Activities of Peter SIMON related to 2012/0150(COD)
Plenary speeches (2)
Framework for the recovery and resolution of credit institutions and investment firms - Deposit guarantee schemes (debate)
Framework for the recovery and resolution of credit institutions and investment firms - Deposit guarantee schemes (debate)
Amendments (36)
Amendment 156 #
Proposal for a directive
Recital 10
Recital 10
(10) National AThe competent national authorities and resolution authorities should take into account the risk, size andnature of activity, size, complexity, interconnectedness and legal form of an institution, both in the context of recovery and resolution plans and when using the different tools at their disposal, making sure that the regime is applied in an appropriate wayand proportionate way. One of the factors they should take into account in this regard should be membership of a protection scheme within the meaning of Article 80(8) of Directive 2006/48/EC.
Amendment 220 #
Proposal for a directive
Recital 46 a (new)
Recital 46 a (new)
(46a) In the exercise of powers to effect a conversion to equity under the bail-in tool, attention should be paid to the legal form of the institution concerned because the conversion of claims or debt instruments to equity may not be appropriate, as for example in the case of shares in cooperatives.
Amendment 241 #
Proposal for a directive
Recital 69
Recital 69
(69) As a principle, cContributions should be collected from the industry prior to and independently of any operation of resolution. When prior funding is insufficient to cover the losses or costs incurred by the use of the financing arrangements, additional contributions should be collected to bear the additional cost or loss.
Amendment 246 #
Proposal for a directive
Recital 71
Recital 71
Amendment 250 #
Proposal for a directive
Recital 73
Recital 73
(73) In order to build up the resilience of the European System of Financing Arrangements, and in line with the objective requiring that financing should come primarily from the industry rather than from public budgets, national arrangements should be able to borrow from each other on a voluntary basis in case of need.
Amendment 255 #
Proposal for a directive
Recital 75
Recital 75
Amendment 270 #
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
The following institutions shall be excluded from the scope of the Directive: (a) bridging institutions; (b) development banks.
Amendment 299 #
Proposal for a directive
Article 2 – paragraph 1 – point 63 a (new)
Article 2 – paragraph 1 – point 63 a (new)
(63a) ‘eligible deposits’: deposits within the meaning of Directive 94/19/EC that are not covered by Article 7(2) of Directive 94/19/EC;
Amendment 333 #
Proposal for a directive
Article 3 – paragraph 6
Article 3 – paragraph 6
6. Member States shall ensure that the authorities designated in accordance paragraph 1 have the expertise, resources and operational capacity to apply resolution measures, and are able to exercise their powers with the speed and flexibility that are necessary to achieve the resolution objectives. Member States may provide for the authorities referred to in paragraph 1 to transfer specific tasks to recognised deposit guarantee schemes, where such schemes have the mechanisms necessary for early intervention within the meaning of Title III and for resolution within the meaning of Title IV.
Amendment 353 #
Proposal for a directive
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Having regard to the impact that the failure of the institution could have, due to the nature of its business, its size, its legal form, its complexity or its interconnectedness to other institutions or to the financial system in general, on financial markets, on other institutions, on funding conditions, Member States shall ensure that competent and resolution authorities determine the extent to which the following apply to institutions:
Amendment 372 #
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. Member States shall ensure that the competent national authorities and resolution authorities, when establishing the criteria referred to in paragraph 1, take account of the structure of joint schemes and of whether institutions are members of protection schemes within the meaning of Article 80(8) of Directive 2006/48/EC.
Amendment 393 #
Proposal for a directive
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. By way of derogation from paragraph 1, the Member States can, where an institution is a member of a protection scheme as set out in Article 80(8) of Directive 2006/48/EC, arrange for the recovery plan, setting out the measures to be taken by the institution’s management or the protection scheme to restore the institution’s financial situation in the event of its significant deterioration, to be drawn up and maintained by the protection scheme.
Amendment 398 #
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Member States shall ensure that the institutions update their recovery plans at least annuallyevery two years or after change to the legal or organisational structure of the institution, its business or its financial situation, which could have a material effect on, or necessitates a change to the recovery plan. Competent authorities may require institutions to update their recovery plans more frequently.
