2013/0253(COD) Single Resolution Mechanism and Single Resolution Fund: uniform rules and procedure for the resolution of credit institutions and certain investment firms
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
FERREIRA Elisa ( S&D)
|
WORTMANN-KOOL Corien ( PPE),
GOULARD Sylvie ( ALDE),
GIEGOLD Sven ( Verts/ALE),
LAMBERTS Philippe ( Verts/ALE),
FORD Vicky ( ECR)
|
| Committee Opinion | AFCO |
LE GRIP Constance ( PPE)
|
Ashley FOX ( ECR),
Morten MESSERSCHMIDT ( ECR)
|
| Committee Opinion | BUDG | ||
| Committee Opinion | CONT | ||
| Committee Opinion | JURI |
STOYANOV Dimitar ( NA)
|
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2019/04/30
EC - Follow-up document
Details
The Commission presents its report on the application and review of Directive 2014/59/EU (Bank Recovery and Resolution Directive - BRRD) and Regulation 806/2014 (Single Resolution Mechanism Regulation - SRMR).
Under the Directive and the Regulation, the Commission is required to review the application of the resolution framework and to submit a Report to the European Parliament and the Council.
The reports on the application of these legal instruments were due by June and December 2018 respectively. Due to the close links between these instruments, which jointly establish the EU resolution framework, it is appropriate to carry out the review jointly for both of them.
Functioning of the Single Resolution Mechanism (SRM) and Single Resolution Board (SRB)
The SRMR review clause provides that the Commission should carry out an assessment of several aspects related to the governance and functioning of the Single Resolution Mechanism (SRM) and the SRB.
The items listed for review include:
- assessing the interactions of the SRB (and the SRM in general) with other actors in the resolution process as well as the EBA, the European Securities and Market Authority (ESMA), and the European insurance and Occupational Pensions Authority (EIOPA);
- assessing whether the target level or the reference point of the SRF should be revised;
- assessing the internal governance arrangements of the SRB and other operational issues, and particularly the investment portfolio of the SRB;
- assessing the legal status of the Board as an agency of the Union.
As a preliminary remark, the Commission notes that the SRB assumed full resolution powers in 2016 and it needed time to establish its internal functioning and reach full staffing. There is not, therefore, a sufficient amount of information or experience to carry out an in-depth review.
The SRB has worked with national authorities, in accordance with the procedures set out in the framework. In the 2017 resolution planning cycle, the SRB set binding MREL targets at consolidated level for the majority of the largest banking groups within the SRB’s remit, and the SRB intends to set binding targets for all groups within its remit by 2020.
Concerning the European Banking Authority (EBA), on 27 November 2017, the Commission published a Report on the role of the EBA with respect to mediation procedures in resolution. The Report addressed some issues that the EBA brought to the Commission’s attention. All these issues concern provisions of the EBA founding regulation, which is being amended in the context of ESAs review.
Governance of the SRB
With respect to the issue of the governance of the SRB and the change of its legal status from agency to EU institution, given its recent creation and the limited practical experience gathered so far, there are not sufficient elements at this stage to suggest changes to the current provisions. In this respect, the Commission underlines that such a change of legal status would require a modification of the Treaty on the Functioning of the European Union (TFEU).
Finally, in view of the potential accession to the Banking Union of non-participating Member States, there may be scope to reflect on the modalities for an acceding Member State to participate in the SRM.
Conclusion
The Commission takes stock of the issues discussed above, which are based on the limited experience the Commission gained from the application of the resolution framework so far.
The framework has been applied only in a limited number of cases. Out of those, only one case concerned the resolution of an institution under SRMR. It is also worth noticing that a number of these cases dealt with “legacy issues” which accumulated during the financial crisis or before.
In addition, the provisions concerning the bail-in tool and the establishment of the Single Resolution Board became applicable only as of 1 January 2016. Other elements - such as resolution planning for larger and complex institutions and the provisions concerning Minimum Requirement of Eligible Liabilities (MREL) – require a phasing in to be fully implemented.
In light of this, it is premature to design and adopt legislative proposals at this stage.
The Commission will, however, continue monitoring the application of the resolution framework and further assess the issues identified above, also in light of additional elements provided by the recently launched study on the harmonisation of national insolvency laws and experience stemming from possible future application of the resolution framework.
To this end the Commission will also engage in a comprehensive discussion of the topics identified in this report with respect to BRRD/SRMR (as well as issues that may emerge from application of the resolution framework) with experts appointed by the European Parliament, Member States and all relevant stakeholders.
In this context the Commission will also take into account the interaction with policy developments in relation to deposit insurance, including the work of the High Level Group established by the Eurogroup, and the review of the Deposit Guarantee Scheme Directive.
Documents
2015/12/16
EU - For information
Documents
2014/11/24
EC - Document attached to the procedure
Documents
2014/07/30
Final act published in Official Journal
Details
PURPOSE: to establish a single European framework of resolution rules for credit establishments and to ensure the consistent application of these resolution rules.
LEGISLATIVE ACT: Regulation (EU) No 806/2014 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 Resolution Fund and amending Regulation (EU) No 1093/2010.
CONTENT: this Regulation establishes a single resolution mechanism (SRM) for failing banks , with a central decision-making board and a single resolution fund.
The aim is to ensure the orderly resolution of failing banks without recourse to taxpayers' money. This will involve both a systematic recourse to the bail-in of shareholders and creditors, in line with the bank recovery and resolution directive , and the possible recourse to a single fund fully financed by banks.
The SRM will form one of the key elements of Europe's banking union , along with the single supervisory mechanism (SSM). It will cover all banks established in the euro area and in other member states that choose to participate.
The European Parliament, in its resolution of 7 July 2010 with recommendations to the Commission on Cross- Border Crisis Management in the Banking Sector, requested the Commission to submit one or more legislative proposals relating to an EU crisis-management framework, an EU financial stability fund, and a resolution unit’.
The main elements of the Regulation are as follows:
Resolution plans : upon notification by the European Central Bank (as supervisor) that a bank is failing or likely to fail, or on its own initiative after having previously informed the ECB, the board will adopt a resolution scheme placing the bank into resolution. It will determine the application of resolution tools and the use of the single resolution fund (SRF).
The board will be responsible for the planning and resolution phases of cross-border banks and those directly supervised by the ECB, while national resolution authorities will be responsible for all other banks.
Resolution objectives : the resolution objectives are the following: (i) to ensure the continuity of critical functions; (ii) to avoid significant adverse effects on financial stability, in particular by preventing contagion, including to market infrastructures, and by maintaining market discipline; (iii) to protect public funds by minimising reliance on extraordinary public financial support; (iv) to protect depositors covered by Directive 2014/49/EU and investors covered by Directive 97/9/EC; (v) to protect client funds and client assets.
Resolution procedure : this procedure, which involves the Commission and the Council, strengthens the necessary operational independence of the Board. The resolution scheme will enter into force within 24 hours of its approval by the board , unless the Council, acting by simple majority on a proposal by the Commission, objects. Within 12 hours of approval of the resolution scheme by the board, the Commission may propose to the Council to object to the resolution scheme on the grounds that it is not necessary in the public interest, or to approve or object to a material modification of the amount of funds provided for in the resolution scheme.
For cross-border banks and for banks directly supervised by the ECB which are under the responsibility of the single resolution board, national resolution authorities will be responsible for executing bank resolution schemes under the board's instructions. Should a national authority not comply with a decision of the board, the latter will be able to address executive orders directly to the troubled bank.
To guarantee Member States' budgetary sovereignty, the Regulation prohibits decisions requiring a member state to provide extraordinary public support or impinging on its budgetary sovereignty and fiscal responsibilities.
Single Resolution Board : the Board shall have an autonomous budget which is not part of the Union budget. It shall be operational from 1 January 2015 . It shall consist of a chairperson, four full-time appointed members and the representatives of the national resolution authorities of all the participating Member States. The ECB and the Commission will each designate a representative as a permanent observer. The board will exercise its tasks in either a plenary or executive format.
In order to reduce political interference in decision, the plenary session will be responsible for individual resolution decisions requiring more than EUR 5 billion in capital , or twice that amount in liquidity support, from the SRF. Moreover, once the accumulated use of funds over any 12-month period reaches EUR 5 billion, the plenary will be responsible for evaluating the application of resolution tools, in particular the use of the SRF, and for giving guidance to the executive session for subsequent resolution decisions.
The Single Resolution Board shall be accountable to the European Parliament, the Council and the Commission for the implementation of this Regulation. At the request of the European Parliament, the Chair shall participate in a hearing by the competent committee of the European Parliament on the execution of the resolution tasks by the Board. A hearing shall take place at least once every calendar year. The Board may be required to reply in writing to any observations or questions submitted by the national parliaments.
Single Resolution Fund : the Single Resolution Fund is hereby established. It shall be filled in accordance with the rules on transferring the funds raised at national level towards the Single resolution fund.
By the end of an initial period of eight years from 1 January 2016, the available financial means of the Fund shall reach at least 1 % of the amount of covered deposits of all credit institutions authorised in all of the participating Member States . During the initial period, contributions to the Fund shall be spread out in time as evenly as possible until the target level is reached.
The individual contribution of each bank will be calculated pro-rata to the amount of its liabilities (excluding own funds and covered deposits) with respect to the aggregate liabilities (excluding own funds and covered deposits) of all the institutions authorised in the participating Member States. Contributions will be adjusted in proportion to the risk profile of each institution.
The Fund should be able to contract borrowings or other forms of support from institutions, financial institutions or other third parties in the event that the ex-ante and ex-post contributions are not immediately accessible or do not cover the expenses incurred by the use of the Fund in relation to resolution actions. Under no circumstances shall the Union budget or the national budgets be held liable for expenses or losses of the Fund.
From 1 January 2015, the Board shall submit a monthly report approved in its plenary session to the European Parliament, to the Council and to the Commission on whether the conditions for the transfer of contributions to the Fund have been met.
ENTRY INTO FORCE: 20.08.2014. With certain exceptions set out in Regulation, it shall be applicable from 01.01.2016.
DELEGATED ACTS: the Commission shall be empowered to adopt delegated acts in order to supplement the Regulation. The power to adopt delegated acts shall be conferred on the Commission for a
an indeterminate period . The European Parliament or the Council may raise objections to a delegated act within a period of three months from the date of notification (this may be extended by three months). If the European Parliament or Council express objections, the delegated act will not enter into force.
2014/07/15
CSL - Draft final act
Documents
2014/07/15
CSL - Final act signed
2014/07/15
EP - End of procedure in Parliament
2014/07/14
EP/CSL - Act adopted by Council after Parliament's 1st reading
2014/07/14
CSL - Council Meeting
2014/07/09
EC - Commission response to text adopted in plenary
Documents
2014/04/15
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 570 votes to 88 with 13 abstentions, a legislative resolution 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.
The matter had been referred back to the committee responsible during the plenary session of 6 February 2014.
Parliament adopted its position in first reading following the ordinary legislative procedure. The amendments adopted in plenary were the result of a compromise agreement between Parliament and Council. They amend the proposal as follows :
Purpose: the regulation would establish uniform rules and a uniform procedure for the resolution of banks that are established in participating Member States, meaning Member States whose currency is the euro or Member States whose currency is not the euro which have established a close cooperation in accordance with Council Regulation on the single supervisory mechanism (SSM).
Parliament and Council agreed that the uniform rules and the uniform banking resolution procedure should be applied by the Single Resolution Board (SRB), jointly with the Commission and the Council, in the framework of a single resolution mechanism laid down in the Regulation. The resolution mechanism would underpin the Single Bank Resolution Fund.
It is stipulated that the use of the Fund shall be contingent upon the entry into force of an agreement among the participating Member States on transferring the funds raised at national level towards the Fund as well as on a progressive merger of the different funds raised at national level to be allocated to national compartments of the Fund.
General principles : Parliament added that:
· every action, proposal or policy of the SRB , the Commission or of a national resolution authority in the framework of the SRM should be undertaken with a view for the unity and integrity of the internal market;
· decisions or actions of the SRB or of the Commission or Council should not directly impinge on the fiscal responsibilities of the Member States;
· w here the Board takes a decision that is addressed to a national resolution authority, the national resolution authority shall have the right to specify further the measures to be taken.
In order to ensure equitable conditions within the internal market as a whole, the regulation should be compatible with the directive on the recovery and resolution of banks .
Resolution procedure : the SRB shall be responsible for drawing up and adopting the resolutions plans and may require national resolution authorities to prepare and submit to the Board draft resolution plans.
The resolution plan shall not assume any of the following : (i) extraordinary public financial support besides the use of the Fund, (ii) any central bank emergency liquidity assistance, (iii) any central bank liquidity assistance provided under non-standard collateralisation, tenor and interest rate terms.
Group resolution plans shall include a plan for the resolution of the group, headed by the EU parent undertaking established in a participating Member State, as a whole, either through resolution at the level of the EU parent undertaking or through break up and resolution of the subsidiaries.
Resolution objectives : the resolution objectives are the following, inter alia: (i) to avoid significant adverse effects on financial stability in the Union and Member States concerned, in particular by preventing contagion, including to market infrastructures, and by maintaining market discipline; (ii) to protect client funds and client assets .
Resolution procedure: the Council of Ministers will be involved in validating the way in which a troubled bank is to be dealt with (resolution scheme) only at the European Commission’s express request. The procedure takes place in three phases:
Phase 1: the Board considers the adoption of a resolution scheme if:
· the entity is failing or likely to fail ;
· there is no reasonable prospect that any alternative measures (early intervention, conversion of capital etc.) would prevent its failure within a reasonable timeframe;
· a resolution action is necessary in the public interest .
Phase 2: immediately after its adoption, the SRB transmits the resolution scheme to the Commission:
· if no objections within 24 hours after its transmission, the resolution scheme enters into force;
· within first 1 2 of these 24 hours, the Commission can request the Council (with a simple majority) to: (i) object to the scheme on the ground that the scheme adopted by the SRB does not fulfil the public interest criterion; (ii) approve or object the Commission’s proposal to use a higher or lower amount of the Fund than the Board suggested in the scheme.
· w here the Council has approved the proposal of the Commission for modification of the resolution scheme on the ground that it does not satisfy the public interest criterion or the Commission has objected, the Board shall, within 8 hours modify the resolution scheme in accordance with the reasons expressed.;
· where the Council objects to the placing of an institution under resolution on the ground that the public interest criterion is not fulfilled, the relevant entity shall be orderly wound up in accordance with the applicable national law.
Phase 3: o nce agreed, the scheme is transmitted to the National Resolution Authority(ies) for implementation .
Single Resolution Board : the Board shall be accountable to the European Parliament, the Council and the Commission for the implementation of this Regulation. At the request of the European Parliament, the Chair shall participate in a hearing by the competent committee of the European Parliament on the execution of the resolution tasks by the Board. A hearing shall take place at least once every calendar year. The Board may be required to reply in writing to any observations or questions submitted by the national parliaments .
Neither Member States, the Union’s institutions or bodies, nor any other public or private body shall seek to influence the Chair, the Vice-Chair or the members of the Board.
Parliament sought to reduce political interference on the decisions. In order to ensure a corresponding decision-making by the Board, when resolution action is required above the threshold of EUR 5 billion , any member of the plenary may, in accordance with a strict deadline, request the plenary session to decide.
Single resolution fund : the Single Bank Resolution Fund should be established. It should be filled in accordance with the rules on transferring the funds raised at national level towards the Fund as laid down in the agreement.
Eight years as from 1 January 2016 , the available financial means of the Fund shall reach at least 1% of the amount of covered deposits of all credit institutions authorised in all the participating Member States.
During the initial period of time , contributions to the Fund should be spread out in time as evenly as possible until the target level is reached but with due account of the phase of a business cycle and the impact pro-cyclical contributions may have on the financial position of contributing institutions.
Parliament should also strengthen the borrowing capacity of the funds.
Under no circumstances shall the Union budget nor the national budgets be held liable for expenses or losses of the Fund.
Documents
2014/03/11
CSL - Debate in Council
Documents
2014/03/11
CSL - Council Meeting
2014/02/21
RO_CHAMBER - Contribution
Documents
2014/02/18
CSL - Debate in Council
Details
The Council discussed possible adjustments to its general approach on the establishment of a single resolution mechanism (SRM) for banks, with a view to giving more flexibility to the presidency in its forthcoming “trilogue” negotiations with the European Parliament.
The Council reiterated its firm commitment to reach an agreement acceptable to all parties on the SRM within the deadline set by the European Council, enabling a vote by the European Parliament before the end of its current term . The discussion showed that ministers recognise the need for compromises and flexibility towards the Parliament's position .
The presidency summarised the scope of such ideas as follows:
the framing of the role of the plenary session of the single resolution board (SRB); a review of the thresholds for the involvement of the plenary, and of voting modalities, especially during the initial transitional phase of the single resolution fund (SRF), to have a balanced solution for the use of the SRF; a possibly better framing of the Council's role in order to limit its discretion and the grounds on which it can raise objections to the SRB's decisions, as well as a simplification and, if possible, shortening of the decision-making process; a more framed oversight of the SRB over national resolution authorities; a central role for the European Central Bank in determining whether a banking institution is failing or likely to fail, while the SRB should ultimately maintain a possibility to effectively influence that function too; agreement that bail-in and not bail-out is the main guiding principle for bank resolution.
The presidency also acknowledged calls from many ministers:
to increase the pace of mutualisation of national contributions to the SRF; to enhance the capacity of the SRF to borrow in the markets during the transitional period in order to reinforce the credibility of the system; to continue work on the method for calculating individual contributions to the SRF in order to provide as much clarity on this issue as possible.
The presidency noted that the outcome of the trilogue negotiations would be the result of a global deal covering discussions on both the SRM regulation and the intergovernmental agreement (IGA).
Documents
2014/02/18
CSL - Council Meeting
2014/02/06
EP - Results of vote in Parliament
Documents
2014/02/06
EP - Debate in Parliament
Documents
2014/02/06
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted amendments (441 votes to 141, with 17 abstentions) to 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.
The matter was referred back to the committee responsible for reconsideration . The vote was postponed until a later session.
The main amendments adopted in plenary are as follows :
Purpose: Parliament stipulated that the uniform rules and the uniform banking resolution procedure should be applied by the Single Resolution Board (SRB) , jointly with the Commission and the resolution authorities of the participating Member States, in the framework of a single resolution mechanism laid down in the Regulation. The resolution mechanism would underpin the Single Bank Resolution Fund.
General principles: Parliament added that:
· every action, proposal or policy of the Board, the Commission or of a national resolution authority in the framework of the SRM should be undertaken with a view to promoting the stability of the financial system within the Union and within each participating Member State with full regard and duty of care for the unity and integrity of the internal market;
· decisions or actions of the Board or of the Commission should neither require Member States to provide extraordinary public financial support nor directly impinge on the fiscal responsibilities of the Member States ;
· when making decisions or taking actions, the Board should ensure that the representatives of the employees of the entities concerned are informed and, where appropriate, consulted;
· actions, proposals and policies of the Commission, the Board and national resolution authorities should respect the principle of non-discrimination with regard to any Member State or group of Member States;
· the Commission should act independently , separately from its other tasks, and strictly in accordance with the objectives and principles set out in the Regulation and in the Directive laying down a framework for recovery and resolution of credit institutions and investment firms [BRRD]. The separation of tasks should be guaranteed through appropriate organisational adjustments.
Resolution procedure: Parliament introduced amendments to the decision-making procedure.
Where the ECB , on its own initiative or following a communication from a national competent authority of a participating Member State, assesses that a bank is in a situation of known or likely default, it shall notify that assessment without delay to the Commission and the Board.
When it considers that all the conditions are met, the Board should transmit to the Commission a draft decision to place the institution under resolution. The Commission would then decide whether it adopts the Board’s draft decision and would propose a framework of the resolution tools to be applied to the bank in question and, where applicable, of the use of the Fund.
Where the Commission intends not to adopt the draft decision submitted by the Board or to adopt it with amendments, it should send the draft decision back to the Board , explaining why it does not intend to adopt it or, as the case may be, explaining the reasons for its intended amendments, and requesting its revision.
The Commission may establish a deadline within which the Board may amend its initial draft decision on the basis of the Commission's proposed amendments and resubmit it to the Commission. Except in duly justified cases of emergency, the Board shall have at least five working days to revise the draft decision following a request by the Commission.
The Single Resolution Board: the Single Resolution Board would consist of (i) the Executive Director, (ii) the Deputy Executive Director, (iii) a representative appointed by the Commission, (iv) a representative appointed by the ECB, and (v) members appointed by each participating Member State, representing the national resolution authorities, each of whom would have voting rights .The European Banking Authority (EBA) should attend the meetings of the Board as an observer. The Board should be accountable to the European Parliament and to the Council . The Board should act independently and its members should have the necessary expertise on bank restructuring and insolvency. It should have the capacity to deal with large banking groups and have the capacity to act swiftly and impartially. It should ensure that appropriate account is taken of national financial stability, financial stability of the Union and the internal market.
The appointment of the Executive Director and the Deputy Executive Director is subject to the European Parliament’s approval .
Upon request, the Executive Director shall hold confidential oral discussions behind closed doors with the Chair and Vice-Chairs of the competent committee of the European Parliament where such discussions are required for the exercise of the European Parliament’s powers under the Treaty.
Rules on transparency and access to documents would also be based on those laid down for the ECB’s banking supervisor.
Members also increased the role of national parliaments in the system.
Single Resolution Fund: the proposed Regulation provides that in 10 years a European resolution fund should be operational, financed by the banks’ contributions and representing 1% of deposits covered.
With a view to breaking the link between sovereigns and banks and ensuring the efficiency and the credibility of the SRM , in particular while the Fund is not entirely funded, Parliament suggested that the SRB should endeavour to contract for the Fund a loan facility, preferably utilising a European public instrument , to ensure the immediate availability of adequate financial means to be used where the amounts raised or available are not sufficient. Any loan from that loan facility should be reimbursed by the Fund within an agreed timeframe.
Any expenses incurred by the use of the borrowings have to be borne by the Board itself and not by the Union budget or the participating Member States.
Documents
2014/02/04
EP - Debate in Parliament
Documents
2014/01/28
CSL - Debate in Council
Documents
2014/01/28
CSL - Council Meeting
2014/01/08
EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2014/01/07
EP - Committee report tabled for plenary, 1st reading
Documents
2014/01/05
CZ_SENATE - Contribution
Documents
2013/12/18
CSL - Council Meeting
2013/12/17
EP - Vote in committee, 1st reading
2013/12/12
EP - Committee opinion
Documents
2013/11/15
CSL - Debate in Council
Details
The Council discussed a draft regulation aimed at establishing a single decision-making authority and a single fund for the resolution of failing banks.
The presidency instructed the Council's working group to continue work so as to enable it to prepare a final compromise proposal for the Council's meeting on 10 December 2013 .
The presidency identified issues for consideration by the working group in the following terms:
Scope of the single resolution mechanism (SRM) : the point of departure must be that the SRM covers all banks authorised in the participating member states. The working group will however, examine options for enhancing the role of national resolution authorities, bearing in mind the role that national supervisory authorities have in the supervision of less significant banks in the SSM. Decision-making authority : a large degree of support for the governance structure laid out in the presidency compromise proposal was observed, but an agreement has yet to be found. The voting modalities and the possibilities for involving the Council shall be explored. Any mechanism should enable swift, robust and effective decision-making. Structure of the single resolution fund : work should continue on the premise that there will be a single fund . Beyond that, the working group shall explore possibilities as regards the structure and the build-up of the fund. It will consider how the fund can be constructed in a transitional period. Non-contractual liability and equality of treatment of participating and non-participating member states : options will be considered to resolve these issues in a reasonable and fair manner.
It should be noted that the Parliament and the Council are currently negotiating a directive on bank recovery and resolution , which is aimed at harmonising EU rules for the orderly resolution of banks.
Documents
2013/11/15
CSL - Council Meeting
2013/11/10
DK_PARLIAMENT - Contribution
Documents
2013/11/07
EP - Committee opinion
Documents
2013/11/06
ECB - European Central Bank: opinion, guideline, report
Details
Opinion of the European Central Bank on a 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 .
The European Central Bank, consulted on 3 September 2013 by the Council, fully supports the establishment of a Single Resolution Mechanism (SRM), which will contribute as a necessary complement to the Single Supervisory Mechanism , to strengthening the architecture and stability of the economic and monetary union.
The ECB is of the view that the general principles set out below are of key importance for the SRM to be effective, and welcomes that they are largely reflected in the proposed regulation:
the SRM’s scope should encompass all credit institutions established in Member States participating in the SSM;
a strong and independent single resolution authority (SRA) should be at the centre of the SRM, with sufficient decision-making authority to take resolution action in the interest of stability within the euro area and of the Union as a whole; the decision-making process should allow for timely and efficient decision-making, if necessary, within a very short time, such as a few days or, where necessary, a few hours. It should be based on adequate resolution planning; the SRA should have adequate powers, tools and financial resources to resolve institutions as provided for in the forthcoming Bank Recovery and Resolution Directive (BRRD); the SRA should have adequate powers, tools and financial resources to resolve institutions; the envisaged framework for the SRM should provide for close coordination between the SRM’s resolution function and the SSM’s supervisory function, while adhering to and respecting the respective institutional responsibilities.
The ECB strongly supports the envisaged timeline for the SRM. Under this timeline, the SRM would enter into force by the middle of 2014 and would become fully operational by 1 January 2015.
The ECBs specific observations concern the following issues:
Governance and accountability of the Single Resolution Board : the responsibilities of authorities involved in the resolution process should be more precisely defined to avoid any duplication or overlap of powers. With regard to the Resolution Board’s powers, a fuller description of how these powers will be executed would ensure, at the same time, that there is sufficient flexibility to deal with each individual resolution case. The proposed regulation has to ensure that any actual resolution decision by the Commission is taken as prompt as necessary.
Cooperation between resolution and supervisory authorities : the ECB considers it crucial that the respective roles and responsibilities of resolution authorities and supervisory authorities are kept distinct before any crisis is envisaged, and at the first stage of a crisis, where the supervisor may apply early intervention measures to a credit institution, and when assessing the conditions for resolution and the write down of capital instruments.
The ECB’s participation in the Resolution Board and general involvement of central banks : the ECB recommends that the ECB will have an open invitation to observe in all (plenary and executive) meetings of the Resolution Board.
Resolvability assessment and the minimum requirement for own funds and eligible liabilities (MREL) : while consultation with the supervisor is sufficient regarding the assessment itself, measures to remove impediments to resolvability should be jointly determined and implemented in cooperation with the supervisor. This assessment should not assume any financial support by the SBRF, other than for the provision of temporary liquidity. The MREL should therefore be determined by the Resolution Board ‘in cooperation’ with the competent authorities.
Bail-in : the proposed regulation provides that the bail-in provisions shall apply from 1 January 2018. This means that from 2015 until 2018, the SRM may need to resolve banks without this resolution tool.
In the light of this, the ECB supports implementing the bail-in tool earlier than 2018 . Furthermore, having the bail-in tool in place would contribute towards legal certainty, consistency and predictability, thus avoiding ad hoc solutions.
Covered deposits should have a ‘ super priority’ , while eligible deposits from natural persons and small- and medium-sized enterprises should take priority over other senior unsecured claims.
Single bank resolution fund : the proposed regulation provides for a target level of at least 1% of covered deposits for the SBRF. The ECB is of the view that covered deposits are not the most appropriate benchmark, given that they do not entirely reflect possible funding costs in resolution. This benchmark should therefore be complemented by a reference value relating to total liabilities , which should be adequately calibrated by the Resolution Board, while keeping the 1 % of covered deposits as a floor.
Backstop arrangements : the ECB notes that the proposed regulation remains vague on the envisaged design of the additional backstop arrangements. In particular, while the proposed regulation provides for the possibility of borrowing from third parties, it does not specify whether the additional backstop arrangements would also include temporary access to public funds or would solely draw on borrowing from the private sector.
Against this background, the ECB considers it important that participating Member States cater for a joint and solid public backstop to be available upon the entry into force of the proposed regulation.
This public backstop could comprise a credit line granting the SRM access to joint fiscal resources from the participating Member States. To satisfy the principle of fiscal neutrality, the credit line would have to be fully recouped in case it were to be activated.
Relation with the State aid framework : more analysis may be warranted in the future regarding the application of State aid rules by analogy and with regard to the interplay between the State aid considerations and financial stability considerations in the context of resolution.
Documents
2013/10/24
ES_PARLIAMENT - Contribution
Documents
2013/10/22
EP - Amendments tabled in committee
Documents
2013/10/22
EP - Amendments tabled in committee
Documents
2013/10/21
EP - Amendments tabled in committee
Documents
2013/10/17
ESC - Economic and Social Committee: opinion, report
Documents
2013/10/16
PT_PARLIAMENT - Contribution
Documents
2013/10/14
EP - LE GRIP Constance (PPE) appointed as rapporteur in AFCO
2013/09/25
EP - Committee draft report
Documents
2013/09/17
EP - STOYANOV Dimitar (NA) appointed as rapporteur in JURI
2013/09/10
EP - Committee referral announced in Parliament, 1st reading
2013/07/10
EC - Legislative proposal published
Details
PURPOSE: to establish a single European framework of resolution rules for credit establishments and to ensure the consistent application of these resolution rules.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: the need to rapidly achieve the Banking Union to ensure financial stability and growth in the euro area as well as throughout the single market was underlined by the Commission in its communications entitled “ A Roadmap towards a Banking Union ” (September 2012) and “ A blueprint for a deep and genuine economic and monetary union: Launching a European Debate ” (November 2012).
