Progress: Awaiting Council's 1st reading position
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | PETER-HANSEN Kira Marie ( Verts/ALE) | NIEDERMAYER Luděk ( PPE), TINAGLI Irene ( S&D), MARTÍN FRÍAS Jorge ( PfE), ZĪLE Roberts ( ECR), BOYER Gilles ( RE), SCHIRDEWAN Martin ( GUE/NGL) |
Former Responsible Committee | ECON | PETER-HANSEN Kira Marie ( Verts/ALE) | |
Former Committee Opinion | IMCO | ||
Former Committee Opinion | JURI |
Lead committee dossier:
Legal Basis:
TFEU 053-p1
Legal Basis:
TFEU 053-p1Subjects
Events
The European Parliament adopted by 385 votes to 180, with 156 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/49/EU as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation, and transparency.
The proposed Directive aims to ensure uniform protection of depositors in the Union.
The European Parliament’s position adopted at first reading under the ordinary legislative procedure amends the proposal as follows:
Official recognition, participation and supervision
Member States should ensure that the competent authority, in cooperation with the designated authority, promptly takes all appropriate measures, including, if necessary, the imposition of penalties, to ensure that the credit institution concerned complies with its obligations as a member of a DGS. They should determine the system of penalties applicable in the event of failure by credit institutions to comply with their obligations as members of a DGS. Sanctions must be effective, proportionate and dissuasive.
The designated authorities should have the necessary enforcement powers, including powers to impose penalties or other administrative measures, to remedy infringements of this Directive by a DGS.
Eligibility of deposits
The following should be excluded from any reimbursement by DGSs: (i) deposits arising from transactions for which a criminal conviction has been handed down for a money laundering or terrorist financing offence; (ii) deposits made by natural or legal persons subject to targeted financial sanctions adopted by the Union.
Level of cover
To harmonise depositor protection in the Union and to reduce the administrative complexity and legal uncertainty related to the scope of protection of such deposits, it is necessary to align their protection to a minimum amount of at least EUR 500 000 and a maximum of EUR 2 500 000 for a harmonised duration of 6 months, in addition to the coverage level of EUR 100 000. After their transposition by Member States, the Commission should carry out a review of the amounts which are protected, with a view to determining whether the maximum amount should be reduced, taking into account whether the amounts which are protected are proportionate and ensure a level playing field across the Union.
Determining refundable amount
Member States should ensure that credit institutions report to their DGSs, at least annually, the aggregated amount of eligible deposits and ensure that DGSs may at any time request credit institutions to inform them about the aggregated amount of eligible deposits of every depositor.
Where interest rates on certain deposits significantly exceed the prevailing market interest rate, as determined and based on transparent and publicly available data, the DGS should have the power to adjust the reimbursed interest to reflect the prevailing market interest rate at the time of the determination made by the relevant administrative authority or of the ruling made by the judicial authority. That adjustment should be made to prevent moral hazard.
Repayments
DGSs should ensure that the repayable amount is available as soon as possible and in any event within seven working days . Where DGSs are not able to make the repayable amount available in less than seven working days, they should ensure that depositors have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of making a request for that amount.
DGS funding
Member States should ensure that DGSs have in place adequate alternative funding arrangements to enable them to obtain short-term funding to meet claims against those DGSs. Member States should ensure that the alternative funding arrangements of DGSs are not financed through public funds. They should ensure that DGSs use the financial resources available primarily to guarantee repayments to depositors.
Target level
Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0.8 % of the amount of the covered deposits of its members. In consideration of the expansion of scope for DGS use, the adequacy of the 0.8 % target level should be subject to close monitoring and assessment.
Transparency
It is essential that any involvement of the DGS in any scenario be conducted with a focus on cost effectiveness and transparency. That approach is essential to avoid distorting the level playing field and to ensure that no unfair advantages are conferred on specific market participants.
Preventative measures
To ensure that preventive measures achieve their objective, credit institutions should be required to present to the competent authority a note outlining the measures that they commit to undertake. The note should detail the credit institution’s initial capital shortfall, the capital-raising measures implemented and the safeguards put in place to prevent the outflow of funds. For the same reason, during the implementation of the measures envisaged in the note, credit institutions should also strengthen their liquidity positions and refrain from aggressive commercial practices, and from the distribution of dividends or variable remuneration or repurchasing of own shares or call hybrid capital instruments.
Within a reasonable timeframe, the credit institution should provide the competent authority with a business reorganisation plan to secure long-term viability. Preventive measures granted to a credit institution should be suspended where the competent authority is not satisfied that the business reorganisation plan is credible and feasible to secure long-term viability.
To mitigate moral hazard, where appropriate, the credit institution receiving support from DGSs in the form of preventive measures, its shareholders, its creditors or the business group to which it belongs should contribute to the restructuring from their own resources and provide adequate remuneration for the preventive measure granted by the DGS.
To give them sufficient time to adapt to the new provisions, in particular the safeguards for the application of preventive measures, a three-year transitional period should be granted to institutional protection systems.
PURPOSE: to ensure uniform protection of depositors in the Union.
PROPOSED ACT: Directive 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: deposit guarantee schemes (DGS) reimburse a limited amount to compensate depositors whose bank has failed. A fundamental principle underlying DGS is that they are funded entirely by banks, and that no taxpayer funds are used.
