Activities of Vicky FORD related to 2013/0253(COD)
Plenary speeches (3)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (A7-0478/2013 - Elisa Ferreira) (vote)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (A7-0478/2013 - Elisa Ferreira) (vote)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council PDF (768 KB) DOC (494 KB)
Amendments (56)
Amendment 133 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) The Commission and the Board and the resolution authorities and competent authorities of Member States that are not participating Member States should conclude a memorandum of understanding describing in general terms how they will cooperate with one another in the performance of their tasks under the [BRRD]. The memorandum of understanding could, inter alia, clarify the consultation relating to decisions of the Commission and the Board having effect on subsidiaries or branches established in the non-participating Member State whose parent undertaking is established in a participating Member State. The memorandum should be reviewed on a regular basis.
Amendment 134 #
Proposal for a regulation
Recital 20
Recital 20
(20) In the light of the Board's misstasks of the Commission and the Board under this Regulations and the resolution objectives which include the protection of public funds, the functioning of the Board should be financed from contributions paid by the institutions in the participating Member StatSRM, including all costs of the Commission and the Board in connection with the performance of their respective tasks under this Regulation and any non- contractual liabilities of the Board or the Commission arising in connection with their tasks under this Regulation, should be financed from contributions paid by the institutions in the participating Member States. Under no circumstances should the budgetary liability of the Member States or the Union be engaged in meeting these costs and liabilities.
Amendment 218 #
Proposal for a regulation
Recital 66 a (new)
Recital 66 a (new)
(66a) In order to ensure a level playing field, in performing their tasks under this Regulation, the Commission and the Board should act in conformity with the requirements of the [BRRD] and any delegated acts adopted in accordance with that Directive. The Commission and the Board should also be subject to the guidelines and recommendations adopted by the EBA in relation to the [BRRD] and, where applicable, any decisions of the EBA in the course of binding mediation pursuant to Article 19(3) of Regulation (EU) 1093/2010.
Amendment 260 #
Proposal for a regulation
Article 3 – paragraph 1 – point 19 a (new)
Article 3 – paragraph 1 – point 19 a (new)
(19a) The Commission and the Board and the resolution authorities and competent authorities of Member States that are not participating Member States shall conclude a memorandum of understanding describing in general terms how they will cooperate with one another in the performance of their tasks under the [BRRD]. The memorandum of understanding shall, inter alia, clarify the consultation relating to decisions of the Commission and the Board having effect on subsidiaries or branches established in the non-participating Member State whose parent undertaking is established in a participating Member State. The memorandum shall be reviewed on a regular basis.
Amendment 276 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Amendment 279 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. No action, proposal or policy of the Board, the Commission or a national resolution authority shall discriminate against entities referred to in Article 2 or entities established in non-participating Member States, deposit holders, investors or other creditors established in the Union on grounds of their nationality or place of business.
Amendment 287 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. When making decisions or taking action, which may have an impact in more than one participating Member State, and in particular when taking decisions concerning groups established in two or more participating Member States, the Commission and the Board shall give due consideration to all of the following factors:
Amendment 290 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) the interests of the participating Member States where a group operates and in particular the impact of any decision or action or inaction on the financial stability, the economy, the deposit guarantee scheme or the investor compensation scheme of any of those Member States;
Amendment 295 #
Proposal for a regulation
Article 6 – paragraph 2 – point d
Article 6 – paragraph 2 – point d
(d) the need to avoid a disproportionate increase in the costs imposed on the creditors of these entities referred to in Article 2, to the extent that it would be greater than the one that they will have incurred had they been resolved through normal insolvency proceedings;
Amendment 297 #
Proposal for a regulation
Article 6 – paragraph 2 – point e
Article 6 – paragraph 2 – point e
Amendment 303 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission and the Board shall balance the factors referred to in paragraph 2 with the resolution objectives referred to in Article 12 as appropriate to the nature and circumstances of each case.
Amendment 314 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. No action, proposal, decision or policy of the Commission, the Board or a national resolution authority under this Regulation shall, directly or indirectly, discriminate against any Member State or group of Member States as a venue for the provision of banking or financial services, deposit holders, investors or other creditors established in the Union on grounds of their nationality or place of business.