In March 2013, the European Council committed to complete the Banking Union via the following steps.
the remaining legislative procedures to set up the Single Supervisory Mechanism (SSM) conferring powers on the ECB to supervise Euro Area banks should be concluded as a priority; agreement should be reached in the summer of 2013 on how the European Stability Mechanism (ESM) could, following the establishment of the SSM and a review of bank balance sheets including the definition of “legacy assets”, recapitalise banks directly; likewise, in summer 2013, agreement should be reached on the Commission’s proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms; lastly, the Commission’s proposal for a Single Resolution Mechanism (SRM) together with appropriate and effective backstop arrangements should be examined as a matter of priority with the intention of adopting them during the current parliamentary cycle.
It was agreed that the Banking Union would cover all Euro Area Member States and those non-Euro Area Member States that choose to join .
As recognised by the European Council, in the Banking Union, bank supervision and resolution need to be exercised by the same level of authority . The same EU-wide single rulebook of prudential requirements 6 and rules on bank resolution will apply within the Banking Union and in all other Member States.
The swift agreement on a Single Supervisory Mechanism in April 2012 has laid the ground for a Banking Union, as integral part of the Economic and Monetary Union. The Single Supervisory Mechanism is set to enter into force in mid-2014. The ECB will assume ultimate responsibility for the supervision of all Euro Area banks. The Single Resolution Mechanism meanwhile should commence operations in January 2015, when the Directive which will provide the rulebook governing bank resolution across the internal market is set to enter into force
IMPACT ASSESSMENT: the Commission has taken into account the analysis carried out in the Impact Assessment conducted for the adoption of the proposal for Directive establishing a framework for the recovery and resolution of credit institutions and investment firms which assessed operational and legal aspects relevant to the establishment of a single resolution mechanism (SRM).
With regard to the ability of the SRM to produce efficient decisions , it is considered that a central decision-making level will contribute to minimizing the costs of resolution both since it can attain significant advantages in terms of economies of scale over a network, and because it is instrumental to the enforceability and optimality of the resolution decision.
LEGAL BASIS: Article 114 of the Treaty on the Functioning of the European Union (TFEU).
CONTENT: the proposal aims to preserve the integrity of the Member States banking markets participating in the Single Supervisory Mechanism (SSM) by the putting in place of a Single Resolution Mechanism (SRM) to deal with failing banks .
The SRM would permit the application of uniform rules to any bank in difficulty in a participating Member State and to proceed effectively towards the resolution of bank failures in such a way as to minimise the cost for the taxpayer and for the real economy.
Structure of the SRM: the composition of the SRM ensures that its decision-making structures are legally sound and effective, including in times of crisis. The decision-making structures of the Single Resolution Mechanism include the Single Resolution Board, the national resolution authorities of participating Member States and the European Commission. The tasks of the SRM are shared between Single Resolution Board and the national resolution authorities.
The European Commission will participate in the SRM only in so far as needed to perform specific tasks provided for in this proposed Regulation and in relation to State aid scrutiny under the Treaty.
Resolution - operation and procedure: to ensure that all participating Member States have full confidence in the quality and impartiality of the bank resolution process, resolution decisions will be prepared and monitored centrally by a Single Resolution Board to ensure a coherent and uniform approach is applied.
The objective of resolution is to ensure the continuity of the bank’s critical functions, to protect financial stability, to minimise reliance on taxpayers’ money, and to protect depositors.
Resolution is triggered by means of the following process :
the ECB, as bank supervisor, notifies that a bank is failing to Commission, to the Resolution Board and to the relevant national authorities and ministries; the Resolution Board assesses if there is a systemic threat and no private sector solution and, if so, the Resolution Board recommends to the Commission to initiate resolution; on the basis of the Resolution Board’s recommendations, or of its own initiative, the Commission will have the power to initiate the resolution procedure; in this case, it would also indicate to the Resolution Board the framework of the resolution tools that will be applied in each case and on the use of the Fund; the national resolution authorities execute the resolution measures decided by the Board according to the national law. If the national resolution authorities do not comply with the decisions of the Board, the Board has the power to supersede the national resolution authorities and address certain decisions for the implementation of the resolution measures directly to the banks.
Single Bank Resolution Fund: to support the resolution process and enhance its effectiveness, the proposed Regulation establishes a Single Bank Resolution Fund. This Fund will be able to pool significant resources from bank contributions and therefore protect taxpayers more effectively than national funds, while at the same time providing a level playing field for banks across participating Member States.
The primary objective of the Single Resolution Fund is to ensure financial stability , rather than to absorb losses or provide capital to an institution under resolution. The Fund should not be considered as a bailout fund.
On the basis of 2011 data on banks and an estimated amount of covered deposits held in banks in the euro-area, the 1% target level for the Single Resolution Fund would correspond to around EUR 55 billion . A transitional period of 10 years is foreseen before the Fund reaches its full target level.
If no disbursements are made from the Fund during the initial build-up phase, the banking industry would annually contribute around one tenth of the target amount or in absolute terms around EUR 5.5 billion.
BUDGETARY IMPLICATION: the Resolution Board will be fully financed from contributions from the financial institutions . Around 6 000 Eurozone banks, in addition to their annual contributions to the Single Bank Resolution Fund, will pay a fixed pro rata of this amount to fully cover the Boards’ budgetary expenses. However, there will be some minor implications on the Union’s budget in the start-up phase of the Board.
The incidence on the Commission’s administrative expenditure is estimated at EUR 10.575 million for the period 2014-2020 .
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union.
Documents
2013/07/02
EP - FERREIRA Elisa (S&D) appointed as rapporteur in ECON
Documents
- Follow-up document: COM(2019)0213
- Follow-up document: EUR-Lex
- For information: OJ L 339 24.12.2015, p. 0058
- For information: 32015Q1224
- Document attached to the procedure: COM(2014)0710
- Document attached to the procedure: EUR-Lex
- Final act published in Official Journal: Regulation 2014/806
- Final act published in Official Journal: OJ L 225 30.07.2014, p. 0001
- Draft final act: 00088/2014/LEX
- Commission response to text adopted in plenary: SP(2014)471
- Decision by Parliament, 1st reading: T7-0341/2014
- Debate in Council: 3302
- Contribution: COM(2013)0520
- Debate in Council: 3294
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading: T7-0095/2014
- Debate in Parliament: Debate in Parliament
- Debate in Council: 3290
- Committee report tabled for plenary, 1st reading/single reading: A7-0478/2013
- Committee report tabled for plenary, 1st reading: A7-0478/2013
- Contribution: COM(2013)0520
- Committee opinion: PE519.819
- Debate in Council: 3271
- Contribution: COM(2013)0520
- Committee opinion: PE521.523
- European Central Bank: opinion, guideline, report: CON/2014/0076
- European Central Bank: opinion, guideline, report: OJ C 109 11.04.2014, p. 0002
- Contribution: COM(2013)0520
- Amendments tabled in committee: PE521.793
- Amendments tabled in committee: PE521.797
- Amendments tabled in committee: PE521.747
- Economic and Social Committee: opinion, report: CES5008/2013
- Contribution: COM(2013)0520
- Committee draft report: PE519.706
- Legislative proposal published: COM(2013)0520
- Legislative proposal published: EUR-Lex
- Committee draft report: PE519.706
- Economic and Social Committee: opinion, report: CES5008/2013
- Amendments tabled in committee: PE521.747
- Amendments tabled in committee: PE521.793
- Amendments tabled in committee: PE521.797
- European Central Bank: opinion, guideline, report: CON/2014/0076 OJ C 109 11.04.2014, p. 0002
- Committee opinion: PE521.523
- Committee opinion: PE519.819
- Committee report tabled for plenary, 1st reading/single reading: A7-0478/2013
- Commission response to text adopted in plenary: SP(2014)471
- Draft final act: 00088/2014/LEX
- Document attached to the procedure: COM(2014)0710 EUR-Lex
- For information: OJ L 339 24.12.2015, p. 0058 32015Q1224
- Follow-up document: COM(2019)0213 EUR-Lex
- Contribution: COM(2013)0520
- Contribution: COM(2013)0520
- Contribution: COM(2013)0520
- Contribution: COM(2013)0520
- Contribution: COM(2013)0520
Activities
- Martin SCHULZ
Plenary Speeches (6)
- 2016/11/22 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)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- Sharon BOWLES
Plenary Speeches (3)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 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)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- Vicky FORD
Plenary Speeches (3)
- 2016/11/22 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)
- 2016/11/22 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)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- Antolín SÁNCHEZ PRESEDO
Plenary Speeches (3)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 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)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- Werner LANGEN
Plenary Speeches (2)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- Peter SIMON
Plenary Speeches (2)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- Hannes SWOBODA
Plenary Speeches (2)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- Corien WORTMANN-KOOL
Plenary Speeches (2)
- 2016/11/22 Uniform rules and 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: outcome of the negotiations (debate)
- 2016/11/22 Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
- Pervenche BERÈS
- Martin CALLANAN
- Daniel COHN-BENDIT
- Leonardo DOMENICI
- Diogo FEIO
- Marietta GIANNAKOU
- Sylvie GOULARD
- Bruno GOLLNISCH
- Jürgen KLUTE
- Rodi KRATSA-TSAGAROPOULOU
- Constance LE GRIP
- Claudio MORGANTI
- Alfredo PALLONE
- Anni PODIMATA
- Phil PRENDERGAST
- Herbert REUL
- Dimitar STOYANOV
- Theodor Dumitru STOLOJAN
- Konrad SZYMAŃSKI
- Sampo TERHO
- Marianne THYSSEN
- Gabriele ZIMMER
Votes
A7-0478/2013 - Elisa Ferreira - Résolution législative #
2014/04/15 Outcome: +: 570, -: 88, 0: 13
EFD
GUE/NGL| Amendments | Dossier |
| 1013 |
2013/0253(COD)
2013/10/22
ECON
984 amendments...
Amendment 100 #
Proposal for a regulation Recital 9 (9) Whilst banks in Member States remaining outside the SSM benefit at national level from supervision, resolution and financial backstop arrangements which are aligned, banks in Member States participating in the SSM are subject to Union arrangements for supervision and national arrangements for resolution and financial backstops. This misalignment creates a competitive disadvantage for the banks in the Member States participating in the SSM compared to those in the other Member States. Because supervision and resolution are at two different levels within the SSM, intervention and resolution in banks in the Member States participating in the SSM would not be as rapid, consistent and effective as in banks in the Member
Amendment 1000 #
Proposal for a regulation Article 73 – paragraph 2 Amendment 1001 #
Proposal for a regulation Article 73 – paragraph 3 Amendment 1002 #
Proposal for a regulation Article 73 – paragraph 3 3.
Amendment 1003 #
Proposal for a regulation Article 73 – paragraph 4 Amendment 1004 #
Proposal for a regulation Article 73 – paragraph 4 Amendment 1005 #
Proposal for a regulation Article 73 – paragraph 4 Amendment 1006 #
Proposal for a regulation Article 73 – paragraph 4 Amendment 1007 #
Proposal for a regulation Article 73 – paragraph 4 Amendment 1008 #
Proposal for a regulation Article 73 – paragraph 4 Amendment 1009 #
Proposal for a regulation Article 73 – paragraph 4 4. In the event resources of a deposit guarantee scheme are not sufficient to cover the payments to be made to depositors, and other resources are not immediately available from the relevant participating Member State, the Fund
Amendment 101 #
Proposal for a regulation Recital 9 (9) Whilst banks in Member States remaining outside the SSM benefit at national level from supervision, resolution and financial backstop arrangements which are aligned, banks in Member States participating in the SSM are subject to Union arrangements for supervision and national arrangements for resolution and financial backstops. This misalignment creates a competitive disadvantage for the banks in the Member States participating in the SSM compared to those in the other Member States. Because supervision and resolution are at two different levels within the SSM, intervention and resolution in banks in the Member States participating in the SSM would not be as rapid, consistent and effective as in banks in the Member States outside of the SSM. This has negative repercussions on the funding costs for these banks and creates a competitive disadvantage with detrimental effects for the Member States in which those banks operate and for the overall functioning of
Amendment 1010 #
Proposal for a regulation Article 73 a (new) Article 73a So as not to distort competition within the Union as a whole, the use of deposit guarantee schemes in the context of resolution shall be in exact accordance with the Bank Recovery and Resolution Directive [ ].
Amendment 1011 #
Proposal for a regulation Article 77 – paragraph 3 3. The Board
Amendment 1012 #
Proposal for a regulation Article 77 – paragraph 3 a (new) 3a. The Board will appoint from its own senior level staff Coordinators of the internal resolution teams.
Amendment 1013 #
Proposal for a regulation Article 77 – paragraph 3 b (new) 3b. In case of an unresolved dispute at the level of the internal resolution team, the Coordinator and/or any of the national resolution authorities may appeal to the Board that will address and resolve the dispute in its executive session.
Amendment 1014 #
Proposal for a regulation Article 77 – paragraph 3 c (new) 3c. National resolution authorities may still appeal against the Board's decision taken in its executive session to the Administrative Board of Review, according to paragraph 3 b new of Article 49.
Amendment 1015 #
Proposal for a regulation Article 78 – paragraph 3 3. In the case of non-contractual liability, the Board shall
Amendment 1016 #
Proposal for a regulation Article 78 – paragraph 3 3. In the case of non-contractual liability, the Board shall, in accordance with the general principles common to the laws concerning the liability of public authorities of the Member States, make good 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
Amendment 1017 #
Proposal for a regulation Article 78 – paragraph 4 4. The Board shall compensate a national resolution authority for the damages to which it has been condemned by a national court, or which it has, in agreement with the Board, committed to pay in accordance with an amicable settlement, which are the consequences of an act or omission committed by that national resolution authority in the course of any resolution under this Regulation, unless that act or omission constituted a violation of Union law, this Regulation, a Decision of the Commission or a Decision of the Board, or constituted a manifest and serious error of judgement. Any compensation shall not have an effect on the Union budget.
Amendment 1018 #
Proposal for a regulation Article 78 – paragraph 4 4. The Board shall compensate a national resolution authority of a participating Member State for the damages to which it has been condemned by a national court, or which it has, in agreement with the Board, committed to pay in accordance with an amicable settlement, which are the consequences of an act or omission committed by that national resolution authority in the course of any resolution under this Regulation, unless that act or omission constituted a violation of Union law, this Regulation, a Decision of the Commission or a Decision of the Board, or constituted a manifest and serious error of judgement.
Amendment 1019 #
Proposal for a regulation 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 102 #
Proposal for a regulation Recital 10 (10) The sharing of resolution responsibilities between the national and the Union levels should be aligned to the sharing of supervision responsibilities between those levels. As long as supervision remains national in a Member State, that Member State should remain responsible for the financial consequences of a bank failure. The single resolution mechanism should therefore only extend to banks and financial institutions established in Member States participating in the SSM and subject to the supervision of the ECB within the framework of the SSM. Banks established in the Member States not participating in the SSM should not be subject to the single resolution mechanism. If such Member States became subject to the single resolution mechanism, this would
Amendment 1020 #
Proposal for a regulation Article 79 – paragraph 2 a (new) 2a. The professional secrecy requirements referred to in paragraphs 1 and 2 shall also apply to observers who attend the Board's meetings on an ad hoc basis.
Amendment 1021 #
Proposal for a regulation Article 79 – paragraph 2 b (new) 2b. The professional secrecy requirements referred to in paragraphs 1 and 2 apply notwithstanding Regulation (EC) 1049/2001.
Amendment 1022 #
Proposal for a regulation Article 80 – title Amendment 1023 #
Proposal for a regulation Article 80 – paragraph 1 Amendment 1024 #
Proposal for a regulation Article 80 – paragraph 1 – footnote 28 Amendment 1025 #
Proposal for a regulation Article 80 – paragraph 2 Amendment 1026 #
Proposal for a regulation Article 80 – paragraph 3 Amendment 1027 #
Proposal for a regulation Article 80 – paragraph 4 a (new) 4a. Persons who are the subject of the Board's decisions shall be entitled to have access to the Board's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information.
Amendment 1028 #
Proposal for a regulation Article 82 – paragraph 2 a (new) 2a. Any delegated acts adopted shall be consistent with equivalent acts adopted under Directive [.../...BRRD].
Amendment 1029 #
Proposal for a regulation Article 83 – paragraph 1 – point a (a) the functioning of the SRM and the impact of the its resolution activities on the interests of the Union as a whole and on the coherence and integrity of the internal market in financial services, including its possible impact on the structures of the national banking systems within the Union, and regarding the effectiveness of cooperation and information sharing arrangements within the SRM, between the SRM and the SSM, and between the SRM and national resolution authorities and national competent authorities of non- participating Member States
Amendment 103 #
Proposal for a regulation Recital 10 a (new) (10a) In the establishment of the SRM, and in parallel with what has been done in the SSM, the Board should be in charge of preparing a memorandum of understanding regarding the rules and procedure to be taken by national resolution authorities and the Board; The Board should be in charge of drafting the resolution plans of the credit institutions that are under the direct supervision of the ECB under the SSM framework, as well as all the cross-border institutions and groups, whereas the national resolution authorities should be in charge of drafting the resolution plans of the credit institutions that are exclusively located in their Member State and are not cross border entities, though always subject to a final approval by the Board; The same principle should be applied regarding the adoption of resolution schemes and actions on the basis of a strong and close cooperation;
Amendment 1030 #
Proposal for a regulation Article 83 – paragraph 1 – point a (a) the functioning of the SRM and the impact of
Amendment 1031 #
Proposal for a regulation Article 83 – paragraph 1 – point d (d) the interaction between the Board and the national resolution authorities of non- participating Member States and the effects
Amendment 1032 #
Proposal for a regulation Article 83 – paragraph 1 – point d a (new) (da) the possibility of setting up a community institution independent of the Commission to carry out the functions set out in this Regulation, including any changes to the Treaty that this would require
Amendment 1033 #
Proposal for a regulation 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) 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.
Amendment 1035 #
Proposal for a regulation Article 85 – paragraph 1 From the date of application referred to in the second subparagraph of Article 88, the Fund shall be considered the resolution financing arrangement of the participating Member States under Title VII of Directive [ ]. From that date, the available financial means of national resolution financing arrangements in participating Member States already contributed by institutions shall be transferred to the Fund, in lieu of ex-ante contributions raised in accordance with Article 66. Once these available financial means have been transferred to the Fund, no participating Member State shall maintain a national resolution financing arrangement.
Amendment 1036 #
Proposal for a regulation Article 85 – paragraph 1 From the date of application referred to in the second subparagraph of Article 88, the Fund shall be considered the resolution financing arrangement of the participating Member States under Title VII of Directive [ ] and shall replace the existing national resolution financing arrangements of the participating Member States.
Amendment 1037 #
Proposal for a regulation Article 85 – paragraph 1 From the date of application referred to in the second subparagraph of Article 88, the Fund shall
Amendment 1038 #
Proposal for a regulation Article 85 – paragraph 1 From the date of application referred to in the second subparagraph of Article 88, the Fund shall be considered the only resolution financing arrangement of the participating Member States under Title VII of Directive [ ].
Amendment 1039 #
Proposal for a regulation Article 85 – paragraph 1 From the date of application referred to in the second subparagraph of Article 88, the Fund shall be considered a part of the resolution financing arrangement
Amendment 104 #
Proposal for a regulation Recital 10 b (new) (10b) The creation of a Banking Union is a project that should not be underestimated, neither in its goals, nor in its unattended consequences. Although a single financial framework is needed, European Institutions and Member States should be aligned in their views regarding this project in order to achieve a complete and robust successful framework;
Amendment 1040 #
Proposal for a regulation Article 87 – paragraph 1 1. The Board shall become fully operational by 1 January 201
Amendment 1041 #
Proposal for a regulation Article 87 – paragraph 2 – introductory part 2. The
Amendment 1042 #
Proposal for a regulation Article 87 – paragraph 2 – point d a (new) (da) the Commission may negotiate the establishment of the loan facility referred to in Article 64(2a).
Amendment 1043 #
Proposal for a regulation Article 87 a (new) Article 87a Establishment of a common community loan facility (fiscal backstop) for the participating Member States In accordance with Article 311 of the TFEU stating that the Union shall provide itself with the means necessary to attain its objectives and carry through its policies and with Article 323 of the TFEU stating that the Parliament, the Council and the Commission shall ensure that the financial means are made available to allow the Union to fulfil its legal obligations in respect of third parties, the Commission shall consider presenting* to the European Parliament and the Council a legislative proposal on the establishment of a common community loan facility (fiscal backstop) for the participating Member States in the event that the amounts raised in accordance with Articles 66 and 67 are not immediately accessible or sufficient to cover the expenses incurred by the use of the Fund. When drafting this proposal, the Commission shall duly take into account the assessment and the recommendations to be drawn by the EU High-level Group on own resources on this specific issue. __________________ *No later than one year after the entry into force of this regulation and in due time before the Commission's proposal on the post electoral revision of the MFF (2014-2020)
Amendment 1044 #
Proposal for a regulation Article 88 – paragraph 1 a (new) Article 6 paragraph 4 ceases to apply once the target funding level referred to in article 65 paragraph 1 is reached and the Fund is complemented with a common community loan facility (fiscal backstop) for the participating Member States to cope with situations referred to in article 69 paragraph 1.
Amendment 1045 #
Proposal for a regulation Article 88 – paragraph 2 Articles 7 to 23 and Articles 25 to
Amendment 1046 #
Proposal for a regulation Article 88 – paragraph 2 Articles 7 to 23 and Articles 25 to 38 shall apply from 1 January 201
Amendment 1047 #
Proposal for a regulation Article 88 – paragraph 2 Articles 7 to
Amendment 1048 #
Proposal for a regulation Article 88 – paragraph 3 Amendment 1049 #
Proposal for a regulation Article 88 – paragraph 3 Article 24 shall apply from 1 January 201
Amendment 105 #
Proposal for a regulation Recital 10 c (new) (10c) A balance approach must be reached between predictability and flexibility in order not to jeopardize the future of our banking system; a balanced approach between the role of the central authorities and the national authorities should be safeguarded and the important role of the national authorities should never be underestimated; the impact that the entire project will have on senior unsecured creditors should be carefully assessed, including lower loss expectations in resolution than would be expected in insolvency;
Amendment 1050 #
Proposal for a regulation Article 88 – paragraph 3 Article 24 shall apply from 1 January 201
Amendment 1051 #
Proposal for a regulation Article 88 – paragraph 3 Article 24 shall apply from 1 J
Amendment 106 #
Proposal for a regulation Recital 10 d (new) (10d) Before the entry into force of the Single Supervision Mechanism, the Bank Recovery and Resolution Directive and the Single Resolution Mechanism should be aligned as much as possible, mostly to avoid negative unintended consequences in the framework of possible resolutions of credit institutions that may occur in the transitional period, namely in Member States with higher sovereign credit risk;
Amendment 107 #
Proposal for a regulation Recital 11 (11) A single bank resolution fund (hereinafter referred to as the ‘Fund’) is an essential element without which a single resolution mechanism could not work properly.
Amendment 108 #
Proposal for a regulation Recital 11 (11) A
Amendment 109 #
Proposal for a regulation Recital 11 (11) A single bank resolution fund (hereinafter referred to as the ‘Fund’) is an essential element without which a single resolution mechanism could not work properly. Different systems of national funding would distort the application of uniform bank resolution rules in the internal market. The Fund should help to ensure a uniform administrative practice in the financing of resolution and to avoid the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to divergent national practices. The Fund should be financed directly by banks and should be pooled at Union level so that the resolution resources can be objectively allocated across Member States thus increasing financial stability and limiting the link between the perceived fiscal position of individual Member States and the funding costs of banks and undertakings operating in those Member States. The participating banks should contribute to the funding of one scheme, either national or the single resolution fund.
Amendment 110 #
Proposal for a regulation Recital 11 (11) A single bank resolution fund (hereinafter referred to as the ‘Fund’) is an essential element without which a single resolution mechanism could not work properly. Different systems of national funding would distort the application of uniform bank resolution rules in the internal market. The Fund should help to ensure a uniform administrative practice in the financing of resolution and to avoid the creation of obstacles for the exercise of fundamental freedoms or the distortion of competition in the internal market due to divergent national practices. The Fund should be financed directly by banks and should be pooled at Union level so that the resolution resources can be objectively allocated across Member States thus increasing financial stability and limiting the link between the perceived fiscal position of individual Member States and the funding costs of banks and undertakings operating in those Member States. In order to preserve the legal basis provided by article 114 TFEU, and to further break that link, there should be a prohibition against the decisions of the Single Resolution Mechanism impinging directly on the fiscal responsibilities of the Member States.
Amendment 111 #
Proposal for a regulation Recital 13 (13) A centralised application of the bank resolution rules set out in Directive [ ] by a single Union resolution authority in the
Amendment 112 #
Proposal for a regulation Recital 13 (13) A centralised application of the bank resolution rules set out in Directive [ ] by a single Union resolution
Amendment 113 #
Proposal for a regulation Recital 14 (14)
Amendment 114 #
Proposal for a regulation Recital 14 (14)
Amendment 115 #
Proposal for a regulation Recital 14 (14)
Amendment 116 #
Proposal for a regulation Recital 15 (15) Within the single resolution mechanism, decisions should be taken at the most appropriate level. Accordingly, the Resolution Board of the Single Resolution Mechanism (hereinafter referred to as the 'Board') should be established to act as the single resolution authority.
Amendment 117 #
Proposal for a regulation Recital 15 (15) Within the single resolution mechanism, decisions should be taken at the most appropriate level. The Board, and in particular the executive session of the Board, should be empowered to prepare and take all decisions concerning the resolution procedure to the fullest extent possible, while respecting the role of the Commission as established in the TFEU, in particular in Articles 114 and 107 thereof.
Amendment 118 #
Proposal for a regulation Recital 16 (16) The ECB, as the supervisor within the
Amendment 119 #
Proposal for a regulation Recital 16 (16) The ECB, as the supervisor within the SSM, is the best placed to assess whether a credit institution is failing or likely to fail and whether there is no reasonable prospect that any alternative private sector or supervisory action would prevent its failure within a reasonable timeframe. The
Amendment 12 #
Proposal for a regulation Recital 20 a (new) (20a) Directive [BRRD] should govern recovery and resolution planning, early intervention, conditions for and principles of resolution as well as the use of resolution tools by SRM. It is therefore appropriate that this regulation covers only those aspects required to ensure that the SRM implements that directive and that appropriate additional funding required is at its disposal.
Amendment 120 #
Proposal for a regulation Recital 16 (16) The ECB, as the supervisor within the SSM, is the best placed to assess whether a credit institution is failing or likely to fail and whether there is no reasonable prospect that any alternative private sector or supervisory action would prevent its failure within a reasonable timeframe. The
Amendment 121 #
Proposal for a regulation Recital 16 (16) The Supervisory Board of the ECB, as the supervisor within the SSM, is the best placed to assess whether a credit institution is failing or likely to fail and whether there is no reasonable prospect that any alternative private sector or supervisory action would prevent its failure within a reasonable timeframe. The Board, upon notification of the ECB, should provide a
Amendment 122 #
Proposal for a regulation Recital 16 (16) The ECB, as the supervisor within the SSM, is the best placed to assess whether a credit institution is failing or likely to fail and whether there is no reasonable prospect that any alternative private sector or supervisory action would prevent its failure within a reasonable timeframe. The Board, in its executive session, upon notification of the ECB, should provide a recommendation to the Commission. Given the need to balance the different interests at stake the Commission should decide whether or not to place an institution under resolution and should also decide on a clear and detailed resolution framework establishing the resolution actions to be taken by the Board. Within this framework, the Board, in its executive session, should decide on a resolution scheme and instruct the national resolution authorities on the resolution tools and powers to be executed at national level.
Amendment 123 #
Proposal for a regulation Recital 16 a (new) (16a) The European Commission should not have a leading role in the resolution procedure as set out in this Regulation and should not have any decision-making power in relation to the resolution of a credit institution referred to in Article 2.
Amendment 124 #
Proposal for a regulation Recital 17 (17) The Board should be empowered to take decisions, in particular, in connection with resolution planning, the assessment of resolvability, the specification of burden sharing in the network of resolution funds, the removal of impediments to resolvability and the preparation of resolution actions. National resolution authorities should assist the Board in resolution planning and in the preparation of resolution decisions. In addition, as the exercise of resolution powers involves the application of national law, national resolution authorities should be responsible for the implementation of resolution decisions.