Under existing EU rules, deposit guarantee schemes protect depositors' savings by guaranteeing deposits of up to EUR 100 000 and help prevent the mass withdrawal of deposits in the case of bank failure, which can create financial instability.
In accordance with Directive 2014/49/EU of the European Parliament and of the Council on deposit guarantee schemes, the Commission has reviewed the application and the scope of that Directive and concluded that the objective of protection of depositors in the Union through the establishment of deposit guarantee schemes has mostly been met. However, the Commission also concluded that there is a need to address the remaining gaps in depositor protection and to enhance the functioning of DGSs, while harmonising rules for DGSs interventions other than payout proceedings.
The proposed amendments to Directive 2014/49/EU (the Deposit Guarantee Schemes Directive or DGSD) are part of the crisis management and deposit insurance (CMDI) legislative package that includes also amendments to Directive 2014/59/EU (the Bank Recovery and Resolution Directive or BRRD) and Regulation (EU) No 806/2014 (the Single Resolution Mechanism Regulation or SRMR).
CONTENT: the aim of the proposed amendments is to build on and clarify the mandate of DGSs to better protect deposits in the context of the reimbursement of depositors.
More specifically, the proposal:
- clarifies the scope so that along with the establishment and functioning of the DGS, the coverage and repayment of deposits, and the use of DGS funds for measures to maintain the access of depositors to their deposits also fall within the scope of this Directive;
- harmonises the level of coverage of EUR 100 000 per depositor and bank, as set out in the Deposit Guarantee Scheme Directive and extends depositor protection to public entities (i.e. hospitals, schools, municipalities), as well as client money deposited in certain types of client funds (i.e. by investment companies, payment institutions, e-money institutions);
- includes measures to harmonise the protection of temporary high balances on bank accounts in excess of EUR 100 000 linked to specific life events (such as inheritance or insurance indemnities);
- consolidates the provisions on the exchange of information between credit institutions and DGS and reporting by authorities;
- harmonises the rules for the calculation of the repayable amount;
- allows the DGS to apply a longer period of up to 20 working days in the case of repayment of beneficiary accounts, client funds, and temporary high balances;
- aims to ensure that depositors, above a threshold of EUR 10 000 , are reimbursed via credit transfers in line with the AML/CFT objectives;
- seeks to harmonise to five years the period during which depositors can make a claim against the DGS;
- establishes a set of safeguards for preventive measures and allocate the responsibilities among authorities for assessing how preventive measures are applied. This aims at ensuring that the use of these measures is timely, cost-effective and applied consistently across Member States, as improvements to the current situation;
- establishes requirements for the credit institutions which did not comply with their commitments or fail to repay financial support granted with preventive measures. The EBA is mandated to develop guidelines on the content of the note with measures needed for the efficient implementation of a preventive measure and of the remediation plan;
- clarifies that the protection by DGSs also covers depositors located in Member States where their member credit institutions exercise the freedom to provide services;
- requires that branches of credit institutions established in third countries join a DGS in a Member State if they want to provide banking services and take eligible deposits in the EU. This enhances the protection of depositors as it eliminates the risk of having deposits in the EU whose protection by a non-EU DGS would not be up to the EU standards;
- seeks to harmonise information which banks have to provide to their clients annually on the protection of their deposits. It also enhances the information requirements for depositors in case of mergers or other major reorganisations of credit institutions, changes of DGS affiliation and unavailability of deposits due to the critical financial situation of banks;
- clarifies rules on reporting and improving the exchange of information from the credit institution to the DGSs and from the DGSs and the designated authorities to the EBA. It is also important that the EBA is appropriately informed of situations that occur and for which the DGS may intervene, to support the EBA in its tasks of overseeing the financial integrity, stability, and security of the European banking system.
Documents
- Commission response to text adopted in plenary: SP(2024)394
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading: T9-0328/2024
- Committee report tabled for plenary, 1st reading/single reading: A9-0154/2024
- Committee report tabled for plenary, 1st reading: A9-0154/2024
- Amendments tabled in committee: PE754.693
- Committee draft report: PE753.698
- Contribution: COM(2023)0228
- European Central Bank: opinion, guideline, report: CON/2023/0019
- European Central Bank: opinion, guideline, report: OJ C 307 31.08.2023, p. 0019
- Document attached to the procedure: OJ C 255 20.07.2023, p. 0004
- Document attached to the procedure: N9-0047/2023
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2023)0225
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2023)0226
- Legislative proposal published: COM(2023)0228
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2023)0225
- Document attached to the procedure: EUR-Lex SWD(2023)0226
- Document attached to the procedure: OJ C 255 20.07.2023, p. 0004 N9-0047/2023
- European Central Bank: opinion, guideline, report: CON/2023/0019 OJ C 307 31.08.2023, p. 0019
- Committee draft report: PE753.698
- Amendments tabled in committee: PE754.693
- Committee report tabled for plenary, 1st reading/single reading: A9-0154/2024
- Commission response to text adopted in plenary: SP(2024)394
- Contribution: COM(2023)0228
Votes
A9-0154/2024 – Kira Marie Peter-Hansen – Commission proposal #
Amendments | Dossier |
250 |
2023/0115(COD)
2023/11/06
ECON
250 amendments...
