Activities of Leonardo DOMENICI related to 2012/0150(COD)
Plenary speeches (1)
Framework for the recovery and resolution of credit institutions and investment firms - Deposit guarantee schemes (debate)
Amendments (19)
Amendment 264 #
Proposal for a directive
Article 1 – paragraph 1 – point a a (new)
Article 1 – paragraph 1 – point a a (new)
(aa) The competent authorities shall ensure when establishing and applying the requirements under this Directive and when using the different tools at their disposal to take account of risk, size, legal status interconnectedness, the nature, the scope and the complexity of the activities of institutions and membership to an IPS as according to Art. 80(8) CRD or other cooperative mutual solidarity systems as according to Art. 80(7) CRD and Art. 3 CRD.
Amendment 275 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘resolution’ means the restructuring of an institution in order to ensure the continuity of its essential functions, preserve financial stability and restore the viability of all or part of that institution. The resolution phase is formally declared by the resolution authorities when conditions are met;
Amendment 278 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) ‘early intervention’ means any action taken by a competent authority or any preventive and supportive measures taken by the DGS or by the IPS in consultation with a competent authority before the resolution phase is formally declared.
Amendment 282 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) ‘IPS’ means an Institutional Protection Scheme meeting the requirements laid down in art. 80(8) of Directive 48/2006/CE.
Amendment 319 #
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Resolution authorities may be the competent authorities for supervision for the purposes of Directives 2006/48/EC and 2006/49/EC, central banks, competent ministries or other public administrative authorities, provided that Member States adopt rules and arrangements necessary to avoid conflicts of interest between the functions of supervision pursuant to Directives 2006/48/EC and 2006/49/EC or the other functions of the relevant authority and the functions of resolution authorities pursuant to this Directive are adopted. In particular, Member States shall ensure that, within the competent authorities, central banks, competent ministries or other public administrative authorities there is a functional separation between the resolution function and the supervisory or other functions of the relevant authority.
Amendment 354 #
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 legal model of the institution, the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, on financial markets, on other institutions, on funding conditions, having also regard to the existence of IPS for those institutions which participate in them, Member States shall ensure that competent and resolution authorities determine the extent to which the following apply to institutions:
Amendment 363 #
Proposal for a directive
Article 4 – paragraph 1 – point a a (new)
Article 4 – paragraph 1 – point a a (new)
(aa) The obligation to draw up and maintain a recovery plan is not necessary for those institutions for which the failure, due to its reduced size or limited interconnectedness to other institutions or to the financial system in general, would not have both in the case of an idiosyncratic event or at time of broader financial instability or system wide events, an adverse effect on financial stability including through contagion to other institutions. Competent authorities can define triggers after which occurrence even the aforementioned institutions have to draw up a recovery plan.
Amendment 851 #
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance withenvisaged in Article 23 are not sufficient to reverse that deterioration, Member States shall ensure that competent authorities may appoint aone or more special managers to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 853 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. The functions of the general meeting shall be suspended by effect of the appointment of a special manager except as provided for in paragraph 3 of this Article.
Amendment 903 #
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1a. Resolution authorities shall also take resolution actions if the authorisation has been withdrawn according to Article 18 of Directive [CRD IV] and a resolution action is necessary in the public interest pursuant to paragraph 2.
Amendment 976 #
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Before taking resolution action and in particular, for the purposes of Articles 31, 34, 36, 41, 42 and 65, resolution authorities shall ensure that a fair and realistic valuation of the assets and liabilities of the institution is carried out by a person independent from any public authority, including the resolution authority, and the instituti. The valuation shall be made by the special managers or by an independent person. The resolution authority shall endorse that valuation. Where independent valuation or a valuation by the special manager is not possible due to the urgency in the circumstances of the case, resolution authorities may carry out the valuation of the assets and liabilities of the institution.
Amendment 981 #
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Without prejudice to the Union State aid framework, where applicable, the valuation required by paragraph 1 shall be based on prudent and realistic assumptions, including as to rates of default and severity of losses, and its objective shall be to assess the market value of the assets and liabilities of the institution that is failing or is likely to fail so that any losses that could be derived are recognised at the moment the resolution tools are exercised. However, where the market for a specific asset or liability is not functioning properly the valuation may reflect the long term economic value of those assets or liabilitiesensure that any losses that could be derived are recognised at the moment the resolution tools are exercised. Valuation shall not assume the provision of extraordinary public support to the institution, regardless of whether it is actually provided.
Amendment 1024 #
Proposal for a directive
Article 34 – paragraph 2 – subparagraph 1
Article 34 – paragraph 2 – subparagraph 1
Except where the bail-in tool is applied for the purpose specified in point (b) of Article 37(2), for the purposes of the bridge institution tool a bridge institution shall be a legal entity that is wholly or partially owned by one or more public authorities (which may includeunder the control of the resolution authority) and that is created for the purpose of carrying out some or all of the functions of an institution under resolution and for holding some or all of the assets and liabilities of an institution under resolution.
Amendment 1048 #
Proposal for a directive
Article 36 – paragraph 2
Article 36 – paragraph 2
2. For the purposes of the asset separation tool, an asset management vehicle shall be a legal entity that is wholly owned by one or more public authorities, which may includeunder the control of the resolution authority.
Amendment 1089 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point b a (new)
Article 38 – paragraph 2 – subparagraph 1 – point b a (new)
(b a) liabilities that are guaranteed by an institutional protection scheme meeting the requirement of art. 108(7) CRR;
Amendment 1125 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 3a (new)
Article 38 – paragraph 2 – subparagraph 3a (new)
Point (ba) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any amount of a liability that exceeds the coverage of the IPS.
Amendment 1178 #
Proposal for a directive
Article 39 – paragraph 3 – point d
Article 39 – paragraph 3 – point d
(d) the extent to which the Deposit Guarantee Schemeamount of covered deposits of an institution that are guaranteed in accordance with Directive 94/19/EC; the extent to which the membership in a risk mitigating cooperative solidarity system, which ensures the prevention of resolution events by reporting requirements and early interventions in the sense of the DGS Directive, could contribute to the financing of resolution in accordance with Article 99;
Amendment 1423 #
Proposal for a directive
Article 91 – paragraph 1
Article 91 – paragraph 1
1. Member States shall establish financing arrangements for the purpose of ensuring the effective application by the resolution authority of the resolution tools and powers. Institutional Protection Schemes shall be considered as financing arrangements, provided that they meet the requirements laid down in art. 80(8) of Directive 48/2006/CE. The financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in Articles 26 and 29.
Amendment 1499 #
Proposal for a directive
Article 94 – paragraph 7 – point a a (new)
Article 94 – paragraph 7 – point a a (new)
(a a) the existence of a risk mitigating cooperative solidarity system, which ensures the prevention of resolution events by reporting requirements and early interventions in the sense of the DGS Directive;