Amendment 125 #
Proposal for a regulation Recital 18 (18) It is instrumental for the good functioning of the internal market that the same rules apply to all resolution measures, regardless of whether they are taken by national resolution authorities under Directive [ ] or within the framework of the single resolution mechanism The Commission will assess those measures
Amendment 126 #
Proposal for a regulation Recital 18 (18) It is instrumental for the good functioning of the internal market that the same rules apply to all resolution measures, regardless of whether they are taken by national resolution authorities under Directive [ ] or within the framework of the single resolution mechanism The Commission will assess those measures under Article 107 of the TFEU. Where the use of resolution financing arrangements does not involve State aid pursuant to
Amendment 127 #
Proposal for a regulation Recital 19 (19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks, and which departs from the model of all other agencies of the Union. Its composition should ensure that due account is taken of all relevant interests at stake in resolution procedures. The Board should operate in executive and plenary sessions. In its executive session, it should be composed of an Executive Director, a Deputy Executive Director, and
Amendment 128 #
Proposal for a regulation Recital 19 (19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks, and which departs from the model of all other agencies of the
Amendment 129 #
Proposal for a regulation Recital 19 (19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks
Amendment 13 #
Proposal for a regulation Recital 24 a (new) (24a) Globally systemic important institutions (G-SIIs) and other systemic important institutions (O-SIIs) are by their nature not compatible with an efficient and robust market economy, inter alia because they benefit from large implicit subsidies, and even with the use of resolution tools, the risk will persist that they cannot be resolved without public funds being deployed. Pre-emptive action by the Board within a reasonable time frame, including a significant reduction in their size, inter- connectedness and complexity, is therefore imperative.
Amendment 130 #
Proposal for a regulation Recital 19 (19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks, and which departs from the model of all other agencies of the Union. Its composition should ensure that due account is taken of all relevant interests at stake in resolution procedures. The Board should operate in executive and plenary sessions. In its executive session, it should be composed of an Executive Director, a Deputy Executive Director, and representatives of the Commission and the ECB. Considering the missions of the Board, the Executive Director and Deputy Executive Director should be appointed by the Council on a proposal from the Commission and after hearing the European Parliament. When deliberating on the resolution of a bank or group established within a single participating Member State, the executive session of the Board should also convene and involve in the decision-making process the member appointed by the Member State concerned representing its national resolution authority. When deliberating on a cross- border group, the members appointed by the home and all host Member States concerned representing the relevant national resolution authorities should also be convened and involved in the decision- making process of the executive session of the Board. However, home authorities and host authorities should have a balanced influence on the decision, so host authorities should have jointly one single
Amendment 131 #
Proposal for a regulation Recital 19 (19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks, and which departs from the model of all other agencies of the Union. Its composition should ensure that due account is taken of all relevant interests at stake in resolution procedures. The Board should operate in executive and plenary sessions. The plenary session should take place on a quarterly basis. In its executive session, it should be composed of an Executive Director, a Deputy Executive Director, and representatives of the Commission and the ECB. Considering the missions of the Board, the Executive Director and Deputy Executive Director should be appointed by the Council on a proposal from the Commission and after hearing the European Parliament. When deliberating on the resolution of a bank or group established within a single participating Member State, the executive session of the Board should also convene and involve in the decision-making process the member appointed by the Member State concerned representing its national resolution
Amendment 132 #
Proposal for a regulation Recital 19 a (new) (19a) The Board should establish internal resolution teams composed of its own staff and staff of the national resolution authorities of the participating Member States, that should act as resolution colleges and should be headed by Coordinators appointed from the Board's senior staff. Coordinators should participate in the executive sessions of the Board, but would not be attributed any voting rights, when deliberations and decisions are at stake. In case of an unresolved dispute at the resolution team's level, the Coordinator and/or any of the national resolution authorities might appeal to the Board that will address and resolve the dispute in its executive sessions. National resolution authorities might appeal from the Board's decision taken in their executive sessions to the Administrative Board of Review.
Amendment 133 #
Proposal for a regulation 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 (20) In the light of the
Amendment 135 #
Proposal for a regulation Recital 20 (20) In the light of the Board's missions 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 States. These institutions should not, under any circumstances, provide extraordinary annual contributions to cover administrative expenditure and should not be called to contribute to the budget of their national resolution authorities.
Amendment 136 #
Proposal for a regulation Recital 20 a (new) (20a) Directive [BRRD] should govern recovery and resolution planning, early intervention, conditions for and principles of resolution as well as the use of resolution tools by the SRM. It is therefore appropriate that this regulation covers only those aspects required to ensure that the SRM implements that directive and that appropriate additional funding required is at its disposal.
Amendment 137 #
Proposal for a regulation Recital 21 (21) The Board
Amendment 138 #
Proposal for a regulation Recital 21 (21) The Board
Amendment 139 #
Proposal for a regulation Recital 21 (21) The Board and the Commission, where relevant, should replace the national resolution authorities designated under Directive [ ] in respect of all aspects related to the
Amendment 14 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which the Commission and the Board may take where an entity referred to in Article 2 or a group meet the conditions for resolution. The resolution plan shall take into consideration a range of scenarios including that the event of failure may be idiosyncratic or may occur at a time of broader financial instability or of system wide events. The resolution plan shall not assume any
Amendment 140 #
Proposal for a regulation Recital 21 (21) The Board and the Commission, where relevant, should replace the national
Amendment 141 #
Proposal for a regulation Recital 23 (23)
Amendment 142 #
Proposal for a regulation Recital 23 (23) To ensure a uniform approach for institutions and groups the Board should be empowered to coordinate drawing up resolution plans for such institutions and groups. The Board should assess the resolvability of institutions and groups, and take measures aimed at removing impediments to resolvability, if any. The Board should require national resolution authorities to apply such appropriate measures designed to remove impediments to resolvability in order to ensure consistency and the resolvability of the institutions concerned.
Amendment 143 #
Proposal for a regulation Recital 23 (23) To ensure a uniform approach for institutions and groups the Board should be
Amendment 144 #
Proposal for a regulation Recital 23 (23) To ensure a uniform approach for institutions and groups the Board, in its executive session, should be empowered to draw up resolution plans for such institutions and groups. The Board should assess the resolvability of institutions and groups, and take measures aimed at removing impediments to resolvability, if any. The Board should require national resolution authorities to apply such appropriate measures designed to remove impediments to resolvability in order to ensure consistency and the resolvability of the institutions concerned.
Amendment 145 #
Proposal for a regulation Recital 24 a (new) (24a) Resolution plans should take the impact on employees into account and should include procedures for informing and consulting with employees or their representatives throughout the resolution process. Where applicable, collective agreements, or other arrangements provided for by social partners, should be respected in this regard. Resolution plans, including any update, should as soon as they have been finalised be communicated to the employees or their representatives.
Amendment 146 #
Proposal for a regulation Recital 24 a (new) (24a) Global systemically important institutions (G-SIIs) and other systemically important institutions (O- SIIs) are by their nature not compatible with an efficient and robust market economy, inter alia because they benefit from large implicit subsidies, and even with the use of resolution tools, the risk will persist that they cannot be resolved without public funds being deployed. Pre- emptive action by the Board within a reasonable time frame, including a significant reduction in their size, inter- connectedness and complexity, is therefore imperative
Amendment 147 #
Proposal for a regulation Recital 25 (25) The single resolution mechanism should be constructed on the frameworks of Directive [ ] and the SSM. Therefore, the Board should be
Amendment 148 #
Proposal for a regulation Recital 25 (25) The single resolution mechanism should be constructed on the frameworks of Directive [ ] and the SSM. Therefore, the Board should be empowered to intervene at an early stage where the financial situation or the solvency of an institution is deteriorating. The information that the Board receives from the
Amendment 149 #
Proposal for a regulation Recital 25 (25) The single resolution mechanism should be
Amendment 15 #
Proposal for a regulation Article 7 a (new) Article 7 a Application of Directive [BRRD] The actions of the SRM in relation to institutions shall be governed by Directive [BRRD].
Amendment 150 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The Commission should
Amendment 151 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary
Amendment 152 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The
Amendment 153 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. Depositors should be granted access at least to the guaranteed deposits at the earliest possible juncture, and at the latest within a time frame shorter than that in which depositors are afforded access to guaranteed deposits in the context of a normal insolvency procedure, in accordance with Directive [...] of the European Parliament and of the Council on deposit guarantee schemes. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary to take an informed decision in the resolution process. Where the Commission decides to put an institution under resolution, the Board should immediately adopt a resolution scheme establishing the details of the resolution tools and powers to be applied, and the use of any financing arrangements. In that connection, the Board should work closely with the competent national authorities and resolution authorities and the deposit guarantee schemes.
Amendment 154 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary to take an informed decision in the resolution process. Where the Commission decides to adopt the draft decision prepared by the Board to put an institution under resolution, the Board should immediately adopt a resolution scheme establishing the details of the resolution tools and powers to be applied, and the use of any financing arrangements.
Amendment 155 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary to take an informed decision in the resolution process. Where the Commission, following a recommendation of the Board, decides to put an institution under resolution, the Board should immediately adopt a resolution scheme, as proposed in the recommendation, establishing the details of the resolution tools and powers to be applied, and the use of any financing arrangements.
Amendment 156 #
Proposal for a regulation Recital 28 (28) Liquidation of a failing institution under normal insolvency proceedings could jeopardise financial stability, interrupt the provision of essential services, and affect the protection of depositors. In such a case there is a public interest in applying resolution tools. The objectives of resolution should therefore be to ensure the
Amendment 157 #
Proposal for a regulation Recital 29 (29) However, the winding up of an insolvent institution through normal insolvency proceedings should always be considered before a decision could be taken to maintain the institution as a going concern. An insolvent institution
Amendment 158 #
Proposal for a regulation Recital 29 a (new) (29a) The current economic crisis was largely caused by the financial industry where many actors have become too-big- to fail and had to be bailed-out with public funds. In contrast to any market- economy logic, losses were socialised and profits privatised. It needs to be recalled that the key role of financial institutions is to channel savings into productive investments. With the invention of various toxic financial instruments and dubious business practices, which for example set exorbitantly high profit targets, this role has been squeezed out to the benefit of short-term profit maximisation with limited added value for the society. It is therefore imperative to reduce the financial sector to its core functions. Hence, institutions that have reached a size and level of interconnectedness which is likely to pose a systemic threat to the functioning of the economies of single Member States or the EU as a whole should be resolved as this will in the long term lead to more balanced and sustainable growth.
Amendment 159 #
Proposal for a regulation Recital 30 (30) When exercising resolution powers,
Amendment 16 #
Proposal for a regulation Article 7 b (new) Article 7 b Resolvability of Systemically Important Institutions For institutions referred to in article 2 of this regulation and identified as globally systemic important institutions (G-SIIs) or as other systemically important institutions (O-SIIs) pursuant to Article 131 of DIRECTIVE 2013/36/EU, the Board shall prioritise the assessment of their resolvability in accordance with Article 13 [BRRD] and draw up a plan for each of these institutions to remove impediments to resolvability in accordance with Article 14 [BRRD]. The plan shall include at least the following: (a) requiring the institution to divest specific assets; (b) requiring the institution to limit or cease specific existing or proposed activities; (c) requiring changes to legal or operational structures of the institution so as to reduce complexity in order to ensure that critical functions may be legally and economically separated from other functions through the application of the resolution tools;
Amendment 160 #
Proposal for a regulation Recital 30 (30) When exercising resolution powers, the
Amendment 161 #
Proposal for a regulation Recital 31 (31)
Amendment 162 #
Proposal for a regulation Recital 32 (32) Interference with property rights should not be disproportionate and should always be in line with the protection of the general public interest. As a consequence, affected shareholders and creditors should not incur greater losses than those which they would have incurred had the institution been wound up at the time that the resolution decision is taken. In the event of partial transfer of assets of an institution under resolution to a private purchaser or to a bridge institution, the residual part of the institution under resolution should be wound up under normal insolvency proceedings. In order to protect existing shareholders and creditors of the institution during the winding up proceedings, they should be entitled to receive in payment of their claims not less than what it is estimated they would have recovered if the whole institution had been wound up under normal insolvency proceedings.
Amendment 163 #
Proposal for a regulation Recital 32 (32) Interference with property rights should not be disproportionate. As a consequence, affected shareholders and creditors should not incur greater losses than those which they would have incurred had the institution been wound up at the time that the resolution decision is taken. In the event of partial transfer of assets of an institution under resolution to a private purchaser or to a bridge institution, the residual part of the institution under resolution should be wound up under normal insolvency proceedings. In order to protect existing shareholders and creditors of the institution during the winding up proceedings, they should be entitled to receive in payment of their claims not less than what it is estimated they would have recovered if the whole institution had been wound up under normal insolvency proceedings. When powers to effect a conversion to equity under the bail-in tool are exercised, attention should be paid to the legal form of the institution concerned, on the grounds that the conversion of claims or debt instruments to equity may not be appropriate, as for example in the case of shares in cooperatives.
Amendment 164 #
Proposal for a regulation Recital 34 (34) It is important that losses be recognised upon failure of the institution. The guiding principle for the valuation of assets and liabilities of failing institutions should be their market value at the moment when the resolution tools are applied and to the extent that markets are functioning
Amendment 165 #
Proposal for a regulation Recital 36 (36) The
Amendment 166 #
Proposal for a regulation Recital 36 (36) The
Amendment 167 #
Proposal for a regulation Recital 36 (36) The Commission and the Council should provide the framework for the resolution action to be taken depending on the circumstances of the case and should be able to designate for use all necessary resolution tools. Within that clear and precise framework, the Board should decide on the detailed resolution scheme. The relevant resolution tools should include the sale of business tool, the bridge institution tool, the bail-in tool and the asset separation tool, which are also provided for by Directive [ ]. The framework should also make it possible to assess whether the conditions for the write- down and conversion of capital instruments are met.
Amendment 168 #
Proposal for a regulation Recital 36 (36) The Commission, based on a draft decision prepared by the Board, should provide the framework for the resolution action to be taken depending on the circumstances of the case and should be able to designate for use all necessary resolution tools. Within that clear and precise framework, the Board should decide on the detailed resolution scheme. The relevant resolution tools should include the sale of business tool, the bridge institution tool, the bail-in tool and the asset separation tool, which are also provided for by Directive [ ]. The framework should also make it possible to assess whether the conditions for the write- down and conversion of capital instruments are met.
Amendment 169 #
Proposal for a regulation Recital 36 (36) The Commission should provide, following a recommendation by the Board, the framework for the resolution action to be taken depending on the circumstances of the case and should be able to designate for use all necessary resolution tools. Within that clear and precise framework, the Board should decide on the detailed resolution scheme. The relevant resolution tools should include the sale of business tool, the bridge institution tool, the bail-in tool and the asset separation tool, which are also provided for by Directive [ ]. The framework should also make it possible to assess whether the conditions for the write- down and conversion of capital instruments are met.
Amendment 17 #
Proposal for a regulation Article 8 – paragraph 1 1. When drafting resolution plans in accordance with Article 7, the Board, after consultation with the competent authority, including the ECB, and the resolution authorities of non-participating Member States in which significant branches are located insofar as is relevant to the significant branch, shall conduct an assessment of the extent to which institutions and groups are resolvable without the assumption of
Amendment 170 #
Proposal for a regulation Recital 37 (37)
Amendment 171 #
Proposal for a regulation Recital 38 (38)
Amendment 172 #
Proposal for a regulation Recital 39 (39) An effective resolution regime should minimise the costs of the resolution of a failing institution borne by the taxpayers. It should also ensure that even large institutions of systemic importance can be resolved without jeopardising financial stability. The bail-in tool achieves that objective by ensuring that shareholders and creditors of the entity suffer appropriate losses and bear an appropriate part of those costs. To this end, statutory debt write
Amendment 173 #
Proposal for a regulation Recital 40 (40)
Amendment 174 #
Proposal for a regulation Recital 41 (41)
Amendment 175 #
Proposal for a regulation Recital 42 (42)
Amendment 176 #
Proposal for a regulation Recital 42 (42) It is not appropriate to apply the bail- in tool to claims in so far as they are secured, collateralised or otherwise guaranteed. However, in order to ensure that the bail-in tool is effective and achieves its objectives, it should be possible to apply it to as wide a range of the unsecured liabilities of a failing institution as possible. Nevertheless, it is appropriate to exclude certain kinds of unsecured liability from the scope of application of the bail-in tool. For reasons of public policy and effective resolution, the bail-in tool sh
Amendment 177 #
Proposal for a regulation Recital 42 (42) It is not appropriate to apply the bail- in tool to claims in so far as they are secured, collateralised or otherwise guaranteed. However, in order to ensure that the bail-in tool is effective and achieves its objectives, it should be possible to apply it to as wide a range of the unsecured liabilities of a failing institution as possible. Nevertheless, it is appropriate to exclude certain kinds of unsecured liability from the scope of application of the bail-in tool. For reasons of public policy and effective resolution, the bail-in tool should not apply to those deposits that are protected under Directive 94/19/EC of the European Parliament and of the Council15, to liabilities to employees of the failing institution, to covered bonds or to commercial claims that relate to goods and services necessary for the daily functioning of the institution. __________________ 15 Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes. OJ L 135, 31.5.1994, p. 5–14.
Amendment 178 #
Proposal for a regulation Recital 43 (43)
Amendment 179 #
Proposal for a regulation Recital 43 (43) Depositors that hold deposits guaranteed by a deposit guarantee scheme
Amendment 18 #
Proposal for a regulation Article 8 – paragraph 7 7. Within
Amendment 180 #
Proposal for a regulation Recital 43 (43) Depositors that hold deposits
Amendment 181 #
Proposal for a regulation Recital 44 (44) In order to implement the burden- sharing by shareholders and junior creditors, as required under State aid rules, the single resolution mechanism would be able to apply, by way of analogy, as of the entry into application of this Regulation, the bail-in tool to those stakeholders.
Amendment 182 #
Proposal for a regulation Recital 44 (44) In order to implement the burden- sharing by shareholders and junior creditors, as required under State aid rules, the single resolution mechanism would be able to apply, by way of analogy, as of the entry into application of th
Amendment 183 #
Proposal for a regulation Recital 45 (45) To avoid institutions structuring their liabilities in a manner that impedes the effectiveness of the bail in tool, the Board should be able to establish that the institutions hold an aggregate amount of own funds, subordinated debt and senior liabilities subject to the bail-in tool expressed as a percentage of the total liabilities of the institution,
Amendment 184 #
Proposal for a regulation Recital 45 (45) To avoid institutions structuring their liabilities in a manner that impedes the effectiveness of the bail in tool, the Board should be able to establish that the institutions hold an aggregate amount of own funds, subordinated debt and senior liabilities subject to the bail-in tool expressed as a percentage of the total liabilities of the institution, that do not qualify as own funds for the purposes of Regulation (EU) No 575/2013 of the European Parliament and of the Council16 and of Directive 2013/36/EU of 26 June 2013 of the European Parliament and of the Council17 , which institutions should have at all times and which is set out in the resolution plans. __________________ 16 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements
Amendment 185 #
Proposal for a regulation Recital 46 (46) The best method of resolution should be chosen depending on the circumstances of the case, without discrimination to any participating or non-participating Member State or group of Member States, and for this purpose
Amendment 186 #
Proposal for a regulation Recital 47 (47) Directive [ ] has conferred the power to write down and convert capital
Amendment 187 #
Proposal for a regulation Recital 47 (47) Directive [ ] has conferred the power to write down and convert capital instruments on national resolution authorities, since the conditions for the write-down and conversion of capital instruments may coincide with the conditions for resolution and in such a case, an assessment is to be made of whether the sole write-down and conversion of the capital instruments is sufficient to restore the financial soundness of the entity concerned or it is also necessary to take resolution action. As a rule, it will be used in the context of resolution. The
Amendment 188 #
Proposal for a regulation Recital 48 (48) The efficiency and uniformity of resolution action should be ensured in all the participating Member States. For this purpose, the Board should be empowered, in exceptional cases and where a national resolution authority has not or not sufficiently applied the decision of the Board to
Amendment 189 #
Proposal for a regulation Recital 49 a (new) (49a) When applying resolution tools and exercising resolution powers, the Board should inform and consult with the employees or their representatives. Where applicable, collective agreements, or other arrangements provided for by social partners, should be respected in this regard.
Amendment 19 #
Proposal for a regulation Article 10 – paragraph 2 2. The minimum requirement shall be calculated as the amount of own funds and eligible liabilities expressed as a percentage of the total liabilities and own funds
Amendment 190 #
Proposal for a regulation Recital 50 (50) Since the Board
Amendment 191 #
Proposal for a regulation Recital 50 (50) Since the Board replaces national resolution authorities of the participating Member States in their resolution decisions, the Board should also replace those authorities for the purposes of the cooperation with non-participating Member States as far as the resolution functions are concerned. In particular, the Board should
Amendment 192 #
Proposal for a regulation Recital 51 (51) As many institutions operate not only within the Union, but internationally, an effective resolution mechanism needs to set out principles of cooperation with the relevant third country authorities. Support to third country authorities should be provided in accordance with the legal framework provided by Article 88 of Directive [ ].
Amendment 193 #
Proposal for a regulation Recital 52 (52) In order to carry out its tasks effectively, the Board should have appropriate investigatory powers. It should be able to require all necessary information either directly or through national resolution authorities, and to conduct investigations and on-site inspections, where appropriate in cooperation with national competent authorities. In the context of resolution, on-site inspections would be available for the Board to effectively monitor implementation by national authorities and to ensure that the
Amendment 194 #
Proposal for a regulation Recital 52 (52) In order to carry out its tasks effectively, the Board should have appropriate investigatory powers. It should be able to require all necessary information either directly or through national resolution authorities, and to conduct investigations and on-site inspections, where appropriate in cooperation with national competent authorities. In the context of resolution, on-site inspections
Amendment 195 #
Proposal for a regulation Recital 52 (52) In order to carry out its tasks effectively, the Board should have appropriate investigatory powers. It should be able to require all necessary information either directly or through national resolution authorities, and to conduct investigations and on-site inspections, where appropriate in cooperation with national competent authorities, making full use of all information available at the ECB and the national competent authorities. In the context of resolution, on-site inspections would be available for the Board to effectively monitor implementation by national authorities and to ensure that the Commission and the Board take their decisions on the basis of fully accurate information.
Amendment 196 #
Proposal for a regulation Recital 52 (52) In order to carry out its tasks effectively, the Board should have appropriate investigatory powers. It should be able to require all necessary information either directly or through national resolution authorities, and to conduct investigations and on-site inspections, where appropriate in cooperation with national competent authorities. In the context of resolution, on-site inspections would be available for the Board to effectively monitor implementation by national authorities and to ensure that the Commission and the Board take their decisions on the basis of fully accurate information. Where the national resolution authority has no means available to afford the necessary assistance, it should use its powers to request the necessary assistance of other national resolution authorities.
Amendment 197 #
Proposal for a regulation Recital 52 a (new) (52a) The procedure regarding the exchange of information between the Board, competent authorities and national resolution authorities should be defined and implemented through a memorandum of understanding.
Amendment 198 #
Proposal for a regulation Recital 53 (53) So as to ensure that the Board has access to all relevant information, the employees should not be able to invoke professional secrecy rules to prevent the disclosure of information to the Board. At the same time, the disclosure of such information to the Board should never be seen as a breach of professional secrecy.
Amendment 199 #
Proposal for a regulation Recital 54 (54) In order to ensure that decisions adopted within the framework of the single resolution mechanism are respected, proportionate and dissuasive sanctions should be imposed in case of infringement. The Board should be entitled to
Amendment 20 #
Proposal for a regulation 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 or exercise any other powers provided for in Directive [BRRD]:
Amendment 200 #
Proposal for a regulation Recital 54 a (new) (54a) To ensure that decisions are fully respected across the Union, proportionate and dissuasive sanctions should be imposed in case of infringement and equally applied across all Member States; For this reason the framework for the adoption of administrative sanctions and legal sanctions should be harmonized at the Union level in order to ensure effective compliance; Therefore common minimum rules should be laid down in order to have a fully European mechanism;
Amendment 201 #
Proposal for a regulation Recital 54 b (new) (54b) Member States and the Board should ensure that any penalties imposed pursuant to Regulation (EC) No (...) are publicly disclosed only where such public disclosure would be proportionate.
Amendment 202 #
Proposal for a regulation Recital 55 Amendment 203 #
Proposal for a regulation Recital 56 (56) Appropriate rules should be laid down governing
Amendment 204 #
Proposal for a regulation Recital 56 a (new) (56a) The Board's plenary session should also adopt its annual work programme, monitor and control it on a quarterly basis, and issue opinions and/or recommendations on the quarterly draft report by the Executive-Director which should include a section on the resolution activities and the ongoing resolution cases of the Board, and a section on financial and administrative matters.
Amendment 205 #
Proposal for a regulation Recital 58 (58) It is necessary to ensure that the Fund is fully available for the purpose of the resolution of failing institutions. Therefore, the Fund should not be used for any other purpose than the efficient implementation of resolution tools and powers. Furthermore, it should be used only in accordance with the applicable resolution objectives and principles, fully respecting the provisions laid down in Directive [BRRD]. The Fund should not be used to directly absorb the losses of an institution or for recapitalisation purposes. Accordingly, the Board should ensure that any losses, costs or other expenses incurred in connection with the use of the resolution tools are first borne by the shareholders and the creditors of the institution under resolution. It is only if the resources from shareholders and creditors are exhausted, that the losses, costs or other expenses incurred with the resolution tools should be borne by the
Amendment 206 #
Proposal for a regulation Recital 58 (58) It is necessary to ensure that the Fund is fully available for the purpose of the resolution of failing institutions. Therefore, the Fund should not be used for any other purpose than the efficient implementation of resolution tools and powers. Furthermore, it should be used only in accordance with the applicable resolution objectives and principles. Accordingly, the Board should ensure that any losses, costs or other expenses incurred in connection with the use of the resolution tools are first borne by the shareholders and the creditors of the institution under resolution. It is only if the resources from shareholders and creditors are exhausted, that the losses, costs or other expenses incurred with the resolution tools should be borne by the Fund in relation to the share of activity of the failing bank in the Member States concerned.
Amendment 207 #
Proposal for a regulation Recital 58 a (new) (58a) However, it is justified to use the Fund before exhausting all the creditors when, in the resolution process, preferred deposits would start to be bailed-in. The trust of citizens that their savings will be safe in absolutely risk-free deposits that have a correspondingly low return is a cornerstone of the overall confidence in the banking system. Protecting deposits is doubtless one of the critical functions of banks, and the lack of confidence in the safety of preferred deposits could have the potential to provoke a bank run; a phenomenon with disastrous effects on financial stability. Thus, safeguarding these preferred deposits in the resolution process pursues resolution objectives, therefore deserving a particular effort.
Amendment 208 #
Proposal for a regulation Recital 59 a (new) (59a) If national bank levies are in place in a participating member state, the situation may arise in which a bank is required to contribute both to the national bank levy as well as to the SRM fund. This situation should be addressed such that financial institutions do not end up making a double contribution.
Amendment 209 #
Proposal for a regulation Recital 59 a (new) (59a) A credit facility for the Resolution Fund should be envisaged guaranteeing a full European backstop that can at any given moment effectively stop a contagious effect in the financial system. This credit facility will allow the economic agents to base their decisions according to the soundness of each financial institution rather than on the perceived sovereign risk of the Member States where the different institutions are based; With this credit facility the link between sovereign credit risk and the banking system will finally cease to exist;
Amendment 21 #
Proposal for a regulation Article 26 – paragraph 2 a (new) 2a. Post Resolution Public Transparency After the financial institution to which resolution actions have been applied ceases to meet the conditions for resolution, and after the conclusion of any insolvency proceeding relating to that institution or institutions resulting from the resolution actions, the Board shall without delay make publically available a suitably aggregated balance sheet valued according to the principles set out in this regulation at the moment the decision to resolve the institution was taken, clearly showing the net asset value of the institution and the value of the classes of assets and liabilities. In addition, the Board shall publish the total amount of losses born by the different classes of creditors where bail-in was applied, the amount and sources of funding used in the resolution process, and the proceeds of any sales of business units or assets.
Amendment 210 #
Proposal for a regulation Recital 59 a (new) (59a) Where Member States have already imposed bank levies, taxes or resolution contributions in response to the crisis, those should be replaced by contributions to the Fund in order to avoid double payments.
Amendment 211 #
Proposal for a regulation Recital 61 a (new) (61a) To ensure the immediate availability of adequate financial means for the purposes established in this Regulation, a loan facility should be established, preferably from a Community public instrument. Full availability of funding is essential for the credibility of the whole system.
Amendment 212 #
Proposal for a regulation Recital 62 Amendment 213 #
Proposal for a regulation Recital 62 (62) Where participating Member States have already established national resolution financing arrangements,
Amendment 214 #
Proposal for a regulation Recital 63 (63) In order to ensure a fair calculation of contributions and provide incentives to operate under a model which presents less risk, contributions to the Fund which are to be determined by the Board, following a proposal by the competent authority, should take account of the degree of risk incurred by credit institutions.
Amendment 215 #
Proposal for a regulation Recital 63 (63) In order to ensure a fair calculation of contributions and provide incentives to operate under a model which presents less risk, contributions to the Fund should take account of the degree of risk incurred by credit institutions. In each Member State the contributions should amount to the same percentage target.