Amendment 100 #
Proposal for a directive Recital 18 (18) Pursuant to Article 10(2) of Directive 2014/49/EU, Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0,8 % of the amount of the covered deposits of its members, or the lower target level where applicable. To objectively assess whether DGSs fulfil that requirement, a clear reference period should be set to determine the amount of covered deposits and DGSs’ available financial means.
Amendment 101 #
Proposal for a directive Recital 18 (18) Pursuant to Article 10(2) of
Amendment 102 #
Proposal for a directive Recital 18 (18) Pursuant to Article 10(2) of Directive 2014/49/EU, it is confirmed that Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0,8 % of the amount of the covered deposits of its members. To objectively assess whether DGSs fulfil that requirement, a clear reference period should be set to determine the amount of covered deposits and DGSs’ available financial means.
Amendment 103 #
Proposal for a directive Recital 18 (18) Pursuant to Article 10(2) of Directive 2014/49/EU, Member States are
Amendment 104 #
Proposal for a directive Recital 18 a (new) (18a) Contributions to the DGS and the resolution financing arrangements should be determined in a manner that accurately assesses the likelihood of a contributing bank to impose losses for the DGS or the resolution financing arrangement. To that end, the rules governing contributions of individual banks to these funds shall mainly take into account the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) capacity and quality of the concerned banks.
Amendment 105 #
Proposal for a directive Recital 18 b (new) (18b) The target level of the resolution financing arrangements and the DGS were determined in 2014 to withstand a certain adverse shock to the banking system given its loss absorption capacity at the time. Since then, the banking system has considerably increased its loss absorption capacity by building up its capital and MREL buffers, and by improving the overall asset quality, primarily with the reduction in NPLs. As a result, the same target level enables today to withstand a much bigger shock, which in turn means that there is no need to increase the target levels as a result of this review.
Amendment 106 #
Proposal for a directive Recital 22 (22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the collection of extraordinary contributions. DGSs should therefore be allowed to use
Amendment 107 #
Proposal for a directive Recital 22 (22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the collection of extraordinary contributions. DGSs should therefore be allowed to use alternative funding arrangements that enable them to obtain at any time short- term funding from sources other than contributions, including before using their available financial means and funds collected through extraordinary contributions. Because credit institutions should primarily bear the cost and responsibility for financing DGSs, alternative funding arrangements from public funds should only be used as a last resort, after all other options have been exhausted.
Amendment 108 #
Proposal for a directive Recital 22 (22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the collection of extraordinary contributions. DGSs should therefore be allowed to use alternative funding arrangements that enable them to obtain at any time short- term funding from sources other than contributions, including before using their available financial means and funds collected through extraordinary contributions. Because credit institutions should primarily bear the cost and responsibility for financing DGSs, alternative funding arrangements from public funds should only be used
Amendment 109 #
Proposal for a directive Recital 22 (22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the
Amendment 110 #
Proposal for a directive Recital 22 (22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the collection of extraordinary contributions. DGSs should therefore be allowed to use alternative funding arrangements that enable them to obtain at any time short- term funding from sources other than contributions, including before using their available financial means and funds collected through extraordinary contributions. Because credit institutions should primarily bear the cost and responsibility for financing DGSs, alternative funding arrangements from public funds
Amendment 111 #
Proposal for a directive Recital 22 a (new) (22a) To avoid a DGS becoming insufficiently funded and unable to support a new intervention, robust and favourable alternative funding arrangements are required. Therefore, to prevent temporary financing by the Member States, and to ensure that it remains a last resort, the Single Resolution Board should be able to provide a guarantee based on the Single Resolution Fund to a DGS in order to facilitate its access to markets at favourable financing conditions. The Single Resolution Fund's guarantee should be provided when the DGS is required to intervene in resolution, yet available financial means are insufficient to satisfy the needs of such action.
Amendment 112 #
Proposal for a directive Recital 22 b (new) (22b) The provision of Single Resolution Fund guarantees to DGSs pursuing alternative funding arrangements must not preclude, nor delay, any progress in the establishment of a fully-fledged European deposit insurance scheme, which remains the optimal solution.
Amendment 113 #
Proposal for a directive Recital 23 Amendment 114 #
Proposal for a directive Recital 23 Amendment 115 #
Proposal for a directive Recital 24 a (new) (24a) It is essential that any involvement of the DGS in any scenario must be conducted with a stringent focus on cost- effectiveness and transparency. This approach is essential to avoid distorting the level playing field and ensuring that it does not confer unfair advantages to specific market participants. Transparency and cost-efficiency are fundamental principles that underpin the integrity and equitable functioning of the DGS.