Amendment 315 #
Proposal for a regulation
Article 6 – paragraph 4 b (new)
Article 6 – paragraph 4 b (new)
4b. For the purpose of carrying out the tasks conferred on the Commission and the Board by this Regulation, the Commission and the Board shall apply all relevant Union law and, where the Union law is composed of Directives, the national legislation transposing those Directives. To that effect the Commission and the Board shall take decisions subject to and in compliance with the relevant Union law and in particular any legislative and non-legislative acts, including those referred to in Article 290 and 291 TFEU. They shall in particular be subject to binding regulatory and implementing technical standards developed by EBA and adopted by the Commission in accordance with Articles 10 to 15 of Regulation (EU) No 1093/2010, to Article 16 of that Regulation and to any applicable decisions of the EBA in accordance with Article 19(3) of Regulation (EU) No 1093/2010.
Amendment 316 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Performance of tasks by the Commission 1. When carrying out the tasks conferred on it by Article 16 of this Regulation, the Commission shall act independently and strictly in accordance the objectives and principles set out in this Regulation. 2. The Commission shall carry out the tasks conferred on it by Article 16 of this Regulation without prejudice to and separately from its other tasks. 3. The Commission staff involved in supporting the Commission in the performance of the tasks conferred on it by Article 16 of this Regulation shall be organisationally separated from, and subject to, separate reporting lines from the staff involved in other tasks of the Commission. 4. With a view to ensuring separation between the performance of the tasks conferred on the Commission by Article 16 of this Regulation and other tasks of the Commission, the Commission shall ensure that operation of the College of Commissioners is completely differentiated as regards the performance of these and other of its tasks. Such differentiation shall include strictly separated meetings and agendas. 5. For the purposes of paragraphs 1 to 4 the Commission shall adopt and make public any necessary internal rules, including rules regarding professional secrecy and information exchange. 6. The Commissioner overseeing resolution functions shall not have any vote in the College of Commissioners on issues relating to competition policy enforcement and State aid issues.
Amendment 318 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The Board shall review the national resolution plans drawn up resolution plansby national resolution authorities in conformity with the BRR directive for the entities referred to in Article 2 and for groups.
Amendment 356 #
Proposal for a regulation
Article 7 – paragraph 7
Article 7 – paragraph 7
7. The Board shall draw up the resolution plans in cooperation with the supervisor or consolidating supervisor and, with the national resolution authorities of the participating Member States in which the entities are established and with the national authorities of non-participating member states where subsidiaries are established.
Amendment 379 #
Proposal for a regulation
Article 8 – paragraph 8 – point b
Article 8 – paragraph 8 – point b
(b) the need to avoid a negative impact on financial stability in participating and non- participating Member States;
Amendment 546 #
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
Amendment 566 #
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework set by the Commission decision, the Board shall decide on the resolution scheme referred to in Article 20 and shall ensure that the necessary resolution action is taken to carry out the resolution scheme by the relevant national resolution authorities. The decision of the Board shall be addressed to the relevant national resolution authorities and shall instruct those authorities, which shall take all necessary measures to implement the decision of the Board in accordance with Article 26, by exercising any of the resolution powers provided for in Directive [ ], in particular those in Articles 56 to 64 of that Directive [ ]. Where State aid is present, the Board mayshall only decide after the Commission has taken a decision on that State aid.
Amendment 586 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16 a Commission assessment of the application of monies from the Fund 1. In order to preserve a level playing field, should the use, or potential use, of the Fund not entail the grant of State aid pursuant to Article 107(1) of the TFEU, the Commission shall treat the use, or potential use, of the Fund as if it were a national resolution financing arrangement established pursuant to Title VII of the [BRRD] (financing arrangements). 2. For the purposes of fulfilling the obligation specified in paragraph 1, the Commission shall apply all regulations under Article 109 TFEU and procedures, communications, guidance and other relevant measures published by the Commission in connection with the performance of its tasks under Articles 107 and 108 TFEU as are in force at the time the assessment is to be made. 3. To the extent the Commission considers it necessary to depart from any aspect of a measure of a kind referred to in paragraph 2, the Commission shall notify all Member States and provide a detailed explanation for its decision.
Amendment 643 #
Proposal for a regulation
Article 22 – paragraph 3 a (new)
Article 22 – paragraph 3 a (new)
3a. Any consideration received for the bridge institution or some or all of the property rights and liabilities of the bridge institution shall comply with the relevant provisions within the [BRRD].
Amendment 647 #
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point a
Article 23 – paragraph 1 – subparagraph 2 – point a
(a) it is wholly or partially owned by or it is controlled by one or more public authorities, which may include the resolution authority or the resolution financing arrangementthe Board;
Amendment 649 #
Proposal for a regulation
Article 23 – paragraph 2 a (new)
Article 23 – paragraph 2 a (new)
2a. Any consideration received for the asset management vehicle or some or all of the property rights and liabilities of the asset management vehicle shall comply with the relevant provisions within [BRRD].