Amendment 216 #
Proposal for a regulation Recital 66 (66) The Commission, after a proposal from the Board, should be empowered to adopt delegated acts in accordance with Article 290 TFEU in order to determine the type of contributions to the Fund and the matters for which contributions are due, the manner in which the amount of the contributions is calculated and the way in which they are to be paid; specify registration, accounting, reporting and other rules necessary to ensure that the contributions are fully and timely paid; determine the contribution system for institutions that have been authorized to operate after the Fund has reached its target level; determine the criteria for the spreading out in time of the contributions; determine the circumstances under which the payment of contributions may be advanced or delayed; determine the criteria for establishing the amount of annual contributions; determine the measures to specify the circumstances and modalities under which an institution may be partially or entirely exempted from ex post
Amendment 217 #
Proposal for a regulation Recital 66 (66) The Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU in order to determine the type of contributions to the Fund and the matters for which
Amendment 218 #
Proposal for a regulation 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 219 #
Proposal for a regulation Recital 67 (67) To preserve the confidentiality of the work of the Board, its members, staff of the Board, including the staff exchanged with or seconded by participating Member States for the purpose of carrying out resolution duties should be subject to requirements of professional secrecy, even after their duties have ceased. These requirements should also apply to other persons authorised by the Board and persons authorised or appointed by the national resolution authorities of the Member States to conduct on-site inspections, and to observers invited to attend the plenary and executive sessions of the Board. For the purpose of carrying out the tasks conferred upon it, the Board should be authorized, subject to conditions, to exchange information with national or Union authorities and bodies.
Amendment 22 #
Proposal for a regulation Article 41 – paragraph 8 8. During any investigations by the Parliament, the Board shall cooperate with the Parliament, subject to the TFEU. The
Amendment 220 #
Proposal for a regulation Recital 68 a (new) (68a) To the extent that decisions under this Regulation are to be subject to EBA binding mediation pursuant to Article 19 of Regulation (EU) No 1093/2010, such decisions shall be binding for all parties involved.
Amendment 221 #
Proposal for a regulation Recital 69 (69) Until the Board is fully operational, the Commission should be responsible for the initial operations including collecting the first contributions necessary to cover administrative expenses and the designation of an interim executive director to authorise all necessary payments on behalf of the Board.
Amendment 222 #
Proposal for a regulation Recital 69 (69) Until the Board is fully operational, the
Amendment 223 #
Proposal for a regulation Recital 70 (70) This Regulation respects the fundamental rights and observes the principles recognised in the Charter of Fundamental Rights of the European Union, notably the right to property, the protection of personal data, the freedom to conduct a business, workers' right to information and consultation within the undertaking, the right to an effective remedy and to a fair trial, and has to be implemented in accordance with those rights and principles.
Amendment 224 #
Proposal for a regulation Recital 71 a (new) (71a) With the view of breaking the link between sovereigns and banks and ensuring the efficiency and the credibility of the Single Resolution Mechanism, especially as long as the Single Resolution Fund is not entirely funded, it is essential to establish a European public loan facility from the day the Single Resolution Mechanism enters into force. Any loan from that loan facility should be reimbursed by the Single Resolution Fund within an agreed timeframe.
Amendment 225 #
Proposal for a regulation Recital 71 a (new) (71a) With the view of breaking the link between sovereign debt and banks and ensuring the efficiency and the credibility of the Single Resolution Mechanism, especially as long as the Single Resolution Fund has not reached full funding levels, it is essential to establish a common community loan facility (fiscal backstop) for the participating Member States. Any loan from that loan facility should be reimbursed by the Single Resolution Fund within an agreed timeframe.
Amendment 226 #
Proposal for a regulation Article 1 – paragraph 2 Those uniform rules and procedure shall be applied by
Amendment 227 #
Proposal for a regulation Article 1 – paragraph 2 Those uniform rules and procedure shall be applied by
Amendment 228 #
Proposal for a regulation Article 1 – paragraph 2 Those uniform rules and procedure shall be applied by the Commission together with a Board and the resolution authorities of the participating Member States within the framework of a single resolution mechanism established by this Regulation. The single resolution mechanism shall be supported by a
Amendment 229 #
Proposal for a regulation Article 2 – paragraph 1 – introductory part This Regulation shall apply to the following
Amendment 23 #
Proposal for a regulation Article 51 – paragraph 1 1. When deliberating on an individual entity or a group established only in one participating Member State, the Board shall take its decisions in its executive sessions by a simple majority of
Amendment 230 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) credit institutions established in participating Member States
Amendment 231 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) significant credit institutions according to Art. 6 Council Regulation (EU) No. /2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions established in participating Member States;
Amendment 232 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a)
Amendment 233 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) credit institutions established in participating Member States
Amendment 234 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) credit institutions
Amendment 235 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) credit institutions established in participating Member States, respecting the principles of subsidiarity and proportionality;
Amendment 236 #
Proposal for a regulation Article 2 – paragraph 1 – point b Amendment 237 #
Proposal for a regulation Article 2 – paragraph 1 – subparagraph 1 (new) unless they are classified as less important pursuant to Article 6(4) of the Council Regulation conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (SSM).
Amendment 238 #
Proposal for a regulation Article 2 – paragraph 1 a (new) No action or policy under this Regulation shall discriminate either directly or indirectly against any Member State or group of Member States as a venue for the provision of banking or any other service in any currency.
Amendment 239 #
Proposal for a regulation Article 2 – paragraph 1 a (new) Development banks shall be excluded from the scope of this Regulation.
Amendment 24 #
Proposal for a regulation 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
Amendment 240 #
Proposal for a regulation Article 2 a (new) Article 2a The Single Resolution Board may, on its own initiative, address its instructions in line with this Regulation to any credit institution in participating Member States where it considers its failure may result in a serious disturbance to financial stability.
Amendment 241 #
Proposal for a regulation Article 2 a (new) Amendment 242 #
Proposal for a regulation Article 2 a (new) Article 2a 1. The Commission, the Board and national resolution authorities shall carry out their tasks within a single resolution mechanism in accordance with their fields of competence under the rules of BRRD and this Regulation. 2. The Commission, the Board and national resolution authorities shall be subject to a duty of cooperation in good faith, an obligation to exchange information and converge to consistent resolution practices. 3. The Commission shall exercise oversight over the functioning of the mechanism based on the responsibilities and procedure set out in this Regulation.
Amendment 243 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part For the purposes of this Regulation, the definitions laid down in Article 2 of Directive [ ]
Amendment 244 #
Proposal for a regulation Article 3 – paragraph 1 – point 1 a (new) (1a) 'ECB' means the Supervisory Board of the European Central Bank as established by Council Regulation (EU) No [ ];
Amendment 245 #
Proposal for a regulation Article 3 – paragraph 1 – point 2 (2)
Amendment 246 #
Proposal for a regulation Article 3 – paragraph 1 – point 3 a (new) (3a) 'the Board' means the resolution Board of the Single Resolution Mechanism as defined in Articles 38 and 39 of this Regulation
Amendment 247 #
Proposal for a regulation Article 3 – paragraph 1 – point 6 Amendment 248 #
Proposal for a regulation Article 3 – paragraph 1 – point 7 Amendment 249 #
Proposal for a regulation Article 3 – paragraph 1 – point 8 Amendment 25 #
Proposal for a regulation Article 66 – paragraph 3 – introductory part 3.
Amendment 250 #
Proposal for a regulation Article 3 – paragraph 1 – point 9 Amendment 251 #
Proposal for a regulation Article 3 – paragraph 1 – point 10 Amendment 252 #
Proposal for a regulation Article 3 – paragraph 1 – point 11 Amendment 253 #
Proposal for a regulation Article 3 – paragraph 1 – point 12 Amendment 254 #
Proposal for a regulation Article 3 – paragraph 1 – point 13 Amendment 255 #
Proposal for a regulation Article 3 – paragraph 1 – point 14 Amendment 256 #
Proposal for a regulation Article 3 – paragraph 1 – point 15 Amendment 257 #
Proposal for a regulation Article 3 – paragraph 1 – point 16 Amendment 258 #
Proposal for a regulation Article 3 – paragraph 1 – point 17 Amendment 259 #
Proposal for a regulation Article 3 – paragraph 1 – point 18 Amendment 26 #
Proposal for a regulation Article 69 – paragraph 1 1. The Board may contract for the Fund borrowings or other forms of support from, first private and, where this is not possible, public financial institutions or other third parties, in the event that the amounts raised in accordance with Articles 66 and 67 are not immediately accessible or sufficient to cover the expenses incurred by the use of the Fund.
Amendment 260 #
Proposal for a regulation 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 261 #
Proposal for a regulation Article 3 – paragraph 1 – point 20 a (new) (20a) 'critical size' means the size or interconnectedness of an entity referred to in Article 2 which has reached a level that is in times of crisis beyond the possibility of orderly resolution as any resolution action or orderly insolvency would lead to significant economic disruptions and therefore public bail-out and the socialisation of losses would become unavoidable.
Amendment 262 #
Proposal for a regulation Article 5 – paragraph 1 1. Where, by virtue of this Regulation,
Amendment 263 #
Proposal for a regulation Article 5 – paragraph 1 1. Where, by virtue of this Regulation,
Amendment 264 #
Proposal for a regulation Article 5 – paragraph 1 1. Where, by virtue of this Regulation,
Amendment 265 #
Proposal for a regulation Article 5 – paragraph 1 1. Without prejudice to Article 2 of this Regulation, where, by virtue of this Regulation, the Commission or the Board exercises tasks or powers, which, according to Directive [ ] are to be exercised by the national resolution authority of a participating Member State, the Board shall, for the application of this Regulation and Directive [ ], be considered to be the relevant national resolution authority or, in case of cross-border group resolution, the relevant group national resolution authority.
Amendment 266 #
Proposal for a regulation Article 5 – paragraph 1 1. W
Amendment 267 #
Proposal for a regulation Article 5 – paragraph 2 Amendment 268 #
Proposal for a regulation Article 5 – paragraph 2 2. The Board
Amendment 269 #
Proposal for a regulation Article 5 – paragraph 2 2. The Board
Amendment 270 #
Proposal for a regulation Article 5 – paragraph 2 2. The Board, when acting as national resolution authority, shall act, where relevant,
Amendment 271 #
Proposal for a regulation Article 5 – paragraph 2 2. The Board, when acting as national resolution authority, shall act, where relevant, under authorisation of the
Amendment 272 #
Proposal for a regulation Article 5 – paragraph 3 3. Subject to the provisions of this Regulation as referred to in Art. 2, the national resolution authorities of the participating Member State shall act on the basis of and in conformity with the relevant provisions of national law, as harmonized by Directive [ ].
Amendment 273 #
Proposal for a regulation Article 5 – paragraph 3 3. Subject to the provisions of this Regulation, as referred to in Art. 2, the national resolution authorities of the participating Member State shall act on the basis of and in conformity with the relevant provisions of national law, as harmonized by Directive [ ].
Amendment 274 #
Proposal for a regulation Article 5 – paragraph 3 a (new) 3a. National resolution authority shall inform the Commission and the Board on measures taken or the measures it intends to take pursuant paragraph 3 of this article.
Amendment 275 #
Proposal for a regulation Article 5 – paragraph 3 a (new) 3a. National resolution authority shall inform the Commission and the Board on measures taken or the measures it intends to take pursuant paragraph 3 of this article.
Amendment 276 #
Proposal for a regulation Article 5 a (new) Amendment 277 #
Proposal for a regulation Article 6 – paragraph 1 1. No action, proposal or policy of the Board
Amendment 278 #
Proposal for a regulation Article 6 – paragraph 1 1. No action, proposal or policy of the Board, the Commission or a national resolution authority shall discriminate against
Amendment 279 #
Proposal for a regulation 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 280 #
Proposal for a regulation Article 6 – paragraph 1 1. No action, proposal or policy of the Board, the Commission, the Council or a national resolution authority shall discriminate against entities referred to in Article 2, deposit holders, investors or other creditors established in the Union on grounds of their nationality or place of business.
Amendment 281 #
Proposal for a regulation 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, deposit holders, investors or other creditors established in the Union on grounds of their nationality, currency or place of business.
Amendment 282 #
Proposal for a regulation Article 6 – paragraph 1 a (new) Amendment 283 #
Proposal for a regulation Article 6 – paragraph 1 a (new) 1a. Every action, proposal or policy of the Board, the Commission or a national resolution authority in the framework of the Single Resolution Mechanism shall be undertaken with a view to promoting the stability of the financial system within the EU and within each participating Member State in the EU with full regard and duty of care for the unity and integrity of the internal market, so as to avoid a disproportionate increase in the costs to the participating Member State, to the extent that they would be greater than in the case when institution had been resolved outside the framework of Single Resolution Mechanism.
Amendment 284 #
Proposal for a regulation 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 or on a non-participating Member State, and in particular when taking decisions concerning groups established in two or more participating Member States, the
Amendment 285 #
Proposal for a regulation 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
Amendment 286 #
Proposal for a regulation 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
Amendment 287 #
Proposal for a regulation Article 6 – paragraph 2 – introductory part 2. When making decisions or taking action, which may have an impact in more than one
Amendment 288 #
Proposal for a regulation 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 289 #
Proposal for a regulation Article 6 – paragraph 2 – point a (a) the interests of the
Amendment 290 #
Proposal for a regulation Article 6 – paragraph 2 – point a (a) the interests of the
Amendment 291 #
Proposal for a regulation 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, including the level of employment, the deposit guarantee scheme or the investor compensation scheme of any of those Member States;
Amendment 292 #
Proposal for a regulation Article 6 – paragraph 2 – point b (b) the objective of balancing the interests of the various Member States involved and avoiding unfairly prejudicing or unfairly protecting the interests of a Member State or unfairly prejudicing the interests of a non-participating Member State;
Amendment 293 #
Proposal for a regulation Article 6 – paragraph 2 – point c (c) the need to avoid a negative impact for other parts of a group of which a
Amendment 294 #
Proposal for a regulation Article 6 – paragraph 2 – point c a (new) (ca) the interest of the group as a whole in full respect of its business model;
Amendment 295 #
Proposal for a regulation Article 6 – paragraph 2 – point d (d) the need to avoid a disproportionate increase in the costs imposed on the creditors
Amendment 296 #
Proposal for a regulation Article 6 – paragraph 2 – subparagraph 1 a (new) When exercising the resolution powers in accordance with the provisions of Directive [BRRD ], it shall be ensured that any losses, costs or other expenses are first borne by shareholders and the creditors of the institution under resolution, before the Fund is used to support the efficient implementation of the resolution tools and powers;
Amendment 297 #
Proposal for a regulation Article 6 – paragraph 2 – point e Amendment 298 #
Proposal for a regulation Article 6 – paragraph 2 – point e (a) (new) (ea) the interest of the internal market as a whole
Amendment 299 #
Proposal for a regulation Article 6 – paragraph 2 – point e a (new) (ea) Whether a participating Member State is a member of the single currency or not and whether a differentiated approach might be necessary in certain circumstances as a result of this.
Amendment 300 #
Proposal for a regulation Article 6 – paragraph 3 3. The
Amendment 301 #
Proposal for a regulation Article 6 – paragraph 3 3. The
Amendment 302 #
Proposal for a regulation 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 303 #
Proposal for a regulation 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 304 #
Proposal for a regulation Article 6 – paragraph 3 3. The Board and the Commission 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 305 #
Proposal for a regulation Article 6 – paragraph 4 4. No decision of the Board or the Commission shall require Member States to provide extraordinary public financial support
Amendment 306 #
Proposal for a regulation Article 6 – paragraph 4 4. No decision of the Board or the Commission shall require Member States to provide
Amendment 307 #
Proposal for a regulation Article 6 – paragraph 4 4. No decision of the Board or the Commission shall require Member States to provide extraordinary public financial support, unless, pending the establishment of a European public backstop, a Member State has accepted the provision of extraordinary public financial support, where no other less costly alternative was available to preserve financial stability.
Amendment 308 #
Proposal for a regulation Article 6 – paragraph 4 4. No decision of the Board or the Commission shall require Member States to provide
Amendment 309 #
Proposal for a regulation Article 6 – paragraph 4 4. No decision of the Board or the Commission shall require Member States
Amendment 310 #
Proposal for a regulation Article 6 – paragraph 4 4. No decision of the Board
Amendment 311 #
Proposal for a regulation Article 6 – paragraph 4 – subparagraph 1a (new) All relevant authorities shall consider the principle of proportionality when applying the Regulation. The principle of proportionality implies in particular the impact that a failure of an institution could have, due to the nature of its business, its shareholding structure, its legal form, its risk profile, size and legal status, the interconnectedness to other institutions or to the financial system in general, the scope and the complexity of its activities and its membership of an Institutional Protection Scheme within the meaning of Art. 113 para. 7 Regulation (EU) Nr. 575/2013.
Amendment 312 #
Proposal for a regulation Article 6 – paragraph 4 a (new) 4a. In order to respect the right to conduct business laid down by Article 16 of the Charter of Fundamental Rights, the Board's discretion shall be limited to what is necessary to simplify the structure and operations of the institution solely to improve its resolvability. In addition, any measure imposed for such purposes shall be consistent with Union law. Measures shall neither directly nor indirectly be discriminatory on ground of nationality, and shall be justified by the overriding reason of the public interest in financial stability. To determine whether an action was taken in the general public interest, the Board, acting in the general public interest, shall be able to achieve the resolution objectives without encountering impediments to the application of resolution tools or its ability to exercise the powers conferred on it. Furthermore, an action shall not go beyond the minimum necessary to attain the objectives.
Amendment 313 #
Proposal for a regulation Article 6 – paragraph 4 a (new) 4a. If any decision or resolution action taken in the framework of the SRM at any stage implies extraordinary public financial support by a Member State, the acceptance of the Member State is a precondition for applying such an action. If the Member State does not consent, national insolvency laws apply to the case.
Amendment 314 #
Proposal for a regulation 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) 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 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 317 #
Proposal for a regulation Article 7 – paragraph 1 1. The
Amendment 318 #
Proposal for a regulation Article 7 – paragraph 1 1. The Board shall review the national resolution plans drawn up
Amendment 319 #
Proposal for a regulation Article 7 – paragraph 1 1. The Board shall draw up resolution plans for the entities
Amendment 320 #
Proposal for a regulation Article 7 – paragraph 1 1. The Board shall together with national resolution authorities draw up resolution plans for the entities referred to in Article 2 and for groups.
Amendment 321 #
Proposal for a regulation Article 7 – paragraph 1 1. The Board, in its executive session, shall draw up resolution plans for the entities referred to in Article 2 and for groups.
Amendment 322 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1a. The national resolution authorities shall draw up the resolution plans for the credit institutions that are exclusively located in their Member State and are not cross border entities.
Amendment 323 #
Proposal for a regulation Article 7 – paragraph 1 b (new) 1b. All resolution plans shall be submitted to final approval by the Board in its executive session.
Amendment 324 #
Proposal for a regulation Article 7 – paragraph 2 Amendment 325 #
Proposal for a regulation Article 7 – paragraph 2 2. For the purposes of paragraph 1, the national resolution authorities shall forward to the Board all information necessary to draw up and implement
Amendment 326 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which
Amendment 327 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which the
Amendment 328 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which the
Amendment 329 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which the
Amendment 330 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which the Commission and the Board may take where an entity referred to in Article 2 or a group meet the conditions for resolution. The resolution plan shall take into consideration a range of scenarios including that the event of failure may be idiosyncratic or may occur at a time of broader financial instability or of system wide events. The resolution plan shall not assume any extraordinary public financial support besides the use of the Fund established in accordance with this Regulation. Where this cannot be guaranteed because an entity has reached or is likely to reach a critical size, the board shall ensure that the entity adapts its business strategy accordingly so that in case of failure or crisis orderly resolution can be achieved.
Amendment 331 #
Proposal for a regulation Article 7 – paragraph 4 a (new) 4a. The resolution plan for each entity shall include all items set out in Chapter 2 of the Directive (BRRD).
Amendment 332 #
Proposal for a regulation Article 7 – paragraph 5 – introductory part 5. The resolution plan for each entity shall
Amendment 333 #
Proposal for a regulation Article 7 – paragraph 5 – point a Amendment 334 #
Proposal for a regulation Article 7 – paragraph 5 – point b Amendment 335 #
Proposal for a regulation Article 7 – paragraph 5 – point c Amendment 336 #
Proposal for a regulation Article 7 – paragraph 5 – point d Amendment 337 #
Proposal for a regulation Article 7 – paragraph 5 – point e Amendment 338 #
Proposal for a regulation Article 7 – paragraph 5 – point f Amendment 339 #
Proposal for a regulation Article 7 – paragraph 5 – point g Amendment 340 #
Proposal for a regulation Article 7 – paragraph 5 – point h Amendment 341 #
Proposal for a regulation Article 7 – paragraph 5 – point i Amendment 342 #
Proposal for a regulation Article 7 – paragraph 5 – point i (i) an explanation by the resolution authority as to how the resolution options could be financed without the assumption of any extraordinary public financial support or reliance on the Fund;
Amendment 343 #
Proposal for a regulation Article 7 – paragraph 5 – point j Amendment 344 #
Proposal for a regulation Article 7 – paragraph 5 – point k Amendment 345 #
Proposal for a regulation Article 7 – paragraph 5 – point l Amendment 346 #
Proposal for a regulation Article 7 – paragraph 5 – point m Amendment 347 #
Proposal for a regulation Article 7 – paragraph 5 – point n Amendment 348 #
Proposal for a regulation Article 7 – paragraph 5 – point o Amendment 349 #
Proposal for a regulation Article 7 – paragraph 5 – point p Amendment 350 #
Proposal for a regulation Article 7 – paragraph 5 – point q Amendment 351 #
Proposal for a regulation Article 7 – paragraph 5 – point r Amendment 352 #
Proposal for a regulation Article 7 – paragraph 5 – point r a (new) (ra) a description of the procedures to be used for informing and consulting with employees or their representatives in the process of carrying out the plan.
Amendment 353 #
Proposal for a regulation Article 7 – paragraph 6 6. Group resolution plans shall include a plan for the resolution of the group as a whole
Amendment 354 #
Proposal for a regulation Article 7 – paragraph 6 – subparagraph 1 a (new) Notwithstanding this provision, the national resolution authorities of non- participating Member States may draw up and maintain resolution plans for subsidiaries that are part of a group established in a participating Member State in accordance with Articles 11 and 12 of Directive [ ].
Amendment 355 #
Proposal for a regulation Article 7 – paragraph 7 Amendment 356 #
Proposal for a regulation Article 7 – paragraph 7 7. The Board shall draw up the resolution plans in cooperation with the supervisor or consolidating supervisor
Amendment 357 #
Proposal for a regulation 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. The Board shall cooperate with resolution authorities in non-participating Member States where there are entities in those Member States included in consolidated supervision.
Amendment 358 #
Proposal for a regulation Article 7 – paragraph 7 a (new) 7 a. In case of credit institutions regarded as non-systemic, according to the definition included in Regulation 2012/0242, the national resolution authorities draw draft resolution plans. The Resolution Board can only accept or reject a draft plan with a comprehensive justification. In case of a second rejection, the draft plan is reffered to the plenary session of the Resolution Board.
Amendment 359 #
Proposal for a regulation Article 7 – paragraph 8 8.
Amendment 360 #
Proposal for a regulation Article 7 – paragraph 9 a (new) 9a. Decisions regarding the drawing up and assessment of the resolution plans and the application of appropriate measures shall be taken by the Board in its executive session.
Amendment 361 #
Proposal for a regulation Article 7 a (new) Article 7a The Board shall have a memorandum of understanding with the resolution authorities of non-participating Member States.
Amendment 362 #
Proposal for a regulation Article 7 a (new) Article 7a Application of Directive [BRRD] The actions of the SRM in relation to institutions shall be governed by Directive [BRRD].
Amendment 363 #
Proposal for a regulation Article 7 b (new) Article 7b Resolvability of Systemically Important Institutions For institutions referred to in article 2 of this regulation and identified as global systemically important institutions (G- SIIs) or as other systemically important institutions (O-SIIs) pursuant to Article 131 of DIRECTIVE 2013/36/EU, the Board shall prioritise the assessment of their resolvability in accordance with Article 13 [BRRD] and draw up a plan for each of these institutions to remove impediments to resolvability in accordance with Article 14 [BRRD]. The plan shall include at least the following: (a) requiring the institution to divest specific assets; (b) requiring the institution to limit or cease specific existing or proposed activities; (c) restricting or preventing the development or sale of new business lines or products; (d) requiring changes to legal or operational structures of the institution so as to reduce complexity in order to ensure that critical functions may be legally and economically separated from other functions through the application of the resolution tools;
Amendment 364 #
Proposal for a regulation Article 8 – paragraph 1 1. When drafting resolution plans in accordance with Article 7, the Board, after consultation with the competent authority, including the ECB, and the resolution authorities of non-participating Member States in which significant branches or subsidiaries are located insofar as is relevant to the significant branch, subsidiary and financial stability, shall conduct an assessment of the extent to which institutions and groups are resolvable without the assumption of extraordinary public financial support
Amendment 365 #
Proposal for a regulation Article 8 – paragraph 1 1. When drafting resolution plans in
Amendment 366 #
Proposal for a regulation Article 8 – paragraph 1 1. When drafting resolution plans in accordance with Article 7, the Board, after consultation with the competent authority, including the ECB, and the resolution authorities of non- participating Member States
Amendment 367 #
Proposal for a regulation Article 8 – paragraph 1 1. When drafting resolution plans in accordance with Article 7, the Board, after consultation with the competent authorit
Amendment 368 #
Proposal for a regulation Article 8 – paragraph 2 2. When drafting a resolution plan for entities referred to in Article
Amendment 369 #
Proposal for a regulation Article 8 – paragraph 2 2. When drafting a resolution plan for entities referred to in Article 2, the Board shall assess the extent to which such an entity is resolvable in accordance with this Regulation. An entity shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying to it the different resolution tools and powers without giving rise to significant adverse consequences for financial systems, including circumstances of broader financial instability or system wide events, of the Member State in which the entity is situated, having regard to the financial, economic and social stability in the same or other Member States, or the Union and with a view to ensuring the continuity of critical functions carried out by the entity.
Amendment 370 #
Proposal for a regulation Article 8 – paragraph 2 2. When drafting a resolution plan for entities referred to in Article 2, the Board shall assess the extent to which such an entity is resolvable in accordance with this Regulation. An entity shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying to it the different resolution tools and powers without giving rise to significant adverse consequences for financial systems, including circumstances of broader financial instability or system wide events, of the Member State in which the entity is situated, or other Member States, or the Union and with a view to ensuring the continuity of critical functions carried out by the entity. Entities which have reached a critical size as defined in Article 3 and which are deemed not to be resolvable with the existing tools referred to in Article 19 shall be restructured accordingly. In this case property rights shall be subordinated to the general public interest.
Amendment 371 #
Proposal for a regulation Article 8 – paragraph 3 3. When drafting resolution plans for
Amendment 372 #
Proposal for a regulation Article 8 – paragraph 3 3. When drafting resolution plans for groups, the Board shall assess the extent to which groups are resolvable in accordance with this Regulation. A group shall be deemed resolvable if it is feasible and credible for the resolution authorities to either wind up group entities under normal insolvency proceedings or to resolve group entities by applying resolution tools and powers to group entities without giving rise to significant adverse consequences for the financial systems, including circumstances of broader financial instability or system
Amendment 373 #
Proposal for a regulation Article 8 – paragraph 6 6. The report shall be notified to the entity or parent undertaking concerned, to the competent authorities and to the resolution authorities of non-participating Member States
Amendment 374 #
Proposal for a regulation Article 8 – paragraph 6 6. The report shall be notified to the entity or parent undertaking concerned, to the competent authorities and to the resolution authorities of non-participating Member States in which significant branches or subsidiaries are located. It shall be supported by reasons for the assessment or determination in question and shall indicate how that assessment or determination complies with the requirement for proportionate application set out in Article 6.
Amendment 375 #
Proposal for a regulation Article 8 – paragraph 7 7. Within four months from the date of receipt of the report, the entity or the parent undertaking may submit observations and propose to the Board alternative measures to remedy the impediments identified in the report. The Board shall communicate any measure proposed by the entity or parent undertaking to the competent authorities and to the resolution authorities of non-participating Member States
Amendment 376 #
Proposal for a regulation Article 8 – paragraph 7 7. Within four months from the date of receipt of the report, the entity or the parent undertaking, or the competent authority, or resolution authority of a non- participating Member State, may submit observations and propose to the Board alternative measures to remedy the impediments identified in the report. The Board shall communicate any measure proposed by the entity or parent undertaking to the competent authorities and to the resolution authorities of non- participating Member States in which significant branches or subsidiaries are located.
Amendment 377 #
Proposal for a regulation Article 8 – paragraph 8 – introductory part 8. If the measures proposed by the entity or parent undertaking concerned do not effectively remove the impediments to resolvability, the Board shall take a decision, after consultation with the competent authority and, where appropriate, the macroprudential authority, competent authority and resolution authority of non-participating Member States, indicating that the measures proposed do not effectively remove the impediments to resolvability, and instructing the national resolution authorities to require the
Amendment 378 #
Proposal for a regulation Article 8 – paragraph 8 – point b (b) the need to avoid a negative impact on financial stability in participating Member States, any affected non-participating Member States and the Union as a whole;
Amendment 379 #
Proposal for a regulation 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 380 #
Proposal for a regulation Article 8 – paragraph 10 10. The national resolution authorities shall implement the instructions of the Board in accordance with Article 26. In case of the resolution of a non-systemic credit institution, the national resolution authority under whose jurisdiction institution operates, may object to the instructions of the Board. After objecting, the authority shall propose its own actions, which are effective only when approved by the plenary session of the Resolution Board.