Amendment 116 #
Proposal for a directive Recital 25 (25) Measures to prevent failure of a credit institution through sufficiently early interventions can play an effective role in the continuum of crisis management tools to maintain depositor confidence and financial stability. Those measures can take various forms - capital support measures through own funds instruments (including Common Equity Tier 1 instruments) or other capital instruments, guarantees, or loans. DGSs have had heterogeneous recourse to those measures. To ensure the continuum of crisis management tools and recourse to preventive measures in a manner consistent with the resolution framework and the state aid rules, it is necessary to specify the timing and conditions for their application. Preventive measures are not appropriate for the
Amendment 117 #
Proposal for a directive Recital 26 (26) To ensure that preventive measures achieve their objective, credit institutions should be required to prepare a note outlining the measures that they commit to undertake
Amendment 118 #
Proposal for a directive Recital 26 (26) To ensure that preventive measures achieve their objective, credit institutions should be required to prepare a
Amendment 119 #
Proposal for a directive Recital 26 (26) To ensure that preventive measures achieve their objective, credit institutions should be required to prepare a note outlining the measures that they commit to undertake. The preparation of such note should not be too burdensome and time- consuming for the credit institution to ensure the possibility for the DGS to intervene early enough. Therefore, the note accompanying preventive measures should take the form of a sufficiently short explanatory document. Such note should contain all elements which aim at preventing the outflow of funds and strengthening the capital and liquidity position of the credit institution, enabling the credit institution to comply with all the relevant prudential and other regulatory requirements on a forward-looking basis.
Amendment 120 #
Proposal for a directive Recital 27 (27) To ensure that credit institutions receiving support from DGSs in the form of preventive measures deliver on their commitments, competent authorities
Amendment 121 #
Proposal for a directive Recital 28 (28) To avoid detrimental effects on competition and on the internal market, it is necessary to lay down that in the case of alternative measures in insolvency, relevant bodies representing a credit institution in the context of national insolvency proceedings (liquidator, receiver, administrator or other) should make arrangements for the marketing of the business of the credit institution or part of it in an open, transparent and non- discriminatory process, while aiming to
Amendment 122 #
Proposal for a directive Recital 28 (28) To avoid detrimental effects on competition and on the internal market, it is necessary to lay down that in the case of alternative measures in insolvency, relevant bodies representing a credit institution in the context of national insolvency proceedings (liquidator, receiver, administrator or other) should make arrangements for the marketing of the business of the credit institution or part of it in an open, transparent and non- discriminatory process, while aiming to maximise, as far as possible, the sale price. The credit institution or any intermediary acting on behalf of the credit institution should apply rules that are adequate for the marketing of assets, rights and liabilities that are to be transferred to potential purchasers. In any event, the use of
Amendment 123 #
Proposal for a directive Recital 29 (29) Since the main aim of DGSs is to protect covered deposits, DGSs should only be allowed to finance interventions other than payouts where such interventions are
Amendment 124 #
Proposal for a directive Recital 31 (31) The designated authorities should estimate the cost of the measure for the DGS, including after the repayment of a loan, a capital injection or the use of a guarantee, net of expected earnings, operational expenses, and potential losses, against a counterfactual based on a hypothetical final loss at the end of the insolvency proceedings, which should take into account recoveries from the DGS as part of a bank’s liquidation proceedings. To give a fair and more comprehensive picture of the actual cost of depositors’ repayment, the estimation of the loss incurred due to the reimbursement of covered deposits should include costs
Amendment 125 #
Proposal for a directive Recital 33 (33) The cooperation between DGSs across the Union is vital to ensure fast and cost-efficient depositors’ repayment where credit institutions conduct banking service through branches in other Member States. In view of technological advancements that promote the use of cross-border transfers and remote identification, the DGS of the home Member State should be allowed to make the repayments directly to depositors at branches located in another Member State, provided that the administrative burden and costs are lower than if the repayment would be carried out by the DGS of the host Member State. That flexibility should complement the current cooperation mechanism, requiring the DGS of the host Member State to repay depositors in branches on behalf of the DGS of the home Member State. To preserve depositor confidence in both host and home Member States, EBA should issue guidelines under consideration of available expertise shared by EFDI to assist the DGSs in such cooperation, inter alia by suggesting a list of conditions under which a DGS of the home Member State could decide to reimburse depositors at branches located in the host Member State.
Amendment 126 #
Proposal for a directive Recital 34 (34) Credit institutions may change affiliation to a DGS because they move their headquarters to another Member State or convert their subsidiary into a branch or vice versa. Article 14(3) of Directive 2014/49/EU requires that the contributions of that credit institution paid during the 12 months preceding the transfer are transferred to the other DGS in proportion to the amount of covered deposits transferred. To ensure that the transfer of contributions to the receiving DGS is not dependent on divergent national rules regarding invoicing or actual date of payment of contributions, the DGS of origin should calculate the amount to be transferred on the basis of
Amendment 127 #
Proposal for a directive Recital 34 (34) Credit institutions may change affiliation to a DGS because they move their headquarters to another Member State or convert their subsidiary into a branch or vice versa.
