1)(g), Member States shall also ensure that in national law governing normal insolvency proceedings the capital instruments (Common Equity Tier 1 instruments, Additional Tier 1 instruments and Tier 2 instruments) shall rank in insolvency below than the ranking provided for the rest of subordinated claims not qualifying as capital instruments." Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32014L0059)

2018/02/01
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – introductory part

The requirement referred to in paragraph 1 may not apply where ~~the resolution authority of a Member State determines all of the following conditions are met~~either:

2018/02/01
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – point a

(a) ~~that~~ the liabilities or instruments ~~referred to in the first subparagraph~~ can be subject to write down and conversion powers by the resolution authority of a Member State pursuant to the law of the third country or to a binding agreement concluded with that third country; or, both

2018/02/01
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – point b

(b) ~~that~~ it is legally, contractually or economically impracticable for an institution or entity referred to in point (b), (c) or (d) of Article 1(1) to include such a contractual term in certain liabilities; and

2018/02/01
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 24

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – point c

(c) ~~that~~ a waiver from the requirement referred to in paragraph 1 for certain liabilities does not impede the resolvability of the institutions and entities referred to in points (b), (c) and (d) of Article 1(1).

2018/02/01
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 1 – paragraph 24 (new)

Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 3 a (new)

Resolution authorities shall monitor the use of the exemption from contractual recognition under points (b) and (c) of the first subparagraph. For this purpose, they shall have the right to inspect contracts for which an institution or entity has determined that points (b) and (c) of the first subparagraph apply. Should resolution authorities consider that the conditions for the exemption under point (b) and (c) of the first subparagraph are not met, they may address a decision to the institution or entity concerned and require it to amend its policies concerning the application of the exemption from contractual recognition of bail-in.

2018/02/01
Committee: ECON

Danuta Maria HÜBNER, Dariusz ROSATI

Proposal for a directive
Article 1 – paragraph 26

Directive 2014/59/EU
Article 63 – paragraph 1a

1a. The period of the suspension pursuant to paragraph 1(n) shall not exceed the minimum period of time that the resolution authority considers necessary for the effective application of one or more resolution tools or for the purposes of the valuation pursuant to Article 36 and in any event shall not exceed 52 working days.

2018/02/01
Committee: ECON

Danuta Maria HÜBNER

Proposal for a directive
Article 2 – paragraph 2 a (new)

Directive 98/26/EC
Article 10 – paragraph 2 a (new)

In Article 10, the following paragraph (2a) is added: "A Member State may also specify that a third country system, and the respective system operator, is to be included in the scope of this Directive pursuant to paragraph 1 where the following conditions are met: (a) at least one actual or potential direct or indirect participant in the third country system has its head office in that Member State; (b) the Member State is satisfied as to the adequacy of the rules applying to the third country system. The Member State shall notify ESMA of the designation of the third country system. ESMA shall publish that information on its website. Any third country system designated under this paragraph shall be included in the scope of this Directive irrespective of the law governing it. The Member State designating the system shall be considered to be the Member State for the purposes of the second subparagraph of paragraph 1."

2018/02/01
Committee: ECON