Amendment 381 #
Proposal for a regulation Article 8 a (new) Article 8a Non-participating Member States cannot be bound without their agreement by the Board. Where there is a dispute it shall be referred to the EBA for binding mediation.
Amendment 382 #
Proposal for a regulation Article 9 – paragraph 1 1. The Board
Amendment 383 #
Proposal for a regulation Article 9 – paragraph 1 1. The Board
Amendment 384 #
Proposal for a regulation Article 9 – paragraph 1 1. The Board
Amendment 385 #
Proposal for a regulation Article 9 – paragraph 1 1. The Board, on its own initiative or upon proposal by a national resolution authority, may apply simplified obligations in relation to the drafting of resolution plans referred to, in Article 7
Amendment 386 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 387 #
Proposal for a regulation Article 9 – paragraph 2 2. National resolution authorities may propose to the Board to apply simplified obligations
Amendment 388 #
Proposal for a regulation Article 9 – paragraph 3 Amendment 389 #
Proposal for a regulation Article 9 – paragraph 4 – subparagraph 3 Amendment 390 #
Proposal for a regulation Article 9 – paragraph 5 Amendment 391 #
Proposal for a regulation Article 9 – paragraph 6 6.
Amendment 392 #
Proposal for a regulation Article 9 – paragraph 7 7. The Board shall inform the EBA about its application of paragraph
Amendment 393 #
Proposal for a regulation Article 10 – paragraph 1 1. The Board shall, in consultation with competent authorities, including the ECB,
Amendment 394 #
Proposal for a regulation Article 10 – paragraph 2 2. The minimum requirement shall be calculated as
Amendment 395 #
Proposal for a regulation Article 10 – paragraph 2 2. The minimum requirement shall be calculated a
Amendment 398 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 1 – point f a (new) (fa) the extent to which the Deposit Guarantee Scheme according to Article 2 Paragraph 2 [...]* is expected to contribute to the financing of resolution;
Amendment 399 #
Proposal for a regulation Article 10 – paragraph 4 Amendment 400 #
Proposal for a regulation Article 10 – paragraph 4 4. The determination referred to in paragraph 1
Amendment 401 #
Proposal for a regulation Article 10 – paragraph 5 Amendment 402 #
Proposal for a regulation Article 10 – paragraph 6 Amendment 403 #
Proposal for a regulation Article 10 – paragraph 8 8. The Board shall inform the ECB and the EBA of the minimum requirement that it has determined for each institution and parent undertaking
Amendment 404 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 The ECB or competent authorities of participating Member States, after having requested an opinion from the ECB, shall inform the Board of any measure that they require an institution or group to take or that they take themselves pursuant to Article 13b of Council Regulation (EU)No[
Amendment 405 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 The ECB
Amendment 406 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 Amendment 407 #
Proposal for a regulation Article 11 – paragraph 2 – subparagraph 1 Amendment 408 #
Proposal for a regulation Article 11 – paragraph 2 – subparagraph 2 a (new) The Board shall consult the Institutional Protection Scheme of an institution when it intends to take early intervention measures. The Board shall only intervene if an Institutional Protection Scheme cannot prevent the failure of its member institution.
Amendment 409 #
Proposal for a regulation Article 11 – paragraph 3 – introductory part 3. The Board shall
Amendment 410 #
Proposal for a regulation Article 11 – paragraph 5 5. The ECB or the competent authority, and the Board shall ensure that the additional measure referred to in paragraph 4 and any action of the Board aimed at preparing for resolution under paragraph 2 are consistent and are not discriminatory with regard to Member States or entities in non-participating Member States.
Amendment 411 #
Proposal for a regulation Article 12 – paragraph 1 1. When acting under the resolution procedure referred to in Article 16,
Amendment 412 #
Proposal for a regulation Article 12 – paragraph 1 1. When acting under the resolution procedure referred to in Article 16,
Amendment 413 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – introductory part The resolution objectives referred to in paragraph 1 are
Amendment 414 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point a Amendment 415 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point a (a) to ensure the continuity of
Amendment 416 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point b Amendment 417 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point b (b) to avoid significant adverse effects on financial stability
Amendment 418 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point b (b) to avoid significant adverse effects on financial, economic and social stability, including to prevent contagion, and maintain market discipline;
Amendment 419 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point c Amendment 420 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d Amendment 421 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d (d) to protect depositors
Amendment 422 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d (d) to protect depositors covered by Directive 94/19/EC and investors covered by Directive 97/9/EC21 and minimise the impact on all other depositors. __________________ 21 Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes. OJ L 084, 26.03.1997, p.22.
Amendment 423 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d (d) to protect depositors covered by Directive 94/19/EC
Amendment 424 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d a (new) (da) to contribute to sustainable and balanced economic growth;
Amendment 425 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d a (new) (da) to particularly safeguard all deposits held by legal persons, regardless of their nature and value, since the appropriation of such deposits for the purposes of bank resolution would have an unbearable economic, financial, social, labour and tax impact given the likelihood that such funds are required for management and cash flow purposes by businesses, foundations, social support institution and other bodies, for the payment of salaries, raw materials, services, and tax and administrative costs;
Amendment 426 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 2 When pursuing the above objectives, the Commission and the Board shall seek to
Amendment 427 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 2 When pursuing the
Amendment 428 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 2 When pursuing the above objectives,
Amendment 429 #
Proposal for a regulation Article 12 – paragraph 3 Amendment 430 #
Proposal for a regulation Article 12 – paragraph 3 Amendment 431 #
Proposal for a regulation Article 12 – paragraph 3 3. The Commission and the Board shall balance the objectives referred to in paragraph 2 as appropriate to the nature and circumstances of each case.
Amendment 432 #
Proposal for a regulation Article 12 – paragraph 3 3. The Board and the Commission shall balance the objectives referred to in paragraph 2 as appropriate to the nature and circumstances of each case.
Amendment 433 #
Proposal for a regulation Article 12 – paragraph 3 3. The Board and the Commission shall balance the objectives referred to in paragraph 2 as appropriate to the nature and circumstances of each case.
Amendment 434 #
Proposal for a regulation Article 13 – paragraph 1 – introductory part 1. When acting under the resolution procedure referred to in Article 16,
Amendment 435 #
Proposal for a regulation Article 13 – paragraph 1 – introductory part 1. When acting under the resolution procedure referred to in Article 16,
Amendment 436 #
Proposal for a regulation Article 13 – paragraph 1 – introductory part 1. When acting under the resolution procedure referred to in Article 16, the
Amendment 437 #
Proposal for a regulation Article 13 – paragraph 1 – point a Amendment 438 #
Proposal for a regulation Article 13 – paragraph 1 – point a Amendment 439 #
Proposal for a regulation Article 13 – paragraph 1 – point b Amendment 440 #
Proposal for a regulation Article 13 – paragraph 1 – point b Amendment 441 #
Proposal for a regulation Article 13 – paragraph 1 – point c Amendment 442 #
Proposal for a regulation Article 13 – paragraph 1 – point c Amendment 443 #
Proposal for a regulation Article 13 – paragraph 1 – point d Amendment 444 #
Proposal for a regulation Article 13 – paragraph 1 – point d Amendment 445 #
Proposal for a regulation Article 13 – paragraph 1 – point e Amendment 446 #
Proposal for a regulation Article 13 – paragraph 1 – point e Amendment 447 #
Proposal for a regulation Article 13 – paragraph 1 – point f Amendment 448 #
Proposal for a regulation Article 13 – paragraph 1 – point f Amendment 449 #
Proposal for a regulation Article 13 – paragraph 1 – point f a (new) Amendment 450 #
Proposal for a regulation Article 13 – paragraph 1 – point f b (new) (fb) the causes of and responsibility for the failure of the institution under resolution are investigated;
Amendment 451 #
Proposal for a regulation Article 13 – paragraph 1 – point f c (new) (fc) the claims of depositors are adequately protected
Amendment 452 #
Proposal for a regulation Article 13 – paragraph 1 – point f d (new) (fd) resolution action shall be taken in accordance with the safeguards outlined in the Directive [ ];
Amendment 453 #
Proposal for a regulation Article 13 – paragraph 2 Amendment 454 #
Proposal for a regulation Article 13 – paragraph 2 Amendment 455 #
Proposal for a regulation Article 13 – paragraph 2 2. Where an institution is an entity belonging to a group, the
Amendment 456 #
Proposal for a regulation Article 13 – paragraph 2 2. Where an institution is an entity belonging to a group, the Commission, where applicable, and the Board shall apply resolution tools and exercise resolution powers in a way that minimises the impact on other entities belonging to the group and on the group as a whole and minimises the adverse effect on financial, economic and social stability in the Union and particularly in Member States where the group operates.
Amendment 457 #
Proposal for a regulation Article 13 – paragraph 2 a (new) 2a. Where an institution is belonging to a Institutional Protection Scheme, the Board shall apply resolution tools and exercise resolution powers only if the Institutional Protection Scheme cannot prevent the failure of its member institution.
Amendment 458 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 459 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 460 #
Proposal for a regulation Article 14 – paragraph 1 1. The
Amendment 461 #
Proposal for a regulation Article 14 – paragraph 1 1. The
Amendment 462 #
Proposal for a regulation Article 14 – paragraph 1 1. The
Amendment 463 #
Proposal for a regulation Article 14 – paragraph 1 1. The Commission, based on a draft decision prepared by the Board, shall take a resolution action in relation to a financial institution, when the conditions specified in Article
Amendment 464 #
Proposal for a regulation Article 14 – paragraph 1 1. The Commission and the Board shall take a resolution action in relation to a financial institution, when the conditions specified in Article 16(2) are met with regard to both the financial institution and with regard to the parent undertaking.
Amendment 465 #
Proposal for a regulation Article 14 – paragraph 2 Amendment 466 #
Proposal for a regulation Article 14 – paragraph 2 2. The
Amendment 467 #
Proposal for a regulation Article 14 – paragraph 2 2. The
Amendment 468 #
Proposal for a regulation Article 14 – paragraph 2 2. The Commission and the Board shall take a resolution action in relation to a parent undertaking referred to in point (b) of Article 2, when the conditions specified in Article 16(2) are met with regard to both that parent undertaking and with regard to one or more subsidiaries which are institutions.
Amendment 469 #
Proposal for a regulation Article 14 – paragraph 3 Amendment 470 #
Proposal for a regulation Article 14 – paragraph 3 Amendment 471 #
Proposal for a regulation Article 14 – paragraph 3 3. By way of derogation from paragraph 2 and notwithstanding the fact that a parent undertaking may not meet the conditions established in Article 16(2), the
Amendment 472 #
Proposal for a regulation Article 14 – paragraph 3 3. By way of derogation from paragraph 2 and notwithstanding the fact that a parent undertaking may not meet the conditions established in Article 16(2), the Commission and the Board may take resolution action with regards to that parent undertaking when one or more of the subsidiaries which are institutions comply with the conditions established in Article 16(2) and action with regard to that parent undertaking is necessary for the resolution of one or more subsidiaries which are institutions or for the resolution of the group as a whole.
Amendment 473 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part Amendment 474 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3),
Amendment 475 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3),
Amendment 476 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part When applying the bail-in tool to an institution under resolution,
Amendment 477 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3), the
Amendment 478 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3), the Commission and the Board shall decide on, and the Board and the national resolution authorities of the participating Member States shall exercise the write down and conversion powers to claims following a reverse order of priority to the following order for normal insolvency procedures:
Amendment 479 #
Proposal for a regulation Article 15 – paragraph 1 – introductory part When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3), the Commission, based on a draft decision prepared by the Board, shall decide on, and the Board and the national resolution authorities of the participating Member States shall exercise the write down and conversion powers to claims following a reverse order of priority to the following order for
Amendment 480 #
Proposal for a regulation Article 15 – paragraph 1 – point a Amendment 481 #
Proposal for a regulation Article 15 – paragraph 1 – point a Amendment 482 #
Proposal for a regulation Article 15 – paragraph 1 – point a Amendment 483 #
Proposal for a regulation Article 15 – paragraph 1 – point a Amendment 484 #
Proposal for a regulation Article 15 – paragraph 1 – point a Amendment 485 #
Proposal for a regulation Article 15 – paragraph 1 – point a (a)
Amendment 486 #
Proposal for a regulation Article 15 – paragraph 1 – point a (a) claims related to eligible deposits
Amendment 487 #
Proposal for a regulation Article 15 – paragraph 1 – point b Amendment 488 #
Proposal for a regulation Article 15 – paragraph 1 – point b Amendment 489 #
Proposal for a regulation Article 15 – paragraph 1 – point b Amendment 490 #
Proposal for a regulation Article 15 – paragraph 1 – point b Amendment 491 #
Proposal for a regulation Article 15 – paragraph 1 – point b Amendment 492 #
Proposal for a regulation Article 15 – paragraph 1 – point c Amendment 493 #
Proposal for a regulation Article 15 – paragraph 1 – point c Amendment 494 #
Proposal for a regulation Article 15 – paragraph 1 – point c Amendment 495 #
Proposal for a regulation Article 15 – paragraph 1 – point c Amendment 496 #
Proposal for a regulation Article 15 – paragraph 1 – point c Amendment 497 #
Proposal for a regulation Article 15 – paragraph 1 – point d Amendment 498 #
Proposal for a regulation Article 15 – paragraph 1 – point d Amendment 499 #
Proposal for a regulation Article 15 – paragraph 1 – point d Amendment 500 #
Proposal for a regulation Article 15 – paragraph 1 – point d Amendment 501 #
Proposal for a regulation Article 15 – paragraph 1 – point d Amendment 502 #
Proposal for a regulation Article 15 – paragraph 1 – point e Amendment 503 #
Proposal for a regulation Article 15 – paragraph 1 – point e Amendment 504 #
Proposal for a regulation Article 15 – paragraph 1 – point e Amendment 505 #
Proposal for a regulation Article 15 – paragraph 1 – point e Amendment 506 #
Proposal for a regulation Article 15 – paragraph 1 – point e Amendment 507 #
Proposal for a regulation Article 15 – paragraph 1 – point f Amendment 508 #
Proposal for a regulation Article 15 – paragraph 1 – point f Amendment 509 #
Proposal for a regulation Article 15 – paragraph 1 – point f Amendment 510 #
Proposal for a regulation Article 15 – paragraph 1 – point f Amendment 511 #
Proposal for a regulation Article 15 – paragraph 1 – point f Amendment 512 #
Proposal for a regulation Article 15 – paragraph 1 – subparagraph 1 Amendment 513 #
Proposal for a regulation Article 15 – paragraph 1 – subparagraph 1 Amendment 514 #
Proposal for a regulation Article 15 – paragraph 1 – subparagraph 1 Amendment 515 #
Proposal for a regulation Article 15 – paragraph 1 – subparagraph 1 Amendment 516 #
Proposal for a regulation Article 16 – paragraph 1 1. Where
Amendment 517 #
Proposal for a regulation Article 16 – paragraph 1 1. Where the ECB
Amendment 518 #
Proposal for a regulation Article 16 – paragraph 1 1. Where the ECB
Amendment 519 #
Proposal for a regulation Article 16 – paragraph 1 1. Where the ECB
Amendment 520 #
Proposal for a regulation Article 16 – paragraph 1 1. Where the ECB or a
Amendment 521 #
Proposal for a regulation Article 16 – paragraph 1 1. Where the ECB or a national resolution authority, after having requested an opinion from the ECB, assesses that the conditions referred to in points (a) and (b) of paragraph 2 are met in relation to an entity referred to in Article 2, it shall communicate that assessment without delay to the Commission and the Board.
Amendment 522 #
Proposal for a regulation Article 16 – paragraph 1 1. Where the ECB or a national resolution authority after consultation of the ECB assesses that the conditions referred to in points (a) and (b) of paragraph 2 are met in relation to an entity referred to in Article 2, it shall communicate that assessment without delay to the Commission and the Board.
Amendment 523 #
Proposal for a regulation Article 16 – paragraph 1 a (new) 1a. The Board shall prepare and take all its decisions related to the resolution procedure in its executive session in accordance with Article 50.
Amendment 524 #
Proposal for a regulation Article 16 – paragraph 2 – introductory part 2.
Amendment 525 #
Proposal for a regulation Article 16 – paragraph 2 – introductory part 2.
Amendment 526 #
Proposal for a regulation Article 16 – paragraph 2 – introductory part 2. On receiving a communication pursuant to paragraph 1,
Amendment 527 #
Proposal for a regulation Article 16 – paragraph 2 – point a (a) the entity is failing or likely to fail, in particular due to a lack of own funds or liquidity;
Amendment 528 #
Proposal for a regulation Article 16 – paragraph 2 – point b (b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector, including measures taken in the context of deposit or institutional guarantee schemes, or supervisory action (including early intervention measures or the write down or conversion of capital instruments in accordance with Article 14), taken in respect of the entity, or a measure to wind up the institution taken by the national resolution authorities, would prevent its failure within a reasonable timeframe;
Amendment 529 #
Proposal for a regulation Article 16 – paragraph 2 – point b (b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector (including measures by Deposit Guarantee Schemes or IPS) or supervisory action (including early intervention measures or the write down or conversion of capital instruments in accordance with Article 14), taken in respect of the entity, would prevent its failure within a reasonable timeframe;
Amendment 530 #
Proposal for a regulation Article 16 – paragraph 2 – point b (b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector (including measures by Deposit Guarantee Schemes or IPS) or supervisory action (including early intervention measures or the write down or conversion of capital instruments in accordance with Article 14), taken in respect of the entity, would prevent its failure within a reasonable timeframe;
Amendment 531 #
Proposal for a regulation Article 16 – paragraph 2 – point b (b) having regard to timing and other relevant circumstances, there is no reasonable prospect that an Institutional Protection scheme, any alternative private sector or supervisory action (including early intervention measures or the write down or conversion of capital instruments in accordance with Article 14), taken in respect of the entity, would prevent its failure within a reasonable timeframe;
Amendment 532 #
Proposal for a regulation Article 16 – paragraph 2 a (new) 2a. Where the Board conducts such an assessment on its own initiative, compliance with the conditions referred to in points (a) and (b) of paragraph 2 in relation to an entity referred to in Article 2 shall be evaluated in close consultation and cooperation with the ECB or the competent national authority.
Amendment 534 #
Proposal for a regulation Article 16 – paragraph 3 – subparagraph 1 – point d – introductory part (d)
Amendment 535 #
Proposal for a regulation Article 16 – paragraph 3 – subparagraph 1 – point d – point iii Amendment 536 #
Proposal for a regulation Article 16 – paragraph 4 4. For the purposes of point (c) of paragraph 2, a resolution action shall be treated as in the public interest if it achieves and is proportionate to one or more of the resolution objectives as specified in Article 12 and winding up of the entity under normal insolvency proceedings would not meet those resolution objectives to the same extent. The resolution tools should therefore be applied only to systemically important institutions when it is necessary to pursue the objective of the general financial stability.
Amendment 537 #
Proposal for a regulation Article 16 – paragraph 5 Amendment 538 #
Proposal for a regulation Article 16 – paragraph 5 – introductory part 5. If all the conditions established in paragraph 2 are met, the Board shall
Amendment 539 #
Proposal for a regulation Article 16 – paragraph 5 – introductory part 5. If all the conditions established in paragraph 2 are met, the Board shall recommend to the
Amendment 540 #
Proposal for a regulation Article 16 – paragraph 5 – introductory part 5. If all the conditions established in paragraph 2 are met, the Board shall
Amendment 541 #
Proposal for a regulation Article 16 – paragraph 5 – introductory part 5.
Amendment 542 #
Proposal for a regulation Article 16 – paragraph 5 – introductory part 5. If
Amendment 543 #
Proposal for a regulation Article 16 – paragraph 5 – point a Amendment 544 #
Proposal for a regulation Article 16 – paragraph 5 – point c Amendment 545 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 546 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 547 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 548 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 549 #
Proposal for a regulation Article 16 – paragraph 6 6.
Amendment 550 #
Proposal for a regulation Article 16 – paragraph 6 6.
Amendment 551 #
Proposal for a regulation Article 16 – paragraph 6 6.
Amendment 552 #
Proposal for a regulation Article 16 – paragraph 6 6.
Amendment 553 #
Proposal for a regulation Article 16 – paragraph 6 6.
Amendment 554 #
Proposal for a regulation Article 16 – paragraph 6 6. Having regard to the urgency of the circumstances in the case, the Commission shall decide,
Amendment 555 #
Proposal for a regulation Article 16 – paragraph 6 6. Having regard to the urgency of the circumstances in the case, the Commission shall decide,
Amendment 556 #
Proposal for a regulation Article 16 – paragraph 6 6. Having regard to the urgency of the circumstances in the case, the Commission shall decide, on its own initiative or taking into account, if any, the communication referred to in paragraph 1 or the recommendation of the Board referred to in paragraph 5, whether or not to place the entity under resolution, and on the framework of the resolution tools that shall be applied in respect of the entity concerned and of the use of the Fund to support the resolution action.
Amendment 557 #
Proposal for a regulation Article 16 – paragraph 6 6. Having regard to the urgency of the circumstances in the case, the
Amendment 558 #
Proposal for a regulation Article 16 – paragraph 6 6. Having regard to the urgency of the circumstances in the case, the Commission shall decide, on its own initiative or taking into account, if any, the communication referred to in paragraph 1 or the recommendation of the Board referred to in paragraph 5, whether or not to place the entity under resolution, and on the framework of the resolution tools that shall be applied in respect of the entity concerned and of the use of the Fund to support the resolution action. The Commission, on its own initiative, may decide to place an entity under resolution if all the conditions referred to in paragraph 2 are met. Except in duly justified cases of emergency, the Board shall have at least five working days to consider the amendments proposed by the Commission.
Amendment 559 #
Proposal for a regulation Article 16 – paragraph 7 7. The decision of the Commission shall be addressed to the Board.
Amendment 560 #
Proposal for a regulation Article 16 – paragraph 7 7. The decision of the
Amendment 561 #
Proposal for a regulation Article 16 – paragraph 7 7.
Amendment 562 #
Proposal for a regulation Article 16 – paragraph 7 7. The decision of the
Amendment 563 #
Proposal for a regulation Article 16 – paragraph 7 7. The decision of the Commission shall be addressed to the Board. If the Commission decides not to place the entity under resolution, because the condition laid down in paragraph 2(c) is not met, the entity concerned shall be wound up by means of measures taken in the context of national resolution mechanisms or national deposit guarantee schemes or in accordance with national insolvency law.
Amendment 564 #
Proposal for a regulation Article 16 – paragraph 7 a (new) 7a. Where the Board considers that the resolution action requires the support from the Fund in accordance with Article 71, it shall address the proposal for a draft decision referred to in paragraph 5 to the Council. In addition to the elements referred to in paragraph 5, such draft shall include a framework of the use of the Fund to support the resolution action.
Amendment 565 #
Proposal for a regulation Article 16 – paragraph 7 b (new) 7b. The Council shall decide, pursuant to the proposal submitted by the Board under paragraph 8 of this Article, whether or not to put the entity under resolution, and on the framework of the resolution tools that shall be applied in respect of the entity concerned. Where the Council intends not to adopt the recommendation submitted by the Board or to adopt it with amendments, it shall send the recommendation back to the Board, explaining why it does not intend to adopt it or, as the case may be, explaining the reasons for its intended amendments. The Council may establish a deadline during which the Board may amend its initial recommendation on the basis of the Council's proposed amendments and resubmit it to the Council. If, on the expiry of the deadline established by the Council, the Board has not submitted an amended recommendation or has submitted an amended recommendation that is not formulated in a way consistent with the Council's proposed amendments, the Council may adopt its decision under the paragraph above with the amendments it considers relevant or reject the recommendation. The Council shall act by qualified majority without taking into account the vote of the members of the Council which are not participating Member States.
Amendment 566 #
Proposal for a regulation 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
Amendment 567 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 568 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 569 #
Proposal for a regulation Article 16 – paragraph 8 8. Within the framework set by the
Amendment 570 #
Proposal for a regulation Article 16 – paragraph 8 8. Within the framework set by the Commission or Council 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
Amendment 571 #
Proposal for a regulation Article 16 – paragraph 8 8. Within the framework set by the
Amendment 572 #
Proposal for a regulation Article 16 – paragraph 8 8. Within the framework set by the Commission decision, the Board in its executive session 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 [ ].
Amendment 573 #
Proposal for a regulation Article 16 – paragraph 8 a (new) 8a. In case of the resolution of a non- systemic credit institution, the national resolution authority under whose jurisdiction this institution operates draws draft resolution scheme which is subject to the approval of the Resolution Board. When the Resolution Board rejects the scheme, at its executive session, the scheme is referred to the plenary session.
Amendment 574 #
Proposal for a regulation Article 16 – paragraph 9 Amendment 575 #
Proposal for a regulation Article 16 – paragraph 9 9.
Amendment 576 #
Proposal for a regulation Article 16 – paragraph 10 Amendment 577 #
Proposal for a regulation Article 16 – paragraph 10 10. To the extent that the resolution action as proposed by the Board in its executive session involves the use of the Fund and does not entail the grant of State aid pursuant to Article 107(1) of the TFEU, the Commission shall apply in parallel, by way of analogy, the criteria established for the application of Article 107 TFEU.
Amendment 578 #
Proposal for a regulation Article 16 – paragraph 11 Amendment 579 #
Proposal for a regulation Article 16 – paragraph 11 11. The Commission and the Council shall have the power to obtain from the Board any information which it deems relevant for fulfilling its tasks under this Regulation and, where applicable, Article 107 TFEU. The Board shall have the power to obtain from any person, in accordance with Chapter 5 of this Title, any information necessary for it to prepare and decide upon a resolution action including updates and supplements of information provided in the resolution plans.
Amendment 580 #
Proposal for a regulation Article 16 – paragraph 11 11. The
Amendment 581 #
Proposal for a regulation Article 16 – paragraph 12 Amendment 582 #
Proposal for a regulation Article 16 – paragraph 12 Amendment 583 #
Proposal for a regulation Article 16 – paragraph 12 12. The Board shall have the power to
Amendment 584 #
Proposal for a regulation Article 16 – paragraph 12 12. The Board shall have the power to recommend to the Commission or the Council to amend the framework for the resolution tools and for the use of the Fund in respect of an entity placed under resolution.
Amendment 585 #
Proposal for a regulation Article 16 – paragraph 12 12. The Board shall have the power to recommend to the
Amendment 586 #
Proposal for a regulation 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 587 #
Proposal for a regulation Article 16 a (new) Amendment 589 #
Proposal for a regulation Article 17 – paragraph 1 1. Before taking resolution action or exercising the power to write down or
Amendment 590 #
Proposal for a regulation Article 17 – paragraph 2 Amendment 591 #
Proposal for a regulation Article 17 – paragraph 3 Amendment 592 #
Proposal for a regulation Article 17 – paragraph 4 Amendment 593 #
Proposal for a regulation Article 17 – paragraph 5 Amendment 594 #
Proposal for a regulation Article 17 – paragraph 6 Amendment 595 #
Proposal for a regulation Article 17 – paragraph 7 Amendment 596 #
Proposal for a regulation Article 17 – paragraph 8 Amendment 597 #
Proposal for a regulation Article 17 – paragraph 9 Amendment 598 #
Proposal for a regulation Article 17 – paragraph 10 Amendment 599 #
Proposal for a regulation Article 17 – paragraph 11 Amendment 600 #
Proposal for a regulation Article 17 – paragraph 12 Amendment 601 #
Proposal for a regulation Article 17 – paragraph 13 Amendment 602 #
Proposal for a regulation Article 17 – paragraph 14 Amendment 603 #
Proposal for a regulation Article 17 – paragraph 14 14. The valuation shall
Amendment 604 #
Proposal for a regulation Article 17 – paragraph 15 Amendment 605 #
Proposal for a regulation Article 17 – paragraph 16 16. After the resolution action has been effected, for the purposes of assessing whether shareholders and creditors would have received better treatment if the institution under resolution had entered into normal insolvency proceedings, the Board shall ensure that a valuation is carried out
Amendment 606 #
Proposal for a regulation Article 17 – paragraph 17 Amendment 607 #
Proposal for a regulation Article 17 – paragraph 18 Amendment 608 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part 1. The
Amendment 609 #
Proposal for a regulation Article 18 – paragraph 1 – point b Amendment 610 #
Proposal for a regulation Article 18 – paragraph 1 a (new) 1a. The information referred to in the previous paragraph may take place following a request for assessment from the Board or from a national resolution authority, if any of them considers that there is reason to consider that the conditions referred to in the previous subparagraph are met in relation to an entity referred to in Article 2 or a group established in a participating Member State.
Amendment 611 #
Proposal for a regulation Article 18 – paragraph 2 – introductory part 2. For the purposes of paragraph 1, an entity referred to in Article 2 or a group
Amendment 612 #
Proposal for a regulation Article 18 – paragraph 2 – point b (b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any action, including alternative private sector, including measures taken in the context of deposit or institutional guarantee schemes, or supervisory action (including early intervention measures), other than the write down or conversion of capital instruments, either singly or in combination with resolution action, would prevent the failure of that entity or group within a reasonable timeframe.