Amendment 128 #
Proposal for a directive Recital 36 (36) Standardised and regular information disclosure enhances awareness of depositors about deposit protection. To align disclosure requirements with technological developments, those requirements should take into account the new digital communication channels whereby credit institutions interact with depositors. Depositors should obtain clear and homogeneous information that explains their deposit protection, while limiting the related administrative burden for credit institutions or DGSs. The EBA should be mandated to develop draft implementing technical standards to specify, on the one hand, the content and format of the depositor information sheet to communicate to depositors on annual
Amendment 129 #
Proposal for a directive Recital 37 (37) The merger of a credit institution or the conversion of subsidiary into branch or vice versa might affect the key features of depositor protection. To avoid adverse impacts on depositors that would have deposits in both merging banks and whose claim to deposit coverage would be reduced because of changes to DGS affiliation, all depositors should be informed about such changes
Amendment 130 #
Proposal for a directive Recital 38 (38) To preserve financial stability, avoid contagion and enable depositors to exercise their rights to claim deposits when applicable,
Amendment 131 #
Proposal for a directive Recital 39 (39) To increase transparency for depositors and to promote financial robustness and trust among DGSs when fulfilling their mandate, the current reporting requirements should be improved. Building on the current requirements that enable DGSs to request all necessary information from their member institutions to prepare for payout, DGSs should also be able to request information necessary to prepare for a payout in the context of cross border cooperation. Upon the request from a DGS, member institutions should be required to provide general information about any
Amendment 132 #
Proposal for a directive Recital 40 (40)
Amendment 133 #
Proposal for a directive Recital 45 (45) Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of preventive measures at the core of their mandate
Amendment 134 #
Proposal for a directive Recital 45 (45) Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of preventive measures
Amendment 135 #
Proposal for a directive Recital 45 (45) Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of preventive measures at the core of their mandate, it is appropriate to provide for the possibility of Member States to allow IPSs to adapt to the new safeguards for the application of preventive measures within a
Amendment 136 #
Proposal for a directive Recital 46 (46) To allow, where applicable, DGSs and designated authorities to build up the necessary operational capacity to apply the new rules on the use of preventive measures, it is appropriate to provide for a deferred application of those new rules.
Amendment 137 #
Proposal for a directive Recital 47 a (new) (47a) Together with the CMDI reform, pooling funds into a shared scheme through the introduction of an EDIS would offer a higher level of financial protection and confidence to EU’s households and businesses, increase trust and strengthen financial stability as necessary conditions for growth, prosperity and resilience in the Economic and Monetary Union and in the EU more generally. The first step of EDIS could be liquidity support only, while subsequent steps would remain on the horizon. Complementing the CMDI reform with liquidity support from EDIS would strengthen the ability of the deposit insurance system in the Banking Union and deliver synergies and efficiency gains for the industry.
Amendment 138 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 2014/49/EU Article 1 – paragraph 1 1. This Directive lays down rules and procedures relating to the establishment and the functioning of deposit guarantee
Amendment 139 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 2014/49/EU Article 1 – paragraph 1 1. This Directive lays down rules and procedures relating to the establishment and the functioning of deposit guarantee schemes (DGSs), the coverage and repayment of deposits, and the use of DGS funds for measures that aim to ensure the access of depositors to their deposits
Amendment 140 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 2014/49/EU Article 1 – paragraph 1 1. This Directive lays down rules and
Amendment 141 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point c Directive 2014/49/EU Article 2 – paragraph 1 – point 20 Amendment 142 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point c Directive 2014/49/EU Article 2 – paragraph 1 – point 20 (20) ‘client funds deposits’ means funds
Amendment 143 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point c Directive 2014/49/EU Article 2 – paragraph 1 – point 20 (20) ‘client funds deposits’ means funds that account holders that are financial institutions as defined in Article 4(1), point (26), of Regulation (EU) No 575/2013 deposit in the course of their business in scope of Directive (EU) 2015/2366, Directive 2009/110/EC and Commission Delegated Directive (EU) 2017/593 with a credit institution for the account of their clients;
Amendment 144 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point c Directive 2014/49/EU Article 2 – paragraph 1 – point 20 (20) ‘client funds deposits’ means funds
Amendment 145 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point a Directive 2014/49/EU Article 4 – paragraph 4 4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the competent authority of that credit institution thereof. Member States shall ensure that the
Amendment 146 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point a Directive 2014/49/EU Article 4 – paragraph 4 4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the designated authority and the competent authority of that credit institution thereof. Member States shall ensure that the competent authority, in cooperation with that
Amendment 147 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point a Directive 2014/59/EU Article 4 – paragraph 4 4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the competent authority of that credit institution thereof. Member States shall ensure that the competent authority, in cooperation with that DGS, uses the supervisory powers laid down in Directive 2013/36/EU, and promptly takes all measures to ensure that the credit institution concerned complies with its obligations, including where necessary by imposing
Amendment 148 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point c Directive 2014/49/EU Article 4 – paragraph 5 Amendment 149 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point c Directive 2014/49/EU Article 4 – paragraph 5 5.
Amendment 150 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point c Directive 2014/49/EU Article 4 – paragraph 6 6. Member States shall ensure that where the competent authority decides to withdraw the authorisation in accordance with Article 18 of Directive 2013/36/EU, the credit institution ceases to be a member of the DGS. Member States shall ensure that deposits held on the date on which a credit institution ceased to be a member of the DGS continue to be covered by that DGS
Amendment 151 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point c Directive 2014/49/EU Article 4 – paragraph 6 6. Member States shall ensure that where the competent authority decides to withdraw the authorisation in accordance with Article 18 of Directive 2013/36/EU, the credit institution ceases to be a member of the DGS. Member States shall ensure that deposits held on the date on which a credit institution ceased to be a member of the DGS continue to be covered by that DGS.