Amendment 710 #
Proposal for a regulation
Article 26 – paragraph 2 – introductory part
Article 26 – paragraph 2 – introductory part
2. Where a national resolution authority has not applied a decision referred to in Article 16, or has applied it in a way which fails to achieve the resolution objectives under this Regulation, the Board shall have the power to order an institution under resolution to:
Amendment 712 #
Proposal for a regulation
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
(a) to transfer to another legal person specified rights, assets or liabilities of an institution under resolution;
Amendment 714 #
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) to require the conversion of any debt instruments which contain a contractual term for conversion in the circumstances provided for in Article 18.
Amendment 726 #
Proposal for a regulation
Article 27 – paragraph 7 a (new)
Article 27 – paragraph 7 a (new)
7a. The Commission and the Board and the resolution authorities and competent authorities of the non-participating Member States shall conclude a memorandum of understanding describing in general terms how they will cooperate with one another in the performance of their tasks under the [BRRD]. The memorandum shall be reviewed on a regular basis. Without prejudice to the first subparagraph the Commission and the Board shall conclude a memorandum of understanding with the resolution authority and the competent authority of each non-participating Member State that is home to at least one global systemically important institution, as defined in Union law. Each memorandum shall be reviewed on a regular basis and shall be published subject to appropriate treatment of confidential information.
Amendment 731 #
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
In case of a cross-border resolution of a group that includes entities established in participating Member States as well as in non-participating Member States, the national resolution authorities of non- participating Member States where there are no branches and subsidiaries shall be invited by the Board to participate in its executive session as observers without the right to vote.
Amendment 732 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 a (new)
Article 31 – paragraph 1 – subparagraph 1 a (new)
Non-binding cooperation arrangements shall include provisions on coordination and cooperation procedures between the Single Resolution Board and third- country host authorities represented in Crisis Management Groups on the following matters: (a) the exchange of information necessary for the preparation, development and maintenance of resolution plans; (b) the exchange of information necessary for the application of resolution tools and exercise of resolution powers and similar powers under the law of the relevant third countries; (c) early warning to or consultation of parties to the cooperation arrangement before taking any significant action under this Regulation or relevant third country law affecting the institution or group to which the arrangement relates; (d) the coordination of public communication in case of joint resolution actions; (e) coordination, cooperation and exchange of information under points (a) to (d) shall be subject to strict confidentiality standards.
Amendment 736 #
Proposal for a regulation
Article 32 – paragraph 1 – point c
Article 32 – paragraph 1 – point c
(c) third parties established or located in a participating Member State to whom the entities referred to in Article 2 have outsourced critical functions or activities.
Amendment 741 #
Proposal for a regulation
Article 32 – paragraph 5
Article 32 – paragraph 5
5. The Board, the competent authorities of participating Member States and the national resolution authorities may draw up memorandum of understanding with a procedure concerning the exchange of information.
Amendment 743 #
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
6. Competent authorities of participating Member States, including the ECB where relevant, and national resolution authorities shall cooperate with the Board in order to verify whether some or all of the information requested is already available. Where such information is available, competent authorities of participating Member States, including the ECB where relevant, or national resolution authorities shall provide that information to the Board.
Amendment 799 #
Proposal for a regulation
Article 41 – paragraph 6
Article 41 – paragraph 6
6. The Board shall reply orally or in writing to questions addressed to it by the European Parliament or by the Council, according to its own procedures, in the presence of representatives from any participating and non-participating Member States whose currency is not the Euro.
Amendment 802 #
Proposal for a regulation
Article 42 – paragraph 3 a (new)
Article 42 – paragraph 3 a (new)
3a. National parliaments of non- participating Member States may invite the Executive Director of the Board together with a representative of their own national resolution authority to participate in an exchange of views on all the possible spill-over effects of the resolution of credit institutions in participating Member States on entities outside of the SRM scope.
Amendment 822 #
Proposal for a regulation
Article 49 – paragraph 2
Article 49 – paragraph 2
2. When deliberating on an entity referred to in Article 2 or a group of entities established only in one participating Member State, the member appointed by that Member State shall also participate in the deliberations and in the decision- making process in accordance with Article 521(1) and (3).
Amendment 848 #
Proposal for a regulation
Article 51 – paragraph 2
Article 51 – paragraph 2
2. When deliberating on a cross-border group, the Board shall take its decisions in its executive sessions by a simple majority of its participating members. The members of the Board referred to in Article 40(2) and the member appointed by the Member State in which the group level resolution authority is situated shall each have one vote. The otherand the participating mMembers shall each have a voting right equal to a fraction of one vote and the number of national resolution authorities of the Member States in which a subsidiary or entity covered by consolidated supervision is established States where a subsidiary or branch of the parent institution is situated shall each have one vote. In case of a tie the Executive Director shall have a casting vote.