Amendment 613 #
Proposal for a regulation Article 18 – paragraph 3 3. For the purposes of point (a) of paragraph
Amendment 614 #
Proposal for a regulation Article 18 – paragraph 5 5. The
Amendment 615 #
Proposal for a regulation Article 18 – paragraph 5 5. The
Amendment 616 #
Proposal for a regulation Article 18 – paragraph 5 5. The Commission, upon a recommendation of the Board
Amendment 617 #
Proposal for a regulation Article 18 – paragraph 5 5. The Commission, upon a recommendation of the Board
Amendment 618 #
Proposal for a regulation Article 18 – paragraph 5 5. The
Amendment 619 #
Proposal for a regulation Article 18 – paragraph 6 6. Where the
Amendment 620 #
Proposal for a regulation Article 18 – paragraph 6 6. Where the
Amendment 621 #
Proposal for a regulation Article 18 – paragraph 6 6. Where the
Amendment 622 #
Proposal for a regulation Article 18 – paragraph 8 – introductory part 8. The Board shall ensure that national resolution authorities exercise the write down or conversion powers in a way that
Amendment 623 #
Proposal for a regulation Article 18 – paragraph 8 – point a Amendment 624 #
Proposal for a regulation Article 18 – paragraph 8 – point b Amendment 625 #
Proposal for a regulation Article 18 – paragraph 9 Amendment 626 #
Proposal for a regulation Article 19 – paragraph 4 4.
Amendment 627 #
Proposal for a regulation Article 19 – paragraph 4 4. Subject to paragraph 5, the resolution
Amendment 628 #
Proposal for a regulation Article 19 – paragraph 4 a (new) 4a. 5 (new) Member States shall ensure that the bail-in tool is applied in accordance with the legal form of the credit institution concerned.
Amendment 629 #
Proposal for a regulation Article 19 – paragraph 4 a (new) 4a. For the purpose of carrying out the tasks conferred on it by this Regulation, and with the objective of ensuring a level playing field in the application of the resolution tools, the Board, together with the Commission, shall adopt a resolution handbook setting out clear and detailed guidance for the use of the resolution tools set out in Directive [ ].
Amendment 630 #
Proposal for a regulation Article 19 – paragraph 4 a (new) 4a. With regard to systemic entities of a critical size referred to in Art 16a (new) the board may apply either separately or together the resolution tools (a) to (c) of paragraph 2.
Amendment 631 #
Proposal for a regulation Article 20 – paragraph 1 The resolution scheme adopted by the Board under Article 16(8) shall establish
Amendment 632 #
Proposal for a regulation Article 20 – paragraph 1 The resolution scheme adopted by the Board under Article 16(8) shall establish, in compliance with the decisions of the Commission on the resolution framework under Article 16(6) or of the Council under Article 16(7b) and with any decision on State aid where applicable by analogy the details of the resolution tools to be applied to the institution under resolution concerning at least the measures referred to in Articles 21(2), 22(2), 23(2) and 24(1), to be implemented by the national resolution authorities in accordance with the relevant provisions of Directive [..] as transposed into national law, and determine the specific amounts and purposes for which the Fund shall be used.
Amendment 633 #
Proposal for a regulation Article 20 – paragraph 1 The resolution scheme adopted by the Board under Article 16(8) shall establish, in compliance with
Amendment 634 #
Proposal for a regulation Article 20 – paragraph 1 The resolution scheme adopted by the Board under Article 16(8) shall establish, in compliance with the decisions of the Commission on the resolution framework under Article 16(6) and with any decision on State aid where applicable by analogy the details of the resolution tools to be applied to the institution under resolution concerning at least the measures referred to in Articles 21(2), 22(2), 23(2) and 24(1) and determine the specific amounts and purposes for which the Fund shall be used. The board shall ensure that resolution tools are applied proportionally. In line with current state aid rules issued by the European Commission on 10.07.2013 the bail-in tool shall always have preference over other resolution tools.
Amendment 635 #
Proposal for a regulation Article 20 – paragraph 1 The resolution scheme adopted by the Board under Article 16(8) shall establish, in compliance with the decisions of the
Amendment 636 #
Proposal for a regulation Article 20 – paragraph 2 Amendment 637 #
Proposal for a regulation Article 20 – paragraph 2 In the course of the resolution process, the Board may amend and update the resolution scheme as appropriate in light of the circumstances in the case and within the resolution framework decided upon
Amendment 638 #
Proposal for a regulation Article 20 – paragraph 2 In the course of the resolution process, the Board may amend and update the resolution scheme as appropriate in light of the circumstances in the case and within the resolution framework decided upon by the Commission pursuant to Article 16(6) or by Council pursuant to Article 16(7b) respectively..
Amendment 639 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part 1. Within the framework decided by the
Amendment 640 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part 1. Within the framework decided
Amendment 641 #
Proposal for a regulation Article 22 – paragraph 1 – introductory part 1. Within the framework decided by the
Amendment 642 #
Proposal for a regulation Article 22 – paragraph 1 – introductory part 1. Within the framework decided
Amendment 643 #
Proposal for a regulation 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 644 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 1 Within the framework decided
Amendment 645 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 1 Within the framework decided by the
Amendment 646 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 Amendment 647 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point a (a) it is wholly or partially owned by or it is controlled by
Amendment 648 #
Proposal for a regulation Article 23 – paragraph 2 Amendment 649 #
Proposal for a regulation 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 650 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 1 – introductory part The bail-in tool may be applied for either of the following purposes and in accordance with Articles 37 and 38 of the directive establishing a framework for the recovery and resolution of credit institutions and investment firms (BRRD):
Amendment 651 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 1 – introductory part The bail-in tool may be applied for either of the following purposes
Amendment 652 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 1 – introductory part The bail-in tool may be applied for either of the following purposes and in accordance with Article 37 and 38 of Directive [ ] establishing a framework for the recovery and resolution of credit institutions and investment firms:
Amendment 653 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 1 – introductory part The bail-in tool
Amendment 654 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 1 – point a Amendment 655 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 1 – point b Amendment 656 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 2 Amendment 657 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 2 – introductory part Within the framework decided by the
Amendment 658 #
Proposal for a regulation Article 24 – paragraph 1 – subparagraph 2 – point b Amendment 659 #
Proposal for a regulation Article 24 – paragraph 2 Amendment 660 #
Proposal for a regulation Article 24 – paragraph 3 Amendment 661 #
Proposal for a regulation Article 24 – paragraph 3 – introductory part 3. The following liabilities
Amendment 662 #
Proposal for a regulation Article 24 – paragraph 3 – point a (a)
Amendment 663 #
Proposal for a regulation Article 24 – paragraph 3 – point d Amendment 664 #
Proposal for a regulation Article 24 – paragraph 3 – point d (d) liabilities to institutions, excluding entities that are part of the same group, with an original maturity of less than
Amendment 665 #
Proposal for a regulation Article 24 – paragraph 4 Amendment 666 #
Proposal for a regulation Article 24 – paragraph 4 a (new) 4a. Liabilities from derivatives that do not fall into the scope of paragraph 3 (b) shall be written down only after orderly close- out of the positions concerned and in line with the regulatory technical standards developed by ESMA and EBA in line with Article 44 of Directive [ ].
Amendment 667 #
Proposal for a regulation Article 24 – paragraph 5 Amendment 668 #
Proposal for a regulation Article 24 – paragraph 5 Amendment 669 #
Proposal for a regulation Article 24 – paragraph 5 Amendment 670 #
Proposal for a regulation Article 24 – paragraph 5 – subparagraph 1 – point c (c) Where the exclusion is strictly necessary and proportionate to avoid
Amendment 671 #
Proposal for a regulation Article 24 – paragraph 5 – subparagraph 2 Where an eligible liability or class of eligible liabilities is excluded, or partially excluded, the level of write down or conversion applied to other eligible liabilities
Amendment 672 #
Proposal for a regulation Article 24 – paragraph 6 Amendment 673 #
Proposal for a regulation Article 24 – paragraph 6 Amendment 674 #
Proposal for a regulation Article 24 – paragraph 6 Amendment 675 #
Proposal for a regulation Article 24 – paragraph 6 – introductory part 6. Where an eligible liability or class of eligible liabilities excluded or partially excluded, pursuant to paragraph 5, and the losses that would have been borne by those liabilities
Amendment 676 #
Proposal for a regulation Article 24 – paragraph 6 – introductory part 6.
Amendment 677 #
Proposal for a regulation Article 24 – paragraph 7 Amendment 678 #
Proposal for a regulation Article 24 – paragraph 7 Amendment 679 #
Proposal for a regulation Article 24 – paragraph 7 Amendment 680 #
Proposal for a regulation Article 24 – paragraph 7 – point a (a) a contribution to loss absorption and recapitalisation equal to an amount not less than 8% of the total liabilities including own funds of the institution under resolution, measured at the time of resolution action in accordance with the valuation provided for in Article 17, has been made by shareholders and the holders of other instruments of ownership, the holders of relevant capital instruments and other eligible liabilities excluding deposits through write down, conversion or otherwise;
Amendment 681 #
Proposal for a regulation Article 24 – paragraph 8 Amendment 682 #
Proposal for a regulation Article 24 – paragraph 8 Amendment 683 #
Proposal for a regulation Article 24 – paragraph 8 Amendment 684 #
Proposal for a regulation Article 24 – paragraph 8 – point c a (new) (ca) where the amounts referred to in points (a), (b) and (c) are insufficient or not readily available, amounts borrowed by public instruments, preferably a Community public instrument.
Amendment 685 #
Proposal for a regulation Article 24 – paragraph 8 – point c a (new) (ca) the loan facility referred to in Article 64(2a) may also be used to finance the contribution of the Fund.
Amendment 686 #
Proposal for a regulation Article 24 – paragraph 9 Amendment 687 #
Proposal for a regulation Article 24 – paragraph 9 Amendment 688 #
Proposal for a regulation Article 24 – paragraph 9 Amendment 689 #
Proposal for a regulation Article 24 – paragraph 9 – introductory part 9. In extraordinary circumstances, where provided in the framework adopted by the Council pursuant to Article 16(8) further funding may be sought from alternative financing sources after:
Amendment 690 #
Proposal for a regulation Article 24 – paragraph 10 Amendment 691 #
Proposal for a regulation Article 24 – paragraph 10 Amendment 692 #
Proposal for a regulation Article 24 – paragraph 10 Amendment 693 #
Proposal for a regulation Article 24 – paragraph 11 Amendment 694 #
Proposal for a regulation Article 24 – paragraph 11 Amendment 695 #
Proposal for a regulation Article 24 – paragraph 12 Amendment 696 #
Proposal for a regulation Article 24 – paragraph 12 Amendment 697 #
Proposal for a regulation Article 24 – paragraph 12 Amendment 698 #
Proposal for a regulation Article 24 – paragraph 12 – point a Amendment 699 #
Proposal for a regulation Article 24 – paragraph 13 Amendment 700 #
Proposal for a regulation Article 24 – paragraph 14 Amendment 701 #
Proposal for a regulation Article 24 – paragraph 14 Amendment 702 #
Proposal for a regulation Article 24 – paragraph 14 14. Exclusions under paragraph 5 and according to the relevant provisions set out in Directive (BRRD) may be applied either to completely exclude a liability from write down or to limit the
Amendment 703 #
Proposal for a regulation Article 24 – paragraph 15 Amendment 704 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 – point b – point vi (vi) the extent to which and manner in which the powers for the national resolution authorities listed in Chapter V of Title IV of Directive [ ] are exercised by them;
Amendment 705 #
Proposal for a regulation Article 25 – paragraph 3 3. Where this is necessary in order to achieve the resolution objectives, the
Amendment 706 #
Proposal for a regulation Article 25 – paragraph 3 3. Where this is necessary in order to achieve the resolution objectives, the Commission, following a recommendation of the Board
Amendment 707 #
Proposal for a regulation Article 25 – paragraph 3 3. Where this is necessary in order to achieve the resolution objectives, the
Amendment 708 #
Proposal for a regulation 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 or exercise any other powers provided for in Directive [BRRD]::
Amendment 709 #
Proposal for a regulation 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
Amendment 710 #
Proposal for a regulation 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 711 #
Proposal for a regulation Article 26 – paragraph 2 – point a Amendment 712 #
Proposal for a regulation Article 26 – paragraph 2 – point a (a)
Amendment 713 #
Proposal for a regulation Article 26 – paragraph 2 – point b Amendment 714 #
Proposal for a regulation Article 26 – paragraph 2 – point b (b)
Amendment 715 #
Proposal for a regulation Article 26 a (new) Amendment 716 #
Proposal for a regulation Article 27 – paragraph 1 Amendment 717 #
Proposal for a regulation Article 27 – paragraph 1 1. The Board shall inform the
Amendment 718 #
Proposal for a regulation Article 27 – paragraph 1 1. The Board shall inform the Commission and resolution authorities of any action it takes in order to prepare for resolution. With regard to any information received from the Board, the member
Amendment 719 #
Proposal for a regulation Article 27 – paragraph 2 2. In the exercise of their respective responsibilities under this Regulation, the Board, the Commission, the ECB
Amendment 720 #
Proposal for a regulation Article 27 – paragraph 2 2. In the exercise of their respective responsibilities under this Regulation, the Board,
Amendment 721 #
Proposal for a regulation Article 27 – paragraph 3 3. In the exercise of their respective responsibilities under this Regulation, the Board, the Commission, the ECB
Amendment 722 #
Proposal for a regulation Article 27 – paragraph 3 3. In the exercise of their respective responsibilities under this Regulation, the Board,
Amendment 723 #
Proposal for a regulation Article 27 – paragraph 5 Amendment 724 #
Proposal for a regulation Article 27 – paragraph 6 Amendment 725 #
Proposal for a regulation Article 27 – paragraph 6 6. The Board shall co-operate closely with the European Financial Stability Facility
Amendment 726 #
Proposal for a regulation 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 727 #
Proposal for a regulation Article 28 – paragraph 1 1. Both the Board and the national resolution authorities shall be subject to a duty of cooperation in good faith and an obligation to exchange information. Where procedures are implemented pursuant to Article 2, letters a to c, to wind up entities which are not subject to direct supervision by the European Central Bank in accordance with Article 6(4) of Council Regulation [...] conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, the national resolution authorities and the Board shall be required to exchange information.
Amendment 728 #
Proposal for a regulation Article 28 – paragraph 2 2. The Board shall provide the Commission with any information relevant for fulfilling its tasks under
Amendment 729 #
Proposal for a regulation Article 30 – paragraph 1 Where a group includes entities established in participating Member States as well as in non-participating Member States, without prejudice to any approval by the Commission required under this Regulation, the Board shall represent the national resolution authorities of the participating Member States, for the purposes of cooperation with non- participating Member States in accordance with Articles 7, 8, 11, 12, 15, 50
Amendment 730 #
Proposal for a regulation Article 30 – paragraph 1 Where a group includes entities established in participating Member States as well as in non-participating Member States, without prejudice to any approval by the
Amendment 731 #
Proposal for a regulation 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) 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 733 #
Proposal for a regulation Article 31 – paragraph 1 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 734 #
Proposal for a regulation Article 31 – paragraph 1 The
Amendment 735 #
Proposal for a regulation Article 32 – paragraph 1 – introductory part 1. For the purpose of exercising the tasks referred to in Articles 7, 8, 11, 16 and 17, the Board may, either directly or through the national resolution authorities, making full use of all information available at the ECB or the national competent authorities, require the following legal or natural persons to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation:
Amendment 736 #
Proposal for a regulation 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 737 #
Proposal for a regulation Article 32 – paragraph 2 2. The entities
Amendment 738 #
Proposal for a regulation Article 32 – paragraph 4 4. The Board shall be able to obtain on a continuous basis any information on capital, liquidity, assets and liabilities concerning any institution subject to its resolution powers
Amendment 739 #
Proposal for a regulation Article 32 – paragraph 5 5. The procedure regarding the exchange of information between the Board,
Amendment 740 #
Proposal for a regulation Article 32 – paragraph 5 5. The Board, the competent authorities and the national resolution authorities may draw up memorandum of understanding with a procedure concerning the exchange of information. The exchange of information among the Board, the competent authorities and the national resolution authorities shall not be deemed to be a breach of professional secrecy.
Amendment 741 #
Proposal for a regulation 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
Amendment 742 #
Proposal for a regulation Article 32 – paragraph 5 5. The Board, the competent authorities, including the ECB, 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 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 744 #
Proposal for a regulation Article 34 – paragraph 5 5. Where the officials of and other accompanying persons authorised or appointed by the Board find that a person opposes an inspection ordered pursuant to paragraph 1, the national resolution authorities of the participating Member States concerned shall afford them the necessary assistance in accordance with national law. To the extent necessary for the inspection, this assistance shall include the sealing of any business premises and books or records. Where that power is not available to the national resolution authorities concerned, it shall use its powers to request the necessary assistance of other
Amendment 745 #
Proposal for a regulation Article 34 – paragraph 5 a (new) 5a. The officials and other persons referred to in paragraphs 2 and 4 shall be subject to the professional secrecy requirement laid down in Article 79.
Amendment 746 #
Proposal for a regulation Article 35 – paragraph 2 2. Where authorisation as referred to in paragraph 1 is applied for, the national judicial authority shall, promptly and without delay, control that the decision of the Board is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its control of the proportionality of the coercive measures, the national judicial authority may ask the Board for detailed explanations, in particular relating to the grounds the Board has for suspecting that an infringement of the acts referred to in Article 26 has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the inspection or demand to be provided with the information on the Board's file. The lawfulness of the Board's decision shall be subject to review only by the Court of Justice of the European Union.
Amendment 747 #
Proposal for a regulation Article 37 – paragraph 1 – introductory part 1. The Board shall instruct the national resolution authority concerned to impose a
Amendment 748 #
Proposal for a regulation Article 38 – paragraph 1 1. A Single Resolution Board is hereby established. The Board shall be a European Union agency under the auspices of the ECB with a specific structure corresponding to its tasks. It shall have legal personality.
Amendment 749 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the Executive Director with voting right;
Amendment 750 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the Executive Director, with voting rights;
Amendment 751 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the Executive Director with voting rights;
Amendment 752 #
Proposal for a regulation Article 39 – paragraph 1 – point a a (new) (aa) 4 independent members;
Amendment 753 #
Proposal for a regulation Article 39 – paragraph 1 – point b Amendment 754 #
Proposal for a regulation Article 39 – paragraph 1 – point b (b) the Deputy Executive Director, as a member without the right to vote;
Amendment 755 #
Proposal for a regulation Article 39 – paragraph 1 – point b (b) t
Amendment 756 #
Proposal for a regulation Article 39 – paragraph 1 – point b (b) the Deputy Executive Director with voting right;
Amendment 757 #
Proposal for a regulation Article 39 – paragraph 1 – point b (b) the Deputy Executive Director, with voting rights;
Amendment 758 #
Proposal for a regulation Article 39 – paragraph 1 – point c Amendment 759 #
Proposal for a regulation Article 39 – paragraph 1 – point c Amendment 760 #
Proposal for a regulation Article 39 – paragraph 1 – point c Amendment 761 #
Proposal for a regulation Article 39 – paragraph 1 – point c Amendment 762 #
Proposal for a regulation Article 39 – paragraph 1 – point c (c) a member appointed by the Commission, as a member without the right to vote;
Amendment 763 #
Proposal for a regulation Article 39 – paragraph 1 – point c (c) a member appointed by the Commission without voting right;
Amendment 764 #
Proposal for a regulation Article 39 – paragraph 1 – point c (c) a
Amendment 765 #
Proposal for a regulation Article 39 – paragraph 1 – point c (c) a member appointed by the Commission, with voting rights;
Amendment 766 #
Proposal for a regulation Article 39 – paragraph 1 – point c (c) a member appointed by the Commission with voting rights;
Amendment 767 #
Proposal for a regulation Article 39 – paragraph 1 – point d Amendment 768 #
Proposal for a regulation Article 39 – paragraph 1 – point d Amendment 769 #
Proposal for a regulation Article 39 – paragraph 1 – point d Amendment 770 #
Proposal for a regulation Article 39 – paragraph 1 – point d Amendment 771 #
Proposal for a regulation Article 39 – paragraph 1 – point d (d)
Amendment 772 #
Proposal for a regulation Article 39 – paragraph 1 – point d (d) a member appointed by the ECB; who shall be non-voting
Amendment 773 #
Proposal for a regulation Article 39 – paragraph 1 – point d (d) a member appointed by the ECB without voting right;
Amendment 774 #
Proposal for a regulation Article 39 – paragraph 1 – point d (d) a member appointed by the ECB without voting rights;
Amendment 775 #
Proposal for a regulation Article 39 – paragraph 1 – point d (d) a member appointed by the ECB, with voting rights;
Amendment 776 #
Proposal for a regulation Article 39 – paragraph 1 – point d a (new) (da) an independent expert appointed by the ECB, with voting rights;
Amendment 777 #
Proposal for a regulation Article 39 – paragraph 1 – point d a (new) (da) a member appointed by the European Parliament;
Amendment 778 #
Proposal for a regulation Article 39 – paragraph 1 – point d b (new) (db) a non-voting member appointed by the ESM;
Amendment 779 #
Proposal for a regulation Article 39 – paragraph 1 – point e a (new) (ea) a member appointed by the ESM, as a member without the right to vote;
Amendment 780 #
Proposal for a regulation Article 39 – paragraph 1 a (new) 1a. A member appointed by the ESM;
Amendment 781 #
Proposal for a regulation Article 39 – paragraph 1 – point e (e) a member appointed by each participating Member State, representing the national resolution authority, with voting right.
Amendment 782 #
Proposal for a regulation Article 39 – paragraph 1 – point e (e) a member appointed by each participating Member State, representing the national resolution authority, with voting rights.
Amendment 783 #
Proposal for a regulation Article 39 – paragraph 1 – point e (e) a member appointed by each participating Member State, representing the national resolution authority with voting rights.
Amendment 784 #
Proposal for a regulation Article 39 – paragraph 1 – point e a (new) (ea) an observer member appointed by EBA, without voting rights.
Amendment 785 #
Proposal for a regulation Article 39 – paragraph 1 a (new) 1a. The members appointed by the ECB and the European Parliament shall each have a high level of relevant expertise and knowledge, for example by virtue of their academic background in the financial sector. They shall act independently from the institutions that appointed them and shall not be considered liable for the institutions that appointed them. The term of office shall be five years and not renewable.
Amendment 786 #
Proposal for a regulation Article 39 – paragraph 2 2. The term of office of the Executive Director, the Deputy Executive Director and of the member
Amendment 787 #
Proposal for a regulation Article 39 – paragraph 3 – point a (a) a plenary session of the Board
Amendment 788 #
Proposal for a regulation Article 40 – paragraph 1 The Board shall act in compliance with Union law
Amendment 789 #
Proposal for a regulation Article 41 – paragraph 1 1. The Board shall be accountable to the European Parliament, the Council and the Commission for the implementation of this Regulation, in accordance with paragraphs 2 to 8 to the extent that it has not planned and/or acted in accordance with specific instructions from the Commission.
Amendment 790 #
Proposal for a regulation Article 41 – paragraph 2 2. The Board shall submit each year a report to the European Parliament, the Council, the Commission and the European Court of Auditors on the execution of the tasks conferred upon it by this Regulation. Subject to the requirements on professional secrecy, this report will be published on the Board's website.
Amendment 791 #
Proposal for a regulation Article 41 – paragraph 2 2. The Board shall submit each year a report to the European Parliament, the Council, the Eurogroup, the Commission and the European Court of Auditors on the execution of the tasks conferred upon it by this Regulation.
Amendment 792 #
Proposal for a regulation Article 41 – paragraph 3 3. The Executive Director shall present that report in public to the European Parliament, and to the
Amendment 793 #
Proposal for a regulation Article 41 – paragraph 4 4. At the request of the European Parliament, the Executive Director shall
Amendment 794 #
Proposal for a regulation Article 41 – paragraph 4 a (new) 4a. At the request of the European Parliament, the Deputy Executive Director shall participate in a hearing on the execution of its resolution tasks by the competent committees of the Parliament.
Amendment 795 #
Proposal for a regulation Article 41 – paragraph 5 5. The Executive Director may, at the request of the
Amendment 796 #
Proposal for a regulation Article 41 – paragraph 5 5. The Executive Director may, at the request of the European Parliament and the Council, be heard on the execution of its resolution tasks by the Council.
Amendment 797 #
Proposal for a regulation Article 41 – paragraph 6 2013/0253 (COD) 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 Member States whose currency is not the Euro. Questions should be replied as promptly as possible, and in any event within five weeks of their transmission to the Board.
Amendment 798 #
Proposal for a regulation 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
Amendment 799 #
Proposal for a regulation 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 800 #
Proposal for a regulation Article 41 – paragraph 8 8. During any investigations by the Parliament, the Board shall cooperate with the Parliament, subject to the TFEU. The Board and the Parliament shall conclude by 1 March 2015 appropriate arrangements on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the Board by this Regulation. Those arrangements shall cover, inter alia, access to information, cooperation in investigations and information on the selection procedure of the Executive Director and the Deputy Director and shall have in all relevant aspects have at least the scope and substance covered by the IIA adopted by the EP on 9.10.2013 in the framework of the SSM pursuant to article 20 paragraph 9 of regulation [SSM]. These arrangements shall include an agreement between the Board and the Parliament on the principles and procedures for the classification, transmission to Parliament and delayed public disclosure of confidential information other than those covered by the IIA concluded pursuant to article 20 paragraph 9 of regulation [SSM].
Amendment 801 #
Proposal for a regulation Article 42 – paragraph 2 2. The national Parliament of a participating Member State may invite the Executive Director to participate in an exchange of views in relation to the
Amendment 802 #
Proposal for a regulation 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 803 #
Proposal for a regulation Article 43 – paragraph 2 2. The members of the Board referred to in Article
Amendment 804 #
Proposal for a regulation Article 44 – paragraph 1 The Board shall have its seat in
Amendment 805 #
Proposal for a regulation Article 44 – paragraph 1 The Board shall have its seat in
Amendment 806 #
Proposal for a regulation Article 46 – paragraph 1 – point a (a) adopt, by 30 November of each year, the Board's annual work programme for the coming year in accordance with Article 49(1), based on a draft put forward by the Executive Director and shall transmit it for information to the European Parliament,
Amendment 807 #
Proposal for a regulation Article 46 – paragraph 1 – point a (a) adopt, by 30 November of each year, the Board's annual work programme for the coming year in accordance with Article 49(1), based on a draft put forward by the Executive Director and shall transmit it for information to the European Parliament, the
Amendment 808 #
Proposal for a regulation Article 46 – paragraph 1 – point b (b) adopt, monitor and control, the annual budget of the Board in accordance with Article 5
Amendment 809 #
Proposal for a regulation Article 46 – paragraph 1 – point b a (new) (ba) issue opinions and/or recommendations on the quarterly draft report of the Executive-Director mentioned in Article 52 (2)(g)
Amendment 810 #
Proposal for a regulation Article 46 – paragraph 1 – point c (c) decide on the voluntary borrowing between financing arrangements in accordance with Article 68, the mutualisation of national financing arrangements in accordance with Article 72 and on the lending to deposit guarantee scheme in accordance with Article 73 (4);
Amendment 811 #
Proposal for a regulation Article 46 – paragraph 1 – point d (d) adopt
Amendment 812 #
Proposal for a regulation Article 47 – paragraph 2 2. The Board in its plenary session shall hold at least two ordinary meetings a year. In addition, it shall meet on the initiative of the Executive Director, at the request of the
Amendment 813 #
Proposal for a regulation Article 47 – paragraph 2 2. The Board in its plenary session shall hold at least two ordinary meetings a year. In addition, it shall meet on the initiative of the Executive Director, at the request of the Commission, at the request of the ECB, or at the request of at least one-third of its members.
Amendment 814 #
Proposal for a regulation Article 47 – paragraph 2 2. The Board in its plenary session shall hold at least
Amendment 815 #
Proposal for a regulation Article 48 – paragraph 1 1. The Board, in its plenary session, shall take its decisions by a
Amendment 816 #
Proposal for a regulation Article 48 – paragraph 1 1. The Board, in its plenary session, shall take its decisions by a
Amendment 817 #
Proposal for a regulation Article 48 – paragraph 2 2. The Executive Director shall take part in the voting. The members appointed by the Commission, the ECB and the ESM shall not have voting rights.
Amendment 818 #
Proposal for a regulation Article 48 – paragraph 2 a (new) 2a. If a decision taken by the Board would be such as to infringe the budgetary sovereignty of a Member State, approval of that decision shall be contingent upon the consent of the Member State in question.