Amendment 152 #
Proposal for a directive Article 1 – paragraph 1 – point 3 – point e Directive 2014/49/EU Article 4 – paragraph 13 13. By… [OP – please add
Amendment 153 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point a – point iii Directive 2014/49/EU Article 5 – paragraph 1 – point e Amendment 154 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point a – point iii Directive 2014/49/EU Article 5 – paragraph 1 – point e (iii)
Amendment 155 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point a – point v Directive 2014/49/EU Article 5 – paragraph 1 – point j Amendment 156 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point a – point v Directive 2014/49/EU Article 5 – paragraph 1 – point j (v) point (j) is
Amendment 157 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point a – point v Directive 2014/49/EU Article 5 – paragraph 1 – point j Amendment 158 #
Proposal for a directive Article 1 – paragraph 1 – point 4 – point a – point v a (new) Directive 2014/49/EU Article 5 – paragraph 1 – point k a (new) (va) the point (ka) is added: (ka) deposits by persons or legal entities subject to targeted financial sanctions adopted by the Union.
Amendment 159 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point -a (new) Directive 2014/49/EU Article 6 – paragraph 1 (-a) paragraph 1 is replaced by the following: "Member States shall ensure that the
Amendment 160 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point a – point ii Directive 2014/49/EU Article 6 – paragraph 2 – point a (a) deposits resulting from real estate transactions relating to private residential properties and deposits intended for such transactions, provided that those transactions are concluded in
Amendment 161 #
Proposal for a directive Article 1 – paragraph 1 – point 5 – point a – point ii Directive 2014/49/EU Article 6 – paragraph 2 – point a (a) deposits resulting from real estate transactions relating to private residential
Amendment 162 #
Proposal for a directive Article 1 – paragraph 1 – point 6 – point b Directive 2014/49/EU Article 7 – paragraph 7 – subparagraph 1a (new) In cases where interest rates on certain deposits significantly exceed the prevailing market interest rate, as determined and based on transparent and publicly available data, the DGS shall have the authority to adjust the reimbursed interest to reflect the prevailing market rate at the time of determination or ruling. This adjustment shall be made to prevent moral hazard. The criteria and methodology for defining 'significantly exceed' and for the adjustment, shall be established in a transparent manner, in accordance with guidelines developed by the European Banking Authority (EBA) and subject to the approval of the competent national authority.
Amendment 163 #
Proposal for a directive Article 1 – paragraph 1 – point 6 – -a (new)Directive 2014/49/EU Article 7 – paragraph 3 – subparagraphs 3a and 3b (new) (-a) the following subparagraphs 3a and 3b are added t: “Member States shall ensure that for specific deposits laid down in national law the coverage level referred to in Article 6(1) applies to each of the absolutely entitled persons referred to in the first subparagraph. By way of derogation from paragraph 1, when determining the repayable amount for an individual absolutely entitled person, the DGS shall not take into account the aggregate fund deposits placed by that person with the same credit institution. Member States shall ensure that DGSs repay covered deposits either to the depositor for the benefit of each absolutely entitled person, or to the absolutely entitled person directly.”
Amendment 164 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point a 3. By way of derogation from paragraph 1, Member States shall allow DGSs to apply a longer repayment period for the deposits referred to in Article 6(2), Article 7(3) and Article 8b, which shall not exceed 20 working days from the date on which those DGSs received the complete documentation they requested from a depositor or, where appropriate, an account holder, to examine the claims and verify that the conditions for repayment are met. For the deposits referred to in Article 6(2) and Article 7(3), where DGSs are not able to make the repayable amount available in less than seven working days, they shall ensure that depositors have access to an appropriate amount of their covered deposits to cover living costs within five working days of making a request for that amount. ;
Amendment 165 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point a Directive 2014/49/EU Article 8 – paragraph 3 3. By way of derogation from paragraph 1, Member States shall allow DGSs to apply a longer
Amendment 166 #
Proposal for a directive Article 1 – paragraph 1 – point 8 – point d Directive 2014/49/EU Article 8 – paragraph 9 9. Member States shall ensure that where there has been no transaction relating to the deposit during the last 24 months, or the balance of the deposit account is low, DGSs may set a threshold concerning the administrative costs that would be incurred by those DGSs in making such a repayment. DGSs shall not be obliged to take active steps to repay depositors below that threshold. Member States shall ensure that DGSs repay depositors below that threshold where so requested by those depositors.’;
Amendment 167 #
Proposal for a directive Article 1 – paragraph 1 – point 9Directive 2014/49/EU Article 8b– paragraph 1 – point c (c) the clients referred to in point (a) are identified or identifiable, under the ultimate responsibility of the entity holding the account on behalf of clients, prior to the date on which a relevant administrative authority makes a determination as referred to in Article 2(1), point (8)(a) or a judicial authority makes a ruling as referred to in
Amendment 168 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/49/EU Article 8b – paragraph 1a (new) 1a. In addition to paragraph 1, Member States shall ensure that the client fund deposits in accounts held by crypto- asset service providers authorized in accordance with Article 63 Regulation (EU) 2023/1114, crowdfunding service providers and credit servicers that meet the conditions laid down in paragraph 1, point (a) and (c) of this Article are covered by the DGSs.
Amendment 169 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/49/EU Article 8b – paragraph 2 Amendment 170 #
Proposal for a directive Article 1 – paragraph 1 – point 9 Directive 2014/49/EU Article 8b – paragraph 3 3. Member States shall ensure that DGSs repayment of covered deposits is made either to the account holder for the benefit of each client, or to the client directly.