Amendment 856 #
Proposal for a regulation
Article 51 – paragraph 3
Article 51 – paragraph 3
3. Until the target funding level referred to in Article 65 is reached, aA member appointed by a Member State shall be able to require once a further deliberation of the Board where a decision under discussion impinges on the fiscal responsibilities of that Member State.
Amendment 859 #
Proposal for a regulation
Article 51 – paragraph 4 – subparagraph 2
Article 51 – paragraph 4 – subparagraph 2
Meetings of the Board in its executive session shall be convened by the Executive Director on his own initiative or upon request of twoat least one members, and shall be chaired by the Executive Director. The Board may invite observers to attend its executive sessions on an ad hoc basis.
Amendment 877 #
Proposal for a regulation
Article 54 – paragraph 1
Article 54 – paragraph 1
The Board shall be responsible for devoting the necessary financial and human resources to the exercise of the tasks conferred upon it by this Regulation. The budget of the Commission in relation to its tasks under Article 16 of this Regulation, the funding of the Board's activities under this Regulation and the funding of resolution activities under this Regulation, may under no circumstances engage the budgetary liability of the Member States nor the Union.
Amendment 879 #
Proposal for a regulation
Article 55 – paragraph 3
Article 55 – paragraph 3
3. The budget shall comprise twohree parts: Part I for the administration of the Board, Part II for the administration of the Commission in relation to its tasks under Article 16 of this Regulation and Part III for the Fund.
Amendment 882 #
Proposal for a regulation
Article 56 a (new)
Article 56 a (new)
Article 56 a Part II of the budget on the administration of the Commission in relation to its tasks under Article 16 of this Regulation 1. The revenues of Part II of the budget shall consist of the annual contributions necessary to cover the administrative expenditure of the Commission in relation to its tasks under Article 16 of this Regulation. 2. The expenditure of Part II of the budget shall include at least staff, remuneration, administrative, infrastructure, professional training and operational expenses of the Commission in connection with its tasks under Article 16 of this Regulation. 3. Estimates of all the Commission's expenditure referred to in paragraph 2 shall be prepared for each financial year, corresponding to the calendar year, and shall be shown in a budget statement prepared by the Commission and provided to the Board on an annual basis for the purposes of this Regulation. This statement shall appear as Part II of the Board's budget.
Amendment 883 #
Proposal for a regulation
Article 57 – title
Article 57 – title
Part III of the budget on the Fund
Amendment 884 #
Proposal for a regulation
Article 57 – paragraph 1 – introductory part
Article 57 – paragraph 1 – introductory part
1. The revenues of Part III of the budget shall consist, in particular, of the following:
Amendment 887 #
Proposal for a regulation
Article 58 – paragraph 2
Article 58 – paragraph 2
2. The budget of the Board shall be adopted by the plenary session of the Board on the basis of the statement of estimates. Where necessary, it shall be adjusted accordingly which shall include the budget statement prepared by the Commission pursuant to Article 56a.
Amendment 892 #
Proposal for a regulation
Article 60 a (new)
Article 60 a (new)
Article 60 a Court of Auditors 1. Following the consideration of the final accounts prepared by the Board pursuant to Article 60, the Court of Auditors shall prepare a report on its findings and shall submit the report to the European Parliament and the Council by 1 December following each financial year. 2. The Court of Auditors shall, in particular, report on: (a) the economy, efficiency and effectiveness with which monies (including monies from the Fund) have been used; (b) any contingent liabilities (whether for the Commission, the Board or otherwise) arising as a result of the performance by the Commission and the Board of their tasks under the Regulation. 3. Notwithstanding the tasks referred to in paragraph 1, the Court of Auditors shall produce a special report in relation to each decision pursuant to Article 16 to resolve an entity of a kind referred to in Article 2. Each report shall, in addition to the matters referred to in paragraph 2, examine whether: (a) the resolution was in accordance with the requirements of this Regulation; (b) the resolution was well planned and designed, having regard in particular to the resolution framework and resolution scheme; (c) sufficient regard was had to economy. 4. Each report under paragraph 3 shall be produced within 12 months of the date on which the decision pursuant to Article 16 was taken by the Commission in relation to the entity concerned. 5. Without prejudice to Article 287(4) TFEU, the European Parliament and the Council may request that the Court of Auditors examine in a report under paragraph 3, or a supplemental report, such other matters as may be specified from time to time.