Amendment 532 #
Proposal for a directive
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. By way of derogation from paragraph 1, resolution authorities shall, in conjunction with the relevant authorities and with the protection scheme, draw up a recovery plan for each institution which is a member of a protection scheme as set out in Article 80(8) of Directive 2006/48/EC. The resolution plan shall, after consultation with the protection system in accordance with Article 80(8) of Directive 2006/48/EC, provide for the resolution actions which the resolution and competent authorities may take where the institution meets the conditions for resolution and the protection system has not taken any appropriate resolution measures.
Amendment 911 #
Proposal for a directive
Article 27 – paragraph 1 – point b
Article 27 – paragraph 1 – point b
(b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector or supervisory action, other than a resolution action taken by the resolution authorities in respect of the institution, would prevent the failure of the institution within reasonable timeframe;
Amendment 1229 #
Proposal for a directive
Article 43 – paragraph 1 – point d
Article 43 – paragraph 1 – point d
(d) if, and only if, the total reduction of liabilities pursuant to points (a), (b) or (c) of this paragraph is less than the aggregate amount, authorities reduce the principal amount of, or outstanding amount payable in respect of, the rest of eligible liabilities, pursuant to Article 38, that are senior debt to the extent required, in conjunction with the write down pursuant to points (a), (b) or (c) of this paragraph to produce the aggregate amount, the reduction being effected in accordance with the hierarchy statutorily applicable in ordinary national insolvency proceedings.
Amendment 1357 #
Proposal for a directive
Article 76 – paragraph 2
Article 76 – paragraph 2
2. Without prejudice to the generality of the requirements under paragraph 1, the persons referred to in that paragraph shall be prohibited from divulging confidential information received during the course of their professional activities, or from a resolution authority in connection with its functions, to any person or authority unless it is in summary or collective form such that individual institutions cannot be identified or with the express and prior consent of the resolution authority. This shall apply in particular to the content and details of recovery and resolution plans in accordance with Articles 5, 7, 9, 10 and 11, and to the results of assessments in accordance with Articles 6, 8 and 13.
Amendment 1420 #
Proposal for a directive
Article 90 – paragraph 1 – point b
Article 90 – paragraph 1 – point b
(b) the borrowvoluntary lending between national financing arrangements as specified in Article 97,
Amendment 1457 #
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 10 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1.5% of the amount of deposits of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/EC.
Amendment 1473 #
Proposal for a directive
Article 94 – paragraph 2 – point a
Article 94 – paragraph 2 – point a
(a) if a Member State has availed itself of the option provided for in Article 99(5) of this Directive to use the funds of Deposit Guarantee Scheme for the purposes of Article 92 of this Directive, the contribution from each institution shall be pro-rata to the amount of its liabilities excluding own funds and deposits guaranteed under Directive 94/19/EC with respect to the total liabilities, excluding own funds and deposits guaranteed under Directive 94/19/EC, of all the institutions authorised in the territory of the Member State.
Amendment 1477 #
Proposal for a directive
Article 94 – paragraph 2 – point b
Article 94 – paragraph 2 – point b
Amendment 1481 #
Proposal for a directive
Article 94 – paragraph 2 – point c
Article 94 – paragraph 2 – point c
(c) the contributions calculated under (a) and (b) shall be adjusted in proportion to the risk profile of institutions, in accordance with the criteria adopted under paragraph 7 of this Article.
Amendment 1489 #
Proposal for a directive
Article 94 – paragraph 3
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 310% of the total amount of contributions raised in accordance with this Article.
Amendment 1521 #
Proposal for a directive
Article 94 – paragraph 7 – point g a (new)
Article 94 – paragraph 7 – point g a (new)
(ga) membership of a guarantee scheme in accordance with Article 80(8) of Directive 2006/48/EC.
Amendment 1539 #
Proposal for a directive
Article 97 – title
Article 97 – title
Amendment 1541 #
Proposal for a directive
Article 97 – paragraph 1
Article 97 – paragraph 1
1. Member States shall ensure that financing arrangements under their jurisdiction shall have the right to borrowapply for loans from all other financing arrangements within the Union, in the event that the amounts raised under Article 94 are not sufficient to cover the losses, costs or other expense incurred by the use of the financing arrangements, and the extraordinary contributions foreseen in Article 95 are not immediately accessible.