Amendment 171 #
Proposal for a directive Article 1 – paragraph 1 – point 10 Directive 2014/49/EU Article 9 – paragraph 2 2. Without prejudice to rights they may have under national law, DGSs that make payments under guarantee within a national framework shall have the right of subrogation to the rights of depositors in winding up or reorganisation proceedings for an amount equal to the DGSs payments made to depositors. DGSs that make a contribution in the context of the resolution tools referred to in Article 37(3), point (a) or (b), of Directive 2014/59/EU, or in the context of measures taken in accordance with Article 11(5) of this Directive, shall have a claim against the residual credit institution for any loss incurred as a result of any contributions made to resolution pursuant to Article 109 of Directive 2014/59/EU or to the transfer made pursuant to Article 11(5) of this Directive in connection to losses which depositors otherwise would have borne. That claim shall rank at the same level as covered deposits under national law governing normal insolvency proceedings.
Amendment 172 #
Proposal for a directive Article 1 – paragraph 1 – point 10 Directive 2014/59/EU Article 9 – paragraph 2 2. Without prejudice to rights they may have under national law, DGSs that make payments under guarantee within a national framework shall have the right of subrogation to the rights of depositors in winding up or reorganisation proceedings for an amount equal to the DGSs payments
Amendment 173 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point -i (new) Directive 2014/49/EU Article 10 – paragraph 2 – subparagraph 1 Amendment 174 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point -i (new) Directive 2014/49/EU Article 10 – paragraph 2 – subparagraph 1 Amendment 175 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point i Directive 2014/49/EU Article 10 – paragraph 2 – subparagraphs 2 and 3 Amendment 176 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point i Directive 2014/49/EU Article 10 – paragraph 2 – subparagraph 3 When determining whether the DGS has reached that target level, Member States shall only take into account available financial means directly contributed by, or recovered from, members to the DGS, net of administrative fees and charges. Those available financial means shall include investment income derived from funds contributed by members to the DGS, but shall exclude repayments not claimed by eligible depositors during payout procedures, and loans between DGSs, any debt liabilities due by the DGS, including loans from other DGSs and alternative funding arrangement referred to in Article 10(9).;
Amendment 177 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point i Directive 2014/49/EU Article 10 – paragraph 2 – subparagraph 2 When determining whether the DGS has reached that target level, Member States shall only take into account available financial means directly contributed by, or recovered from, members to the DGS, net of administrative fees and charges. Those available financial means shall include investment income derived from funds contributed by members to the DGS, but shall exclude repayments not claimed by eligible depositors during payout procedures, and loans, including between DGSs.;
Amendment 178 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point i Directive 2014/49/EU Article 10 – paragraph 2 – subparagraph 3a (new) An outstanding loan to another DGS under Article 12 shall be treated as an asset of the DGS which provided the loan and may be counted towards that DGS’s target level.’;
Amendment 179 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point a – point ii Directive 2014/49/EU Article 10 – paragraph 2 – subparagraph 3 Where, after the target level referred to in the first subparagraph has been reached for the first time and the available financial means, following a disbursement of DGS’s funds in accordance with Article 8(1), and Article 11(2), (3), and (5), have been reduced to less than two-thirds of the target level, DGSs shall set the regular contribution at a level allowing for the target level to be reached within 6 years. Where it has been reduced but remained higher than the two-thirds of the target level, DGSs shall set the regular contribution at a level allowing for the target level to be reached within 3 years.;
Amendment 180 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point c a (new)Directive 2014/49/EU Article 10 – paragraph 6 – subparagraph 1 – points a and b (
Amendment 181 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point d Directive 2014/49/EU Article 10 – paragraph 7 7. Member State shall ensure that DGSs, designated authorities, or competent authorities set the investment strategy for the available financial means of DGSs, and that that investment strategy complies with the principle of diversification and investments in low-risk a
Amendment 182 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point d Directive 2014/49/EU Article 10 – paragraph 7 7. Member State shall ensure that DGSs, designated authorities, or competent authorities set the investment strategy for the available financial means of DGSs, and that that investment strategy complies with the principle of diversification and investments in low-risk assets and provides liquidity necessary for a DGS to fulfil its role.;
Amendment 183 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point e Directive 2014/49/EU Article 10 – paragraph 7a 7a. Member States shall ensure that DGSs may place all or part of their available financial means with their national central bank or national treasury, provided that it is a cost effective decision for DGS and those available financial means are kept on a segregated account and that they are readily available for use by the DGS in accordance with Articles 11 and 12.’;
Amendment 184 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point e a (new) Directive 2014/49/EU Article 10 – paragraph 9 Amendment 185 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point e a (new) Directive 2014/49/EU Article 10 – paragraph 9 Amendment 186 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point g Directive 2014/49/EU Article 10 – paragraph 11 11. Member States shall ensure that in the context of the measures referred to in Article 11(1), (2), (3) and (5), DGSs may use the funds originating from the alternative funding arrangements referred to in Article 10(9) which are not financed through public funds, before using the available financial means and before collecting the extraordinary contributions referred to in Article 10(8). Member States shall ensure that DGSs use alternative funding arrangements financed through public funds only as a last resort, after all other options have been exhausted.