Amendment 897 #
Proposal for a regulation
Article 62 – paragraph 1 – point a
Article 62 – paragraph 1 – point a
(a) annual contributions necessary to cover the administrative expenditures, including of the Commission under Article 56a, calculated in accordance with Article 66;
Amendment 898 #
Proposal for a regulation
Article 62 – paragraph 2
Article 62 – paragraph 2
2. The amounts of the contributions shall be fixed at such a level as to ensure that the revenue in respect thereof is in principle sufficient for the budget of the Board to be balanced each year and for, including the budget of the Commissions of the Fund in relation to its tasks under Article 16 of this Regulation.
Amendment 909 #
Proposal for a regulation
Article 63 – paragraph 2
Article 63 – paragraph 2
2. The European Court of Auditors shall have the power of audit, on the basis of documents and on the spot, over the beneficiaries, contractors and subcontractors who have received Union funds from the Board.
Amendment 916 #
Proposal for a regulation
Article 64 – paragraph 2
Article 64 – paragraph 2
2. The Board shall use the Fund only for the purpose of ensuring the efficient implementation of the resolution tools and powers specified in Part II, Title I and in accordance with the resolution objectives and the principles governing resolution set out in Articles 12 and 13. Under no circumstances shall the Union budget nor the national budgets of Member States be held liable for expenses or losses of the Fund.
Amendment 927 #
Proposal for a regulation
Article 65 – paragraph 1
Article 65 – paragraph 1
1. In a period no longer than 10 years after the entry into force of this Regulation, the available financial means of the Fund shall reach at least 10.8% of the amount of deposits of all credit institutions authorised in the participating Member States which are guaranteed under Directive 94/19/EC.
Amendment 960 #
Proposal for a regulation
Article 67 – paragraph 1
Article 67 – paragraph 1
1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the Fundunder this Regulation, including in relation to any non- contractual liabilities of the Board and the Commission in relation to the performance of their tasks under this Regulation, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the institutions authorised in the territories of participating Member States, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Articles 65 and 66.
Amendment 978 #
Proposal for a regulation
Article 70 – paragraph 3
Article 70 – paragraph 3
3. The Board shall invest the amounts held in the Fund in obligations of the participating Member States or intergovernmental organisations, or in highly liquid assets of high credit worthinescash or marketable securities that represent claims on or are guaranteed by sovereigns and satisfy all of the following conditions: (a) assigned a 0% risk-weight under the Basel II Standardised Approach for credit risk; (b) traded in large, deep and active repo or cash markets characterised by a low level of concentration; (c) have a proven record as a reliable source of liquidity in the markets (repo or sale) even during stressed market conditions; and (d) not an obligation of a financial institution or any of its affiliated entities. Investments should be sufficiently geographically diversified to mitigate concentration risks. The return on those investments shall benefit the Fund.
Amendment 996 #
Proposal for a regulation
Article 71 – paragraph 4 a (new)
Article 71 – paragraph 4 a (new)
4a. The Fund may not be used for one or more purposes described in paragraph 1 until such time as the amounts required to be contributed in the context of the resolution in accordance with Article 73(1) have been paid in full by the deposit guarantee scheme or deposit guarantee schemes concerned.
Amendment 1019 #
Proposal for a regulation
Article 78 a (new)
Article 78 a (new)
Article 78a Liability of the Commission in relation to its tasks under Article 16 of this Regulation 1. In the case of non-contractual liability in relation to the performance by the Commission of its tasks under Article 16 of this Regulation, in accordance with the general principles common to the laws concerning the liability of public authorities of the Member States, any damage caused by it or by its staff in the performance of their duties, in particular their resolution functions, including acts and omissions in support of foreign resolution proceedings, shall be made good. 2. Any non-contractual liabilities of a kind described in paragraph 1 shall be made good by the Board. 3. Any costs in connection with judicial proceedings concerning acts or omissions of the Commission in the performance of its tasks under this Regulation and any damages awarded in the course of such proceedings shall not engage the budgetary liability of the Member States or the Union.
Amendment 1033 #
Proposal for a regulation
Article 83 – paragraph 2 a (new)
Article 83 – paragraph 2 a (new)
2a. In order to comply with Article 5a, any review of the [BRRD] shall be accompanied by a review of the SRM and vice versa.
Amendment 1034 #
Proposal for a regulation
Article 84 – paragraph 1 a (new)
Article 84 – paragraph 1 a (new)
Any decisions taken by the EBA in accordance with [BRRD] or this Regulation shall conform to the framework established by Regulation No. 1093/2010, in particular in accordance with Article 38(1) of that Regulation, the EBA shall ensure that no decision impinges in any way on the fiscal responsibilities of Member States.