Amendment 1552 #
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1
Article 97 – paragraph 2 – subparagraph 1
Member States shall ensure that financing arrangements under their jurisdiction are obliged to lendhave the right to lend voluntarily to other financing arrangements within the Union in the circumstances specified under paragraph 1.
Amendment 1557 #
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 2
Article 97 – paragraph 2 – subparagraph 2
Subject to the first subparagraph, national financing arrangements shall not be obliged to lend to another national financing arrangement in those circumstances when the resolution authority of the Member State of the financing arrangement considers that it would not have sufficient funds to finance any foreseeable resolution in the near future. In any case they should not be obliged tomay not lend more than halfone third of the funds that the national financing arrangement has available at the moment when the borrowing request is formalised.
Amendment 1564 #
Proposal for a directive
Article 97 – paragraph 2 a (new)
Article 97 – paragraph 2 a (new)
2 a. 1. The following conditions must be satisfied in the event of voluntary lending: (a) the borrowing financing arrangement shall not, pursuant to this Article, repay loans at this time to other financing arrangements; (b) the borrowing financing arrangement shall inform the relevant authorities and the European Banking Authority (EBA) of the amount requested; (c) the borrowing financing arrangement shall repay the loan at the latest after five years, including by way of annual instalments, interest being due only at the time of repayment; (d) the interest rate set shall be at least equivalent to the marginal lending facility rate of the European Central Bank during the credit period; (e) the borrowing financing arrangement shall inform the EBA of the initial interest rate and of the duration of the loan. 2. The EBA shall confirm that the requirements referred to in paragraphs 1 and 2 have been met. Member States shall ensure that the contributions levied by the borrowing financing arrangement are sufficient to reimburse the amount borrowed and to re-establish the target level as soon as possible. Financing arrangements which must repay a loan to other financing arrangements pursuant to this Article shall not provide loans to other financing arrangements.
Amendment 1566 #
Proposal for a directive
Article 97 – paragraph 3
Article 97 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 103 in order to specify the additional conditions that have to be met in order for a financing arrangement to be able to borrow from other financing arrangements as well as the conditions applicable to the borrowing and in particular the criteria for the assessment of whether there will be sufficient funds for financing a foreseeable resolution in the near future, the repayment period and the interest rate applicable.
Amendment 1601 #
Proposal for a directive
Article 99 – paragraph 1
Article 99 – paragraph 1
1. Member States shall ensure that, where the resolution authorities take resolution action, and provided that this action ensures that depositors continue having access to their deposits, the deposit guarantee scheme to which the institution is affiliated is liablecan be drawn on, up to the amount of covered deposits, foto cover the amount of losses that it would have had to bear if the institution had been wound up under normal insolvency proceedings.
Amendment 1606 #
Proposal for a directive
Article 99 – paragraph 2
Article 99 – paragraph 2
2. Member States shall ensure that, under the national law governing normal insolvency proceedings, theligible deposit guarantee schemes ranks shall be serviced as a pari passu withority over unsecured non- preferred claims.
Amendment 1610 #
Proposal for a directive
Article 99 – paragraph 3
Article 99 – paragraph 3
3. Member States shall ensure that the determination of the amount by which the deposit guarantee scheme is liablecan be drawn on in accordance with paragraph 1 of this Article complies with the conditions established in Article 30 (2).
Amendment 1621 #
Proposal for a directive
Article 99 – paragraph 6
Article 99 – paragraph 6
6. Member States shall ensure that the deposit guarantee scheme has arrangements in place to ensure that, following a contribution made by the deposit guarantee scheme under paragraphs 1 or 5 and where the depositors of the institution under resolution need to be reimbursed, the members of the scheme can immediately provide the scheme with the amounts that have to be paid.
Amendment 1626 #
Proposal for a directive
Article 99 – paragraph 7
Article 99 – paragraph 7
Amendment 1627 #
Proposal for a directive
Article 99 – paragraph 8
Article 99 – paragraph 8