Amendment 819 #
Proposal for a regulation Article 49 – paragraph 1 1. Subject to paragraphs 2 and 3, the members of the Board referred to in Article
Amendment 820 #
Proposal for a regulation Article 49 – paragraph 1 1. Subject to paragraphs 2 and 3, the members of the Board referred to in Article
Amendment 821 #
Proposal for a regulation 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 a
Amendment 822 #
Proposal for a regulation 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 5
Amendment 823 #
Proposal for a regulation Article 49 – paragraph 3 3. When deliberating on a cross-border group the member appointed by the Member State in which the group level resolution authority is situated, as well as the members appointed by the Member States in which a subsidiary, branch or entity covered by consolidated supervision is established, shall also participate in the deliberations and in the decision-making process in accordance with Article 5
Amendment 824 #
Proposal for a regulation Article 49 – paragraph 3 3. When deliberating on a cross-border group the member appointed by the Member State in which the group level resolution authority is situated, as well as the members appointed by the Member States in which a subsidiary or entity covered by consolidated supervision is established, shall participate in the deliberations a
Amendment 825 #
Proposal for a regulation Article 49 – paragraph 3 a (new) 3a. Where relevant, the Board may also call additional observers to participate in the meetings of its executive session, in particular national resolution authorities of non-participating Member States when deliberating on a group that has subsidiaries or significant branches in those non-participating Member States.
Amendment 826 #
Proposal for a regulation Article 49 – paragraph 3 a (new) 3a. The Coordinators of internal resolution teams, mentioned in Article 77, will also participate in the executive sessions of the Board, but without any voting rights, when deliberations and decisions will be taken with regard to entities referred to in Article 2.
Amendment 827 #
Proposal for a regulation Article 49 – paragraph 3 b (new) 3b. The Board shall establish an Administrative Board of Review for the purposes of carrying out an internal administrative review of the decisions taken in its executive sessions, in the exercise of the powers conferred on it by this Regulation, and concerning resolution schemes and/or measures, following a request for review, submitted by the national resolution authorities whose members have participated in the deliberations and the decision making in accordance with paragraphs 2 and 3, in case of a major dissent from the decisions of the Board.
Amendment 828 #
Proposal for a regulation Article 50 – paragraph 2 – point a (a) prepare all decisions to be adopted by the Board in its plenary session;
Amendment 829 #
Proposal for a regulation Article 50 – paragraph 2 – point b – point i Amendment 83 #
Draft legislative resolution Paragraph 1 1.
Amendment 830 #
Proposal for a regulation Article 50 – paragraph 2 – point b – point i (i) providing the Commission, as early as possible, with any relevant information
Amendment 831 #
Proposal for a regulation Article 50 – paragraph 2 – point b – point i (i) providing the
Amendment 832 #
Proposal for a regulation Article 50 – paragraph 2 – point b – point i (i) providing the Commission, as early as possible, with a
Amendment 833 #
Proposal for a regulation Article 50 – paragraph 2 – point b – point ii a (new) (iia) the preparation and assessment of the resolution plans in accordance with Articles 7 to 9;
Amendment 834 #
Proposal for a regulation Article 50 – paragraph 2 – point b – point ii b (new) Amendment 835 #
Proposal for a regulation Article 50 – paragraph 3 Amendment 836 #
Proposal for a regulation Article 50 – paragraph 4 Amendment 837 #
Proposal for a regulation Article 50 – paragraph 4 4. The Board, in its executive session, shall meet on the initiative of the Executive Director or at the request of any of its members.
Amendment 838 #
Proposal for a regulation Article 50 – paragraph 4 4. The Board, in its executive session, shall meet on the initiative of the Executive Director or at the request of any of its members.
Amendment 839 #
Proposal for a regulation Article 51 – paragraph 1 1. When deliberating on an individual entity or a group established only in one
Amendment 84 #
Draft legislative resolution Paragraph 1 1.
Amendment 840 #
Proposal for a regulation Article 51 – paragraph 1 1.
Amendment 841 #
Proposal for a regulation Article 51 – paragraph 1 1. When deliberating on an individual entity or a group established only in one participating Member State, the Board shall take its decisions in its executive sessions by a simple majority of its participating members with voting rights. In case of a tie the Executive Director shall have a casting vote.
Amendment 842 #
Proposal for a regulation Article 51 – paragraph 1 1. When deliberating on an individual entity or a group established only in one participating Member State, the Board shall take its decisions in its executive sessions by a simple majority of
Amendment 843 #
Proposal for a regulation Article 51 – paragraph 2 Amendment 844 #
Proposal for a regulation Article 51 – paragraph 2 2. When deliberating on a cross-border group, the Board shall take its decisions on resolution actions in
Amendment 845 #
Proposal for a regulation Article 51 – paragraph 2 2. When deliberating on a cross-border group, the Board shall take its decisions in its executive sessions
Amendment 846 #
Proposal for a regulation 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
Amendment 847 #
Proposal for a regulation 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 with voting rights. The members of the Board referred to in Article
Amendment 848 #
Proposal for a regulation 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
Amendment 849 #
Proposal for a regulation 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 members appointed by
Amendment 85 #
Draft legislative resolution Paragraph 1 a (new) 1a. Points out that Article 114 of the Treaty on the Functioning of the European Union is not a proper legal basis for the adoption of the proposal;
Amendment 850 #
Proposal for a regulation 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), except the Commission, and the member appointed by the Member State in which the group level resolution authority is situated shall each have one vote. The other participating members 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. In case of a tie the Executive Director shall have a casting vote.
Amendment 851 #
Proposal for a regulation Article 51 – paragraph 2 2. When deliberating on a cross-border group, the Board shall take its decisions in
Amendment 852 #
Proposal for a regulation Article 51 – paragraph 2 2. When deliberating on a cross-border group
Amendment 853 #
Proposal for a regulation 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
Amendment 854 #
Proposal for a regulation 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
Amendment 855 #
Proposal for a regulation Article 51 – paragraph 2 2. When deliberating on a cross-border
Amendment 856 #
Proposal for a regulation Article 51 – paragraph 3 3.
Amendment 857 #
Proposal for a regulation Article 51 – paragraph 3 3.
Amendment 858 #
Proposal for a regulation 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
Amendment 859 #
Proposal for a regulation 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
Amendment 86 #
Draft legislative resolution Paragraph 1 b (new) 1b. Points out that the proposal infringes upon national budgetary sovereignty, therefore it would require a Treaty change in order for it to be legally submitted by the European Commission to the European Parliament and the Council.
Amendment 860 #
Proposal for a regulation 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
Amendment 861 #
Proposal for a regulation Article 52 – paragraph 2 – point g (g)
Amendment 862 #
Proposal for a regulation Article 52 – paragraph 4 4. The Executive Director and the Deputy Executive Director shall be appointed on the basis of merit, skills, knowledge of banking and financial matters, of experience relevant to financial supervision and regulation. The appointment procedure will pay respect to the principle of gender balance.
Amendment 863 #
Proposal for a regulation Article 52 – paragraph 4 a (new) 4a. The Executive Director and two Deputy Executive Directors shall be chosen on the basis of an open selection procedure, taking account of the principle of gender balance, and the European Parliament and the Council kept duly informed.
Amendment 864 #
Proposal for a regulation Article 52 – paragraph 5 5.
Amendment 865 #
Proposal for a regulation Article 52 – paragraph 5 5. After hearing the Board, in its plenary session, the Commission shall propose a list of candidates to the Council and the European Parliament for the appointment of the Executive Director and the Deputy Executive Director. The Council shall appoint the Executive Director and the Deputy Executive Director after the
Amendment 866 #
Proposal for a regulation Article 52 – paragraph 5 5. After hearing the Board, in its plenary session, the Commission shall propose a list of candidates to the Council for the appointment of the Executive Director and the Deputy Executive Director. The Council shall appoint the Executive Director and the Deputy Executive Director after
Amendment 867 #
Proposal for a regulation Article 52 – paragraph 5 5. After hearing the Board, in its plenary session, the Commission shall propose a list of candidates to the European Parliament and the Council for the appointment of the Executive Director and the Deputy Executive Director. The Council shall appoint the Executive Director and the Deputy Executive Director after hearing the European Parliament.
Amendment 868 #
Proposal for a regulation Article 52 – paragraph 7 7. A
Amendment 869 #
Proposal for a regulation Article 52 – paragraph 8 8. If the Executive Director or the Deputy Executive Director no longer fulfil the conditions required for the performance of their duties or have been guilty of serious misconduct, the Council may, on a proposal from the Commission and after
Amendment 87 #
Proposal for a regulation Recital 1 a (new) (1a) Since the outbreak of the current international financial and economic crisis there has been uncertainty as to the amount of losses pending in the European banks and it is not known how many and which banks should actually be under resolution procedures if objective and uniform criteria were applied. The SSM is to make stress tests before the end of 2014. If according to these stress tests some banks will need extra funding it should be covered by the owners of these banks and the Member States which were responsible for their supervision. A Single Resolution Mechanism may only be applied after all legacy assets have been cleared, capital requirements are fulfilled and the banking system is deemed to be on sound footing also in other respects. Therefore the SRM should start functioning only after the end of 2017.
Amendment 870 #
Proposal for a regulation Article 52 – paragraph 8 a (new) 8a. The 4 independent members of the Board shall be appointed by the Council, after hearing the European Parliament, on the basis of merit, skills, knowledge of banking and financial matters, of experience relevant to financial supervision regulation and resolution. When appointing the 4 independent members, the Council and the European Parliament shall ensure an appropriate geographical and gender balance as well as a balanced representation of participating Member states as a whole while taking into account the diversity of the participating Member states. The term of office of the 4 independent members shall be five years. That term shall be renewable once.
Amendment 871 #
Proposal for a regulation Article 53 – paragraph 1 – subparagraph 1 The Executive Director and the Deputy Executive Director shall exercise their tasks in conformity with the decisions of the Commission, ECB and of the Board.
Amendment 872 #
Proposal for a regulation Article 53 – paragraph 1 – subparagraph 2 When taking part in the deliberations and decision-making processes within the Board, the Executive Director and the Deputy Executive Director and the 4 independent members shall neither seek nor take instructions from the Union institutions or bodies, but express their own views and vote independently. In those deliberations and decision-making processes the
Amendment 873 #
Proposal for a regulation Article 53 – paragraph 2 2. Neither Member States nor any other public or private body shall seek to influence the Executive Director and the Deputy Executive Director and the 4 independent members in the
Amendment 874 #
Proposal for a regulation Article 53 – paragraph 3 3. In accordance with the Staff Regulations referred to in Article 78(6), the Executive Director and the Deputy Executive Director and the 4 independent members shall, after leaving service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 876 #
Proposal for a regulation Article 53 a (new) Article 53 a The Board may establish committees to provide the SRM with advice and guidance on various policies such as systemic resolution and investments. The Board may decide to call on the expertise of the Advisory Scientific Committee of the ESRB.
Amendment 877 #
Proposal for a regulation 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 878 #
Proposal for a regulation Article 55 – paragraph 2 2. The Board's administration budget shall be balanced in terms of revenue and expenditure.
Amendment 879 #
Proposal for a regulation Article 55 – paragraph 3 3. The budget shall comprise t
Amendment 88 #
Proposal for a regulation Recital 2 (2) Divergences in national resolution rules between different Member States and corresponding administrative practices and the lack of a unified decision making process at Union level for the resolution of cross-border banks contribute to this lack of confidence and market instability, as they do not ensure certainty and predictability as to the possible outcome of a bank failure.
Amendment 880 #
Proposal for a regulation Article 56 – paragraph 1 1. The revenues of Part I of the budget shall consist of the annual contributions necessary to cover the annual estimated administrative expenditure in accordance with Article 62(1) (a).
Amendment 881 #
Proposal for a regulation Article 56 – paragraph 2 a (new) 2a. This Article is without prejudice to the right of the national resolution authorities to levy fees in accordance with national law, in respect of its costs, including costs for cooperating with and assisting the Board and acting on its instructions.
Amendment 882 #
Proposal for a regulation 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 884 #
Proposal for a regulation Article 57 – paragraph 1 – introductory part 1. The revenues of Part III of the budget shall consist, in particular, of the following:
Amendment 885 #
Proposal for a regulation Article 57 – paragraph 1 – point a (a) contributions paid by institutions established in the participating Member States in accordance with Article 62 except for the annual contribution referred to in Article 62(1)(a); the amount of payments depends on the institutional guarantee system. A bank organised in an institute guarantee system may pay a smaller amount.
Amendment 886 #
Proposal for a regulation Article 57 – paragraph 2 – point d a (new) (da) interest paid on loans received in the framework of the loan facility referred to in Article 64(2a).
Amendment 887 #
Proposal for a regulation 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
Amendment 888 #
Proposal for a regulation 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.
Amendment 889 #
Proposal for a regulation Article 58 – paragraph 2 a (new) 2a. Where necessary, the budget of the Board might be adjusted accordingly, in plenary session, following its quarterly review by the Board.
Amendment 89 #
Proposal for a regulation Recital 4 a (new) (4a) The link between states and the banking sector, which has had devastating effects on the economy throughout the Union during the crisis, should be eliminated in order to reduce the current fragmentation of financial markets. Although the banking union will have a stable foundation only once all three pillars have been established, i.e. once a common European mechanism for deposit guarantee schemes has been set up, the creation of a single resolution mechanism already represents a significant step in that direction.
Amendment 890 #
Proposal for a regulation Article 60 – paragraph 3 3. By 31 March of each year the Board, in its executive session, shall transmit to the European Parliament, the
Amendment 891 #
Proposal for a regulation Article 60 – paragraph 5 5. The Executive Director shall, by 1 July
Amendment 892 #
Proposal for a regulation 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 893 #
Proposal for a regulation Article 60 a (new) Amendment 894 #
Proposal for a regulation Article 61 – paragraph 2 As far as is compatible with the particular nature of the Board, and taking into account that not all Member States participate or benefit, the financial provisions shall be based on the framework financial Regulation adopted for bodies set up under the TFEU in accordance with Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union.
Amendment 895 #
Proposal for a regulation Article 62 – paragraph 1 – introductory part 1. Entities referred to in Article 2 shall contribute to the budget of the Board in accordance with this Regulation and the
Amendment 896 #
Proposal for a regulation Article 62 – paragraph 1 – introductory part 1. Entities referred to in Article 2 shall contribute to the budget of the Board in accordance with this Regulation and the
Amendment 897 #
Proposal for a regulation 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 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
Amendment 899 #
Proposal for a regulation Article 62 – paragraph 3 3.
Amendment 90 #
Proposal for a regulation Recital 4 a (new) (4a) The inability of certain Member States to have well-functioning institutions in the field of bank resolution has increased the damage of the banking crisis over the last years
Amendment 900 #
Proposal for a regulation Article 62 – paragraph 3 3. The Board shall determine, in accordance with the
Amendment 901 #
Proposal for a regulation Article 62 – paragraph 4 a (new) 4a. Entities referred to in Article 2 shall not be called, under any circumstances, to provide extraordinary annual contributions for the purposes mentioned in paragraph 1(a);
Amendment 902 #
Proposal for a regulation Article 62 – paragraph 4 b (new) 4b. Entities referred to in Article 2 shall not be called to contribute to the budget of the national resolution authorities.
Amendment 903 #
Proposal for a regulation Article 62 – paragraph 4 c (new) 4c. Funds already collected under existing national resolution financing arrangements shall be transferred to the Single Resolution Fund.
Amendment 904 #
Proposal for a regulation Article 62 – paragraph 5 – introductory part 5. The Commission shall be empowered to adopt
Amendment 905 #
Proposal for a regulation Article 62 – paragraph 5 – introductory part 5. The Commission shall be empowered to adopt
Amendment 906 #
Proposal for a regulation Article 62 – paragraph 5 – introductory part 5. The
Amendment 907 #
Proposal for a regulation Article 62 – paragraph 5 – point d (d) determine the amount of the first annual contributions necessary to cover the administrative expenditure of the Board before it becomes fully operational.
Amendment 908 #
Proposal for a regulation Article 62 – paragraph 5 a (new) 5a. EBA shall submit those draft regulatory technical standards by (date) Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of regulation (EU) No 1095/2010.
Amendment 909 #
Proposal for a regulation 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
Amendment 91 #
Proposal for a regulation Recital 4 b (new) (4b) National authorities may have incentives to bailout the banks with public money before approaching a resolution process, and so the creation of a European Resolution Mechanism will be fundamental to create a level playing field and a more neutral approach to decide if a given bank has to be resolved.
Amendment 910 #
Proposal for a regulation Part 3 – title 5 – chapter 2 – title The Single
Amendment 911 #
Proposal for a regulation Part 3 – title 5 – chapter 2 – title The Single
Amendment 912 #
Proposal for a regulation Article 64 – paragraph 1 1. The Single Bank Resolution Fund is hereby established
Amendment 913 #
Proposal for a regulation Article 64 – paragraph 1 1. The Single Bank Resolution Fund is hereby established. The Fund replaces the National Resolution Funds according to Directive [BRRD] for participating Member States.
Amendment 914 #
Proposal for a regulation Article 64 – paragraph 1 1. The
Amendment 915 #
Proposal for a regulation 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 be held liable for expenses or losses of the Fund or for any liability of the Board.
Amendment 916 #
Proposal for a regulation 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 917 #
Proposal for a regulation Article 64 – paragraph 2 a (new) 2a. The Fund shall be complemented with a loan facility preferably from a Community public instrument, to ensure the immediate availability of adequate financial means for the purposes of this Regulation. Any loan from that loan facility shall be reimbursed by the Fund within an agreed timeframe.
Amendment 918 #
Proposal for a regulation Article 64 – paragraph 3 a (new) 3a. A Member State may, for the purpose of fulfilling its obligations under Article 65(2), establish its national financing arrangement through mandatory contributions from institutions which are authorised in its territory, which contributions are based on the criteria referred to in Article 66 (1) and 94(7) BRRD and which are not held through a fund controlled by its resolution authority provided that all of the following conditions are fulfilled: (a) the amount raised by contributions is at least equal to the amount that is required to be raised by Article 65; (b) the Member State's resolution authority is entitled to an amount that is equal to the amount of such contributions, which the Member State will make immediately available to that resolution authority upon the latter's request, for use exclusively for the purposes set out in Article 71 (1). The Member State shall notify the Commission of that amount at least annually; and (c) where a Member State avails of the discretion to structure its financing arrangement in accordance with this paragraph it shall notify the Commission and it shall be required to comply with the requirements of this Regulation. The available financial means to be taken into account in order to reach the target level specified in Article 65 may include mandatory contributions from any scheme of mandatory contributions established by a Member State at any date between 17 June 2010 and the [date of publication of this Directive in the Official Journal] from institutions in its territory for the purposes of covering the costs related to systemic risk, failure and resolution of institutions, provided that the Member State complies with this Title VII. Contributions to deposit guarantee schemes shall not count towards the target level for resolution financing arrangements set out in Article 65.
Amendment 919 #
Proposal for a regulation Article 64 a (new) Article 64 a 1. The Single Resolution Financing Mechanism is composed by: (i) National resolution funds established under BRRD, for financial institutions not directly supervised by the ECB as referred to in Art. 6 of the SSM Regulation; (ii) The European resolution fund established under this Regulation, for entities directly supervised by the ECB or included in the scope of this Regulation as referred to in Art. 2 2. In case of a systemic shock in a participating Member State or where a National resolution fund has available financial resources less than what will be needed to finance an impending resolution, rules set out in Art. 97 and 103 of the BRRD shall be applied.
Amendment 92 #
Proposal for a regulation Recital 6 (6) Directive [ ] of the European Parliament and of the Council13 has harmonised to a certain extent national bank resolution rules and has provided for cooperation among resolution authorities when dealing with the failure of cross- border banks. However,
Amendment 920 #
Proposal for a regulation Article 64 a (new) Article 64 a The Single Resolution Financing Mechanism 1. The Single Resolution Financing Mechanism is composed by: (i) National resolution funds established under BRRD, for financial institutions not directly supervised by the ECB as referred to in art. 6 paragraph 4 of Council Regulation (EU) [ ] conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions; (ii) The European resolution fund established under this Regulation, for entities directly supervised by the ECB or included in the scope of this Regulation as referred to in Art. 2 2. In case of a systemic shock in a participating Member State or where a National resolution fund has available financial resources less than what will be needed to finance an impending resolution, rules set out in Art. 97 and 103 of the BRRD shall be applied.
Amendment 921 #
Proposal for a regulation 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
Amendment 922 #
Proposal for a regulation 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 1% of the amount of total liabilities excluding own funds and covered deposits of all credit institutions authorised in the
Amendment 923 #
Proposal for a regulation Article 65 – paragraph 1 1. In a period no longer than 1
Amendment 924 #
Proposal for a regulation 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 1.5% of the amount of deposits of all
Amendment 925 #
Proposal for a regulation 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
Amendment 926 #
Proposal for a regulation 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
Amendment 927 #
Proposal for a regulation 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
Amendment 928 #
Proposal for a regulation 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 1% of the amount of deposits of all credit institutions
Amendment 929 #
Proposal for a regulation 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 1% of the amount of deposits
Amendment 93 #
Proposal for a regulation Recital 7 (7)
Amendment 930 #
Proposal for a regulation 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 1% of the amount of deposits of
Amendment 931 #
Proposal for a regulation 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 in each participating Member State reach at least 1% of the amount of deposits of all credit institutions authorised in the participating Member State
Amendment 932 #
Proposal for a regulation Article 65 – paragraph 1 a (new) 1a. A credit facility shall be envisaged, in the 12 month period after the entry into force of this Regulation, guaranteeing a full European backstop.
Amendment 933 #
Proposal for a regulation Article 65 – paragraph 2 2. During the initial period of time referred to in paragraph 1, contributions to the Fund calculated in accordance with Article 66, and raised in accordance with Article 62 shall be spread out in time as evenly as possible until the target level is reached unless, depending on the circumstances, they can be advanced or delayed in consideration of the
Amendment 934 #
Proposal for a regulation Article 65 – paragraph 4 4. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 1, contributions calculated in accordance with Article 66 shall be raised until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than one fourth of the target level except in the case where such contributions could create a risk to the financial stability of the contributors.
Amendment 935 #
Proposal for a regulation Article 65 – paragraph 4 4. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 1, contributions calculated in accordance with Article 66 shall be raised until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than one fourth of the target level, subject to the annual affordability limit set out in Article 67.
Amendment 936 #
Proposal for a regulation Article 65 – paragraph 4 4. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 1, contributions calculated in accordance with Article 66 shall be raised until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be
Amendment 937 #
Proposal for a regulation Article 65 – paragraph 5 – introductory part 5. The
Amendment 938 #
Proposal for a regulation Article 65 – paragraph 5 – point b (b) circumstances under which the payment of contributions may be advanced or delayed under paragraph 2;
Amendment 939 #
Proposal for a regulation Article 65 – paragraph 5 a (new) 5a. EBA shall submit those draft regulatory technical standards by [date]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of regulation (EU) No 1095/2010.
Amendment 94 #
Proposal for a regulation Recital 7 (7) Ensuring effective uniform resolution decisions for failing banks within the Union, including on the use of funding raised at Union level, is essential for the completion of the internal market in financial services. Within the internal market, the failure of banks in one Member State may affect the stability of the financial markets of the whole Union. Ensuring effective and uniform resolution rules and equal conditions of resolution financing across Member States is in the best interest not only of the Member States in which banks operate, but also of all Member States in general as a means to preserve competition and improve the functioning of the internal market. Banking systems in the internal market are highly interconnected, bank groups are international and banks have a large percentage of foreign assets. In the absence of a single resolution mechanism, bank crises in Member States participating in the Single Supervisory Mechanism (SSM) would have stronger negative systemic impact also in non-participating Member States. The establishment of the single resolution mechanism will increase stability of the banks of the participating Member States and prevent the spill-over of crises into non-participating Member States and will thus facilitate the functioning of the whole of the internal market. The mechanisms for cooperation regarding institutions established in both participating and non-participating Member States must be clear, and it is important to ensure that non-participating Member States are not discriminated against.
Amendment 940 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 1 The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of all the institutions
Amendment 941 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 1 The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of
Amendment 942 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 1 1. The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of all the institutions
Amendment 943 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 1 The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of all the institutions
Amendment 944 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 2 It shall be adjusted in proportion to the risk profile of each institution (including a membership in an IPS), in accordance with the criteria specified in the delegated acts referred to in Article 94(7) of Directive [ ] and may be waived for certain institutions which are not of systemic relevance.
Amendment 945 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 2 It shall be adjusted in proportion to the risk profile of each institution taking into account membership in an Institutional Protection Scheme, in accordance with the criteria specified in the delegated acts referred to in Article 94(7) of Directive [ ].
Amendment 946 #
Proposal for a regulation Article 66 – paragraph 1 – subparagraph 2 It shall be calculated using IFRS and at group level, adjusted in proportion to the risk profile of each institution, in accordance with the criteria specified in the delegated acts referred to in Article 94(7) of Directive [ ]. These criteria should be primarily based on objective and verifiable information such as credit ratings and other data.
Amendment 947 #
Proposal for a regulation Article 66 – paragraph 1 a (new) 1a. Liabilities of a credit institution are excluded from the calculation of contributions where the credit institution has been set up by a Member State's central or regional government or local authority and that government or authority has an obligation to protect the economic basis of the institution and maintain its viability throughout its lifetime or the liabilities are explicitly guaranteed by that government or authority or at least 90% of the loans granted by the institution are directly or indirectly guaranteed by that government or authority and the predominant purpose is to fund promotional loans granted on a non-competitive, not-for-profit basis in order to promote that government's public policy objectives;
Amendment 948 #
Proposal for a regulation Article 66 – paragraph 1 a (new) Amendment 949 #
Proposal for a regulation Article 66 – paragraph 2 2. The available financial means to be taken into account in order to reach the target funding level specified in Article 65 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 Board for the purposes specified in Article 71(1). Assets eligible for back payment commitments are those accepted as collateral by the central banks of Member States. The share of these irrevocable payment commitments shall not exceed
Amendment 95 #
Proposal for a regulation Recital 7 a (new) (7a) In order to restore trust and credibility in the banking sector, the ECB will conduct a comprehensive balance sheet assessment of all banks supervised directly. For those banks in the participating Member States that are not subject to direct supervision by the ECB, the competent authorities should, in cooperation with the ECB, perform an equivalent balance sheet assessment that is proportionate to the size and business model of the bank. This would equally contribute to restore credibility and ensure that all banks will be subject to review.
Amendment 950 #
Proposal for a regulation Article 66 – paragraph 2 2. The available financial means to be taken into account in order to reach the target funding level specified in Article 65 may include payment commitments which are fully backed by collateral of
Amendment 951 #
Proposal for a regulation Article 66 – paragraph 2 2. The available financial means to be taken into account in order to reach the target funding level specified in Article 65 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 Board for the purposes specified in Article 71 (1). The share of these irrevocable payment commitments shall not exceed
Amendment 952 #
Proposal for a regulation Article 66 – paragraph 2 2. The available financial means to be taken into account in order to reach the target funding level specified in Article 65 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 Board for the purposes specified in Article 71(1). The share of these irrevocable payment commitments shall not exceed
Amendment 953 #
Proposal for a regulation Article 66 – paragraph 2 2. The available financial means to be taken into account in order to reach the target funding level specified in Article 65 may include cash, near-cash equivalents, assets eligible as high quality liquid assets under the liquidity coverage ratio or in 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 Board for the purposes specified in Article 71(1). The share of these irrevocable payment commitments shall not exceed 30% of the total amount of contributions raised in accordance with paragraph 1.
Amendment 954 #
Proposal for a regulation Article 66 – paragraph 2 a (new) 2a. The individual contributions of each institution referred to in paragraph 1 are definitive and can under no circumstances be reimbursed (retroactively) .
Amendment 955 #
Proposal for a regulation Article 66 – paragraph 2 b (new) 2b. Where participating Member States have already established national resolution financing arrangements, they shall be able to provide that the national resolution financing arrangements use their available financial means, collected from institutions in the past by way of ex- ante contributions, to compensate institutions for the ex-ante contributions which those institutions may be required to pay into the Fund. Such restitution shall be without prejudice to the obligations of Member States under Directive 94/18/EC of the European Parliament and of the Council 18. __________________ 18 Directive 94/18/EC of the European Parliament and of the Council of 30 May 1994 amending Directive 80/390/EEC coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock-exchange listing, with regard to the obligation to publish listing particulars. OJ L 135, 31.5.1994, p. 1.
Amendment 956 #
Proposal for a regulation Article 66 – paragraph 3 – introductory part 3.
Amendment 957 #
Proposal for a regulation Article 66 – paragraph 3 – point b Amendment 958 #
Proposal for a regulation Article 66 – paragraph 3 – point b Amendment 959 #
Proposal for a regulation Article 66 – paragraph 3 a (new) 3a. Until the target level specified in Article 65 has been reached, the Board may require institutions to provide a committed credit facility for an amount of 50% of the pro-rata risk weighted target level applicable to that institution. After 50% of the target level has been reached, the committed facility shall be reduced by any additional contributions. Any payment from the Fund before the target level has been reached shall be followed by an increase in the facility by the pro- rata risk weighted amount attributable to each institution.
Amendment 96 #
Proposal for a regulation Recital 7 a (new) (7a) Every current and new framework for banking recovery and resolution within the EU should solely be governed by the Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms (BRRD).
Amendment 960 #
Proposal for a regulation Article 67 – paragraph 1 1. Where the available financial means are not sufficient to cover the losses, costs or other expenses
Amendment 961 #
Proposal for a regulation 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 Fund, 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 Article 66. These shall be subject to an annual affordability limit for individual institution contributions.
Amendment 962 #
Proposal for a regulation 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 Fund, the Board shall raise in accordance with Article 6
Amendment 963 #
Proposal for a regulation 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 Fund, 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 annual extraordinary contributions shall not exceed 0.2% of covered deposits and shall be allocated between institutions in accordance with the rules set out in Article 66.
Amendment 964 #
Proposal for a regulation Article 67 – paragraph 1 1. 1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the Fund, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the institutions
Amendment 965 #
Proposal for a regulation 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 Fund, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the institutions
Amendment 966 #
Proposal for a regulation 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 Fund, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the credit institutions
Amendment 967 #
Proposal for a regulation Article 67 – paragraph 1 a (new) 1a. The cumulated amount of annual contributions referred to in Articles 65 to 67 shall not exceed 0.3 % of covered deposits.
Amendment 968 #
Proposal for a regulation Article 67 – paragraph 3 3. The Commission shall be empowered to adopt delegated acts in accordance with Article 82 to specify
Amendment 969 #
Proposal for a regulation Article 67 – paragraph 3 – subparagraph 1 (new) (a) the circumstances and conditions under which an entity referred to in Article 2 may be partially or entirely exempted from ex post contributions under paragraph 2; and (b) the annual affordability limit as a percentage of pre-tax profits, which should roll over, should this limit not be met.
Amendment 97 #
Proposal for a regulation Recital 8 a (new) (8a) Since the SSM will have a narrower scope than the SRM, it may be the case that a bank is supervised locally but resolved centrally. Coordination problems may thus arise and the SRM regulation should make provisions for addressing these problems.
Amendment 971 #
Proposal for a regulation Article 68 – paragraph 1 – point c Amendment 972 #
Proposal for a regulation Article 69 – paragraph 1 1. The Board
Amendment 973 #
Proposal for a regulation Article 69 – paragraph 1 1. The Board may contract for the Fund borrowings or other forms of support from, first private and, where this is not possible, public financial institutions or other third parties, in the event that the amounts raised in accordance with Articles 66 and 67 are not immediately accessible or sufficient to cover the expenses incurred by the use of the Fund.
Amendment 974 #
Proposal for a regulation Article 70 – paragraph 1 1. The Board shall administer the Fund and may request
Amendment 975 #
Proposal for a regulation Article 70 – paragraph 2 2. The amounts received from an institution under resolution or a bridge institution, the interests and other earnings on investments and any other earnings shall benefit only the Fund. The Fund shall be managed with the core objective of capital preservation via investment in high quality liquid securities.
Amendment 976 #
Proposal for a regulation Article 70 – paragraph 3 3. The Board shall invest the amounts held in the Fund in
Amendment 977 #
Proposal for a regulation 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 worthiness. Investments should be sufficiently geographically diversified. The return on those investments shall benefit the Fund. The Board shall make public an investment framework, specifying the details of the Fund's investment policy.
Amendment 978 #
Proposal for a regulation Article 70 – paragraph 3 3. The Board shall invest the amounts held in the Fund in
Amendment 979 #
Proposal for a regulation Article 70 – paragraph 3 3. The Board shall invest the amounts held in the Fund in obligations of the participating
Amendment 98 #
Proposal for a regulation Recital 8 a (new) (8a) In the banking union liability and supervision should apply at the same level, i.e. banks which are subject to direct supervision at European level should also be resolved at European level. Accordingly, the relevant national supervisory authority should be responsible for credit institutions which are supervised primarily at national level in the context of the common supervisory mechanism.
Amendment 980 #
Proposal for a regulation Article 70 – paragraph 3 3. The Board shall invest the amounts held in the Fund in obligations of the
Amendment 981 #
Proposal for a regulation Article 70 – paragraph 3 3. The Board shall invest the amounts held in the Fund only in obligations of the participating Member States or intergovernmental organisations
Amendment 982 #
Proposal for a regulation Article 71 – paragraph 1 – introductory part 1. Within the framework decided
Amendment 983 #
Proposal for a regulation Article 71 – paragraph 1 – point a (a) to temporarily guarantee the assets or the liabilities of the institution under resolution, its subsidiaries, a bridge institution or an asset management vehicle;
Amendment 984 #
Proposal for a regulation Article 71 – paragraph 1 – point b Amendment 985 #
Proposal for a regulation Article 71 – paragraph 1 – point c Amendment 986 #
Proposal for a regulation Article 71 – paragraph 1 – point e Amendment 987 #
Proposal for a regulation Article 71 – paragraph 1 – point e Amendment 988 #
Proposal for a regulation Article 71 – paragraph 1 – point f Amendment 989 #
Proposal for a regulation Article 71 – paragraph 1 – point f Amendment 99 #
Proposal for a regulation Recital 8 b (new) (8b) The SSM allows for the possibility of a non-euro area opt-in member state to terminate its close cooperation with the SSM. Thus a situation may arise in which a member state decides to leave the SSM but has on its territory an institution benefitting from resolution financing from the SRM fund. The SRM regulation should set out the provisions for addressing such a situation.
Amendment 990 #
Proposal for a regulation Article 71 – paragraph 1 – point f (f) to make a contribution to the institution under resolution in lieu of the contribution which would have been achieved by the write down and/or equity conversion of certain creditors, when the bail-in tool is applied and the resolution authority decides to exclude certain creditors from the scope of bail-in in accordance with Article 24(
Amendment 991 #
Proposal for a regulation Article 71 – paragraph 1 a (new) 1a. The Board shall use the Fund to support any of the actions referred to in paragraph 1(a) to (g) where, in the resolution process, the bail-in of preferred deposits would be necessary, within the limits established in the BRRD.
Amendment 992 #
Proposal for a regulation Article 71 – paragraph 1 a (new) 1a. The Board shall use the Fund to support any of the actions referred to in points (a) to (g) of the previous paragraph, while fully respecting the provisions of Directive [BRRD].
Amendment 993 #
Proposal for a regulation Article 71 – paragraph 3 3. The Fund shall
Amendment 994 #
Proposal for a regulation Article 71 – paragraph 3 3. The Fund shall not be used directly to absorb the losses of an institution or an entity referred to in Article 2 or to recapitalise an institution or an entity referred to in Article 2.
Amendment 995 #
Proposal for a regulation Article 71 – paragraph 3 a (new) 3a. The payments from the Fund shall be allocated to the members of the network of national resolution funds in proportion to the level of activity the institution under resolution carries out in the Member States concerned.
Amendment 996 #
Proposal for a regulation 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 998 #
Proposal for a regulation Article 73 – paragraph 1 Amendment 999 #
Proposal for a regulation Article 73 – paragraph 1 1. Participating Member States shall ensure that, when the Board takes resolution actions,
source: PE-521.793
2013/11/05
AFCO
29 amendments...
Amendment 47 #
Proposal for a regulation Citation 1 Having regard to the Treaty on European Union in particular Article 3(3) and the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Amendment 48 #
Proposal for a regulation Recital 21 a (new) (21a) At the request of the parliaments of the participating Member States, it should be possible for the relevant committees of the national parliaments in question to hold a hearing, in the presence of the competent national authority, with a representative of the Board.
Amendment 49 #
Proposal for a regulation Recital 26 (26) In order to ensure
Amendment 50 #
Proposal for a regulation Recital 27 (27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a very short time. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary to take an informed decision in the resolution process. Where the Commission decides to put an institution under resolution, the Board should immediately adopt a resolution scheme establishing the details of the resolution tools and powers to be applied, and the use of any financing arrangements.
Amendment 51 #
Proposal for a regulation Recital 28 (28) Liquidation of a failing institution under normal insolvency proceedings could jeopardise financial stability, interrupt the provision of essential services, and affect the protection of depositors. In such a case there is a public interest in applying resolution tools. The objectives of resolution should therefore be to ensure the continuity of essential financial services, to maintain the stability of the financial system, to reduce moral hazard by minimising reliance on public financial support to failing institutions,
Amendment 52 #
Proposal for a regulation Recital 29 (29) However, the winding up of an insolvent institution through normal insolvency proceedings should always be considered before a decision could be taken to maintain the institution as a going concern. An insolvent institution
Amendment 53 #
Proposal for a regulation Recital 29 a (new) (29a) The current economic crisis was largely caused by the financial industry where many actors have become too-big- to fail and had to be bailed-out with public funds. In contrast to any market- economy logic, losses were socialised and profits privatised. The key role of financial institutions is to channel savings into productive investments and the financial sector should be reduced to its core functions. Hence, institutions that have reached a size and level of interconnectedness which is likely to pose a systemic threat to the functioning of the economies of single Member States or the European Union as a whole should be resolved applying the respective tools as this will in the long term lead to more balanced and sustainable growth.
Amendment 54 #
Proposal for a regulation Recital 31 (31)
Amendment 55 #
Proposal for a regulation Recital 32 (32) Interference with property rights should not be disproportionate and should always be in line with the protection of the general public interest. As a consequence, affected shareholders and creditors should not incur greater losses than those which they would have incurred had the institution been wound up at the time that the resolution decision is taken. In the event of partial transfer of assets of an institution under resolution to a private purchaser or to a bridge institution, the
Amendment 56 #
Proposal for a regulation Recital 36 (36)
Amendment 57 #
Proposal for a regulation Recital 39 (39) A
Amendment 58 #
Proposal for a regulation Article 7 – paragraph 4 4. The resolution plan shall provide for the resolution actions which the Commission and the Board may take where an entity referred to in Article 2 or a group meet the conditions for resolution. The resolution plan shall take into consideration a range of scenarios including that the event of failure may be idiosyncratic or may occur at a time of broader financial instability or of system wide events. The resolution plan shall not assume any extraordinary public
Amendment 59 #
Proposal for a regulation Article 8 – paragraph 2 2. When drafting a resolution plan for entities referred to in Article 2, the Board shall assess the extent to which such an entity is resolvable in accordance with this Regulation. An entity shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying to it the different resolution tools and powers without giving rise to significant adverse consequences for financial systems, including circumstances of broader financial instability or system wide events, of the Member State in which the entity is situated, or other Member States, or the Union and with a view to ensuring the continuity of critical functions carried out by the entity. Entities which have reached a critical size and which are deemed not to be resolvable with the existing tools referred to in Article 19 shall be restructured accordingly. In this case property rights shall be subordinated to the general public interest.
Amendment 60 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point a (a) to ensure the continuity of
Amendment 61 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 1 – point d a (new) (da) to contribute to sustainable and balanced economic growth:
Amendment 62 #
Proposal for a regulation Article 12 – paragraph 2 – subparagraph 2 When pursuing the above objectives, the Commission and the Board shall seek to
Amendment 63 #
Proposal for a regulation Article 16 – paragraph 5 – introductory part 5. If
Amendment 64 #
Proposal for a regulation Article 18 – paragraph 2 – introductory part 2. For the purposes of paragraph 1, an entity referred to in Article 2 or a group shall be deemed to be no longer viable
Amendment 65 #
Proposal for a regulation 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 Member States whose currency is not the Euro. The Board shall provide replies within a reasonable period to questions addressed to it.
Amendment 66 #
Proposal for a regulation Article 41 – paragraph 7 7. Upon request, the Executive Director shall hold confidential oral discussions behind closed doors with the Chair and
Amendment 67 #
Proposal for a regulation Article 42 – paragraph 1 a (new) 1a. The Board shall forward its annual report to the national parliaments of the participating states. National parliaments may deliver to the Board reasoned opinions on the annual report.
Amendment 68 #
Proposal for a regulation Article 51 – paragraph 4 – subparagraph 2 Amendment 69 #
Proposal for a regulation Article 52 – paragraph 4 4. The Executive Director and the Deputy
Amendment 70 #
Proposal for a regulation Article 52 – paragraph 5 5. After hearing the Board, in its plenary session, the Commission shall propose a list of candidates to the Council for the appointment of the Executive Director and the Deputy Executive Director. The Council shall appoint the Executive Director and the Deputy Executive Director after
Amendment 71 #
Proposal for a regulation Article 52 – paragraph 5 5. After hearing the Board, in its plenary session, the Commission shall propose a list of candidates to the Council and the European Parliament for the appointment of the Executive Director and the Deputy Executive Director. The Council shall appoint the Executive
Amendment 72 #
Proposal for a regulation Article 52 – paragraph 5 5. After hearing the Board, in its plenary session, the Commission shall propose a list of candidates to the Council and the European Parliament for the appointment of the Executive Director and the Deputy Executive Director. The Council shall appoint the Executive Director and the Deputy Executive Director after
Amendment 73 #
Proposal for a regulation Article 52 – paragraph 8 8. If the Executive Director or the Deputy Executive Director no longer fulfil the conditions required for the performance of their duties or have been guilty of serious misconduct, the Council may, on a proposal from the Commission and after
Amendment 74 #
Proposal for a regulation Article 53 – paragraph 2 Amendment 75 #
Proposal for a regulation Article 69 a (new) Article 69a Fiscal backstop Within five years of the entry into force of this Regulation, a common Union loan facility shall be created to confer on the European Stability Mechanism the function of fiscal backstop for the Fund. This measure shall be considered as part of the review procedure of the Single Resolution Mechanism provided for in Article 83.
source: PE-522.894
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ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
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GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
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| activities/3/committees/3/shadows/2/group |
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| activities/3/committees/3/shadows/3/group |
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| activities/3/committees/3/shadows/4/group |
Old
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| activities/3/committees/3/shadows/5/group |
Old
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GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
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ALDE |
| activities/5/committees/3/shadows/2/group |
Old
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| activities/5/committees/3/shadows/3/group |
Old
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| activities/5/committees/3/shadows/4/group |
Old
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| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
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PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
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| committees/3/shadows/3/group |
Old
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| committees/3/shadows/4/group |
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ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-25Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
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Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-24Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-23Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-22Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-21Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-20Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-19Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-18Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-17Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
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Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-16Show (26) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3 |
|
| activities/5 |
|
| activities/12/body |
Old
EPNew
CSL |
| activities/12/committees |
|
| activities/12/council |
Agriculture and Fisheries
|
| activities/12/date |
Old
2013-12-17T00:00:00New
2014-07-14T00:00:00 |
| activities/12/meeting_id |
3328
|
| activities/12/type |
Old
Vote in committee, 1st reading/single readingNew
Council Meeting |
| activities/14/body |
Old
EPNew
CSL |
| activities/14/committees |
|
| activities/14/date |
Old
2014-01-08T00:00:00New
2014-07-15T00:00:00 |
| activities/14/docs |
|
| activities/14/type |
Old
Committee report tabled for plenary, 1st reading/single readingNew
Final act signed |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| procedure/stage_reached |
Old
Awaiting signature of actNew
Procedure completed, awaiting publication in Official Journal |
2014-07-15Show (24) Changes | Timetravel
| activities/1/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/1/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/1/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/1/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/1/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/3/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/3/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/3/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/3/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/3/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| activities/5/committees/3/shadows/0/group |
Old
PPENew
PPE |
| activities/5/committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| activities/5/committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| activities/5/committees/3/shadows/4/group |
Old
ECRNew
ECR |
| activities/5/committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
| committees/3/shadows/0/group |
Old
PPENew
PPE |
| committees/3/shadows/1/group |
Old
ALDENew
ALDE |
| committees/3/shadows/2/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/3/group |
Old
Verts/ALENew
Verts/ALE |
| committees/3/shadows/4/group |
Old
ECRNew
ECR |
| committees/3/shadows/5/group |
Old
GUE/NGLNew
GUE/NGL |
2014-07-15Show (28) Changes | Timetravel
| activities/1/committees/0/date |
2013-10-14T00:00:00
|
| activities/1/committees/0/rapporteur |
|
| activities/1/committees/3/date |
2013-07-02T00:00:00
|
| activities/1/committees/3/rapporteur |
|
| activities/1/committees/3/shadows |
|
| activities/1/committees/4/date |
2013-09-17T00:00:00
|
| activities/1/committees/4/rapporteur |
|
| activities/3/committees/0/date |
2013-10-14T00:00:00
|
| activities/3/committees/0/rapporteur |
|
| activities/3/committees/3/date |
2013-07-02T00:00:00
|
| activities/3/committees/3/rapporteur |
|
| activities/3/committees/3/shadows |
|
| activities/3/committees/4/date |
2013-09-17T00:00:00
|
| activities/3/committees/4/rapporteur |
|
| activities/5 |
|
| activities/12/body |
Old
EPNew
EP/CSL |
| activities/12/committees |
|
| activities/12/date |
Old
2014-01-08T00:00:00New
2014-07-14T00:00:00 |
| activities/12/docs |
|
| activities/12/type |
Old
Committee report tabled for plenary, 1st reading/single readingNew
Act adopted by Council after Parliament's 1st reading |
| committees/0/date |
2013-10-14T00:00:00
|
| committees/0/rapporteur |
|
| committees/3/date |
2013-07-02T00:00:00
|
| committees/3/rapporteur |
|
| committees/3/shadows |
|
| committees/4/date |
2013-09-17T00:00:00
|
| committees/4/rapporteur |
|
| procedure/stage_reached |
Old
Provisional agreement between Parliament and Council on final actNew
Awaiting signature of act |
2014-07-07Show (29) Changes | Timetravel
| activities/1/committees/0/date |
2013-10-14T00:00:00
|
| activities/1/committees/0/rapporteur |
|
| activities/1/committees/3/date |
2013-07-02T00:00:00
|
| activities/1/committees/3/rapporteur |
|
| activities/1/committees/3/shadows |
|
| activities/1/committees/4/date |
2013-09-17T00:00:00
|
| activities/1/committees/4/rapporteur |
|
| activities/3/committees/0/date |
2013-10-14T00:00:00
|
| activities/3/committees/0/rapporteur |
|
| activities/3/committees/3/date |
2013-07-02T00:00:00
|
| activities/3/committees/3/rapporteur |
|
| activities/3/committees/3/shadows |
|
| activities/3/committees/4/date |
2013-09-17T00:00:00
|
| activities/3/committees/4/rapporteur |
|
| activities/5/committees/0/date |
2013-10-14T00:00:00
|
| activities/5/committees/0/rapporteur |
|
| activities/5/committees/3/date |
2013-07-02T00:00:00
|
| activities/5/committees/3/rapporteur |
|
| activities/5/committees/3/shadows |
|
| activities/5/committees/4/date |
2013-09-17T00:00:00
|
| activities/5/committees/4/rapporteur |
|
| committees/0/date |
2013-10-14T00:00:00
|
| committees/0/rapporteur |
|
| committees/3/date |
2013-07-02T00:00:00
|
| committees/3/rapporteur |
|
| committees/3/shadows |
|
| committees/4/date |
2013-09-17T00:00:00
|
| committees/4/rapporteur |
|
| procedure/Modified legal basis |
Rules of Procedure of the European Parliament EP 150
|
2014-05-10Show (1) Changes | Timetravel
| activities/11/docs/0/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2014-0341
|
2014-05-03Show (1) Changes | Timetravel
| activities/11/docs/0/text |
|
2014-05-01Show (1) Changes | Timetravel
| procedure/stage_reached |
Old
Awaiting Council 1st reading position / budgetary conciliation convocationNew
Provisional agreement between Parliament and Council on final act |
2014-04-17Show (3) Changes | Timetravel
| activities/11/docs |
|
| activities/11/type |
Old
Vote in plenary scheduledNew
Decision by Parliament, 1st reading/single reading |
| procedure/stage_reached |
Old
Awaiting Parliament 1st reading / single reading / budget 1st stageNew
Awaiting Council 1st reading position / budgetary conciliation convocation |
2014-04-15Show (6) Changes | Timetravel
| activities/2/docs |
|
| activities/2/text |
|
| activities/6/docs |
|
| activities/9/docs |
|
| activities/9/text |
|
| activities/10/docs |
|
2014-04-12Show (6) Changes | Timetravel
| activities/2/docs |
|
| activities/2/text |
|
| activities/6/docs |
|
| activities/9/docs |
|
| activities/9/text |
|
| activities/10/docs |
|
2014-04-06Show (2) Changes | Timetravel
| activities/8/docs/0 |
|
| activities/8/type |
Old
Debate in ParliamentNew
Results of vote in Parliament |
2014-04-05Show (2) Changes | Timetravel
| activities/9/docs/0/text |
|
| activities/11 |
|
2014-03-22Show (4) Changes | Timetravel
| activities/2/docs/0/url |
Old
http://www.europarl.europa.eu/ http://register.consilium.europa.eu/servlet/driver?page=Result&typ=Simple&cmsid=638&ff_COTE_DOCUMENT=&ff_TITRE=&ff_SOUS_COTE_MATIERE=&fc=REGAISEN&srm=25&md=400&ssf=DATE_DOCUMENT+DESC&single_comparator=%3D&from_date=&to_date=&lang=EN&ff_FT_TEXT=3271&dd_DATE_REUNION=15/11/2013&single_date=15/11/2013New
http://register.consilium.europa.eu/content/out?lang=EN&ff_FT_TEXT=3271&dd_DATE_REUNION=15/11/2013&single_date=15/11/2013 |
| activities/6/docs/0/url |
Old
http://www.europarl.europa.eu/ http://register.consilium.europa.eu/servlet/driver?page=Result&typ=Simple&cmsid=638&ff_COTE_DOCUMENT=&ff_TITRE=&ff_SOUS_COTE_MATIERE=&fc=REGAISEN&srm=25&md=400&ssf=DATE_DOCUMENT+DESC&single_comparator=%3D&from_date=&to_date=&lang=EN&ff_FT_TEXT=3290&dd_DATE_REUNION=28/01/2014&single_date=28/01/2014New
http://register.consilium.europa.eu/content/out?lang=EN&ff_FT_TEXT=3290&dd_DATE_REUNION=28/01/2014&single_date=28/01/2014 |
| activities/9/docs/0/url |
Old
http://www.europarl.europa.eu/ http://register.consilium.europa.eu/servlet/driver?page=Result&typ=Simple&cmsid=638&ff_COTE_DOCUMENT=&ff_TITRE=&ff_SOUS_COTE_MATIERE=&fc=REGAISEN&srm=25&md=400&ssf=DATE_DOCUMENT+DESC&single_comparator=%3D&from_date=&to_date=&lang=EN&ff_FT_TEXT=3294&dd_DATE_REUNION=18/02/2014&single_date=18/02/2014New
http://register.consilium.europa.eu/content/out?lang=EN&ff_FT_TEXT=3294&dd_DATE_REUNION=18/02/2014&single_date=18/02/2014 |
| activities/10/docs/0/url |
Old
http://www.europarl.europa.eu/ http://register.consilium.europa.eu/servlet/driver?page=Result&typ=Simple&cmsid=638&ff_COTE_DOCUMENT=&ff_TITRE=&ff_SOUS_COTE_MATIERE=&fc=REGAISEN&srm=25&md=400&ssf=DATE_DOCUMENT+DESC&single_comparator=%3D&from_date=&to_date=&lang=EN&ff_FT_TEXT=3302&dd_DATE_REUNION=11/03/2014&single_date=11/03/2014New
http://register.consilium.europa.eu/content/out?lang=EN&ff_FT_TEXT=3302&dd_DATE_REUNION=11/03/2014&single_date=11/03/2014 |
2014-03-18Show (2) Changes | Timetravel
| activities/10 |
|
| procedure/selected_topics |
|
2014-02-20Show (1) Changes | Timetravel
| activities/9 |
|
2014-02-18Show (2) Changes | Timetravel
| activities/5/docs/0/text |
|
| activities/8/docs/1/text |
|
2014-02-13Show (1) Changes | Timetravel
| activities/8/docs/0 |
|
2014-02-11Show (1) Changes | Timetravel
| activities/8 |
|
2014-02-08Show (8) Changes | Timetravel
| activities/0 |
|
| activities/0/body |
Old
EPNew
EC |
| activities/0/commission |
|
| activities/0/date |
Old
2014-02-06T00:00:00New
2013-07-10T00:00:00 |
| activities/0/docs |
|
| activities/0/type |
Old
Debate in plenary scheduledNew
Legislative proposal published |
| activities/7/docs |
|
| procedure/Modified legal basis |
Rules of Procedure of the European Parliament EP 138
|
2014-02-07Show (1) Changes | Timetravel
| activities/7 |
|
2014-02-01Show (2) Changes | Timetravel
| activities/7/date |
Old
2014-02-04T00:00:00New
2014-02-06T00:00:00 |
| activities/8 |
|
2014-01-31Show (4) Changes | Timetravel
| activities/5/docs |
|
| activities/7/date |
Old
2014-03-11T00:00:00New
2014-02-04T00:00:00 |
| activities/7/type |
Old
Indicative plenary sitting date, 1st reading/single readingNew
Debate in plenary scheduled |
| activities/8 |
|
2014-01-30Show (1) Changes | Timetravel
| activities/6 |
|
2014-01-28Show (1) Changes | Timetravel
| activities/2/docs/0/text |
|
2014-01-18Show (12) Changes | Timetravel
| activities/0 |
|
| activities/0/body |
Old
EPNew
EC |
| activities/0/commission |
|
| activities/0/date |
Old
2013-10-21T00:00:00New
2013-07-10T00:00:00 |
| activities/0/docs/0/celexid |
CELEX:52013PC0520:EN
|
| activities/0/docs/0/text |
|
| activities/0/docs/0/title |
Old
PE521.747New
COM(2013)0520 |
| activities/0/docs/0/type |
Old
Amendments tabled in committeeNew
Legislative proposal published |
| activities/0/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE521.747New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2013/0520/COM_COM(2013)0520_EN.pdf |
| activities/0/type |
Old
Amendments tabled in committeeNew
Legislative proposal published |
| activities/2 |
|
| activities/4 |
|
2014-01-09Show (1) Changes | Timetravel
| activities/8/date |
Old
2013-12-20T00:00:00New
2014-01-08T00:00:00 |
2014-01-03Show (2) Changes | Timetravel
| activities/8 |
|
| procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament 1st reading / single reading / budget 1st stage |
2013-12-21Show (5) Changes | Timetravel
| activities/6/committees |
|
| activities/6/type |
Old
Vote scheduled in committee, 1st reading/single readingNew
Vote in committee, 1st reading/single reading |
| activities/7 |
|
| other/0 |
|
| procedure/Modified legal basis |
Rules of Procedure of the European Parliament EP 138
|
2013-12-08Show (1) Changes | Timetravel
| activities/0/docs/0/celexid |
CELEX:52013PC0520:EN
|
2013-12-07Show (2) Changes | Timetravel
| activities/0/docs/0/celexid |
CELEX:52013PC0520:EN
|
| activities/6/date |
Old
2013-12-05T00:00:00New
2013-12-17T00:00:00 |
2013-11-28Show (1) Changes | Timetravel
| procedure/subject/6 |
Old
5.20.02 Single currency, euroNew
5.20.02 Single currency, euro, euro area |
2013-11-22Show (1) Changes | Timetravel
| activities/5/docs |
|
2013-11-20Show (1) Changes | Timetravel
| activities/6/date |
Old
2013-11-26T00:00:00New
2013-12-05T00:00:00 |
2013-11-19Show (1) Changes | Timetravel
| activities/5 |
|
2013-11-13Show (1) Changes | Timetravel
| activities/5/date |
Old
2013-11-25T00:00:00New
2013-11-26T00:00:00 |
2013-10-30Show (3) Changes | Timetravel
| activities/3/docs/0/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE521.747
|
| activities/4/docs/0 |
|
| activities/4/docs/1/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE521.797
|
2013-10-23Show (2) Changes | Timetravel
| activities/3 |
|
| activities/4 |
|
2013-10-16Show (2) Changes | Timetravel
| activities/1/committees/0/date |
Old
2013-10-10T00:00:00New
2013-10-14T00:00:00 |
| committees/0/date |
Old
2013-10-10T00:00:00New
2013-10-14T00:00:00 |
2013-10-12Show (4) Changes | Timetravel
| activities/1/committees/0/date |
2013-10-10T00:00:00
|
| activities/1/committees/0/rapporteur |
|
| committees/0/date |
2013-10-10T00:00:00
|
| committees/0/rapporteur |
|
2013-10-01Show (1) Changes | Timetravel
| activities/2/docs/0/url |
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE519.706
|
2013-09-26Show (1) Changes | Timetravel
| activities/2 |
|
2013-09-19Show (4) Changes | Timetravel
| activities/1/committees/4/date |
2013-09-17T00:00:00
|
| activities/1/committees/4/rapporteur |
|
| committees/4/date |
2013-09-17T00:00:00
|
| committees/4/rapporteur |
|
2013-09-17Show (1) Changes | Timetravel
| activities/2/date |
Old
2013-12-05T00:00:00New
2013-11-25T00:00:00 |
2013-09-13Show (9) Changes | Timetravel
| activities/0/commission/0 |
|
| activities/1 |
|
| committees/3/shadows/2 |
|
| committees/3/shadows/3 |
|
| committees/3/shadows/5 |
|
| other/0 |
|
| procedure/Mandatory consultation of other institutions |
Economic and Social Committee
|
| procedure/dossier_of_the_committee |
ECON/7/13435
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2013-08-31Show (1) Changes | Timetravel
| activities/0/docs/0/text |
|
2013-08-20Show (5) Changes
| activities |
|
| committees |
|
| links |
|
| other |
|
| procedure |
|