Amendment 187 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point g Directive 2014/49/EU Article 10 – paragraph 11 11. Member States shall ensure that in the context of the measures referred to in Article 11(1), (2), (3) and (5), DGSs may use the funds originating from the alternative funding arrangements referred to in Article 10(9) which are not financed through public funds, before using the available financial means and before collecting the extraordinary contributions referred to in Article 10(8). Member States shall ensure that DGSs use alternative funding arrangements financed through public funds only as a last resort and are cost effective.
Amendment 188 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point g Directive 2014/49/EU Article 10 – paragraph 11 11. Member States shall ensure that in the context of the measures referred to in Article 11(1), (2), (3) and (5), DGSs may use the funds originating from the alternative funding arrangements referred to in Article 10(9)
Amendment 189 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point g Directive 2014/49/EU Article 10 – paragraph 11 11. Member States shall ensure that in the context of the measures referred to in Article 11(1), (2), (3) and (5), DGSs may use the funds originating from the alternative funding arrangements referred to in Article 10(9)
Amendment 190 #
Proposal for a directive Article 1 – paragraph 1 – point 11 – point g Directive 2014/49/EU Article 10 – paragraph 12 Amendment 191 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 1 1. Member States shall ensure that DGSs use the available financial means referred to in Article 10 primarily to
Amendment 192 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 1 1. Member States shall ensure that DGSs use the available financial means referred to in Article 10 primarily to repay depositors in accordance with Article 8 without prejudice to the use of
Amendment 193 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 1 1. Member States shall ensure that DGSs use the available financial means referred to in Article 10 primarily to repay depositors in accordance with Article 8 without prejudice to the use of
Amendment 194 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 2 2. Member States shall ensure that DGSs use the available financial means to finance the resolution of credit institutions
Amendment 195 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 2 2. Member States shall ensure that DGSs use the available financial means to finance the resolution of credit institutions in accordance with Article 109 of Directive 2014/59/EU.
Amendment 196 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 2 2. Member States shall ensure that DGSs use the available financial means to finance the resolution of credit institutions in accordance with Article 109 of Directive 2014/59/EU. Member States shall ensure that resolution authorities determine the amount that a DGS is to contribute to the financing of resolution of credit institutions, after those resolution authorities have consulted the DGS on the results of the least cost test referred to in Article 11e of this Directive. Member States shall ensure that DGSs respond, without delay, to such consultation.
Amendment 197 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 3. Notwithstanding paragraph 3a, Member States may allow DGSs to use the available financial means for preventive measures as referred to in Article 11a for the benefit of a credit institution where all of the following applies:
Amendment 198 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – introductory part 3. Member States
Amendment 199 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – introductory part 3. Member States
Amendment 200 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – introductory part 3. Member States
Amendment 201 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point a (a) the competent authority has confirmed that none of the circumstances referred to in Article 32(4) of Directive 2014/59/EU are present;
Amendment 202 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point a (a)
Amendment 203 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point a (a)
Amendment 204 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point a (a)
Amendment 205 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point a (a)
Amendment 206 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point a a (new) (aa) the DGS has confirmed that the intervention is necessary to preserve financial soundness and long-term viability of the credit institution;
Amendment 207 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point b (b) the DGS has confirmed that the cost of the measure does not exceed the
Amendment 208 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point b (b) the DGS has confirmed that the cost of the measure
Amendment 209 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3 – point c a (new) (ca) the credit institution has not benefitted in the last ten years from any extraordinary public financial support measures as defined in Article 32c of Directive 2014/59/EU, including DGSs preventive measures.
Amendment 210 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 3a (new) 3a. Member States may allow IPSs which are officially recognised as a DGS according to Article 4(2) to use the available financial means for preventive measures for the benefit of a credit institution where: (a) the resolution authority has not taken any resolution action under Article 32 of Directive 2014/59/EU; (b) the DGS is a system certified according to Article 133(7) of Regulation (EU) No 575/2013; (c) all of the conditions laid down in Articles 11f are met.
Amendment 211 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 4 – point a (a) the need to repay depositors or to intervene in resolution arises and the available financial means of the DGS amount to less than two-thirds of the target level;
Amendment 212 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 4 – point b (b) the available financial means of the DGS fall below
Amendment 213 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 5 5. Where a credit institution is wound up in accordance with Article 32b of Directive 2014/59/EU in order to exit the market or terminate its banking activity, Member States may allow DGSs to use the available financial means for alternative measures to preserve the access of depositors to their deposits, including the transfer of assets and liabilities and a deposit book transfer,
Amendment 214 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 5 5. Where a credit institution is wound up in accordance with Article 32b of Directive 2014/59/EU in order to exit the market or terminate its banking activity, Member States
Amendment 215 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 5 5. Where a credit institution is wound up in accordance with Article 32b of Directive 2014/59/EU in order to exit the market or terminate its banking activity, Member States
Amendment 216 #
Proposal for a directive Article 1 – paragraph 1 – point 12 Directive 2014/49/EU Article 11 – paragraph 5a (new) 5a. Member States shall ensure that where DGSs perform measures as referred to in paragraphs (2), (3) and (5) of this article, the available financial means disbursed should be limited to 50% of their target level pursuant to Article 10.
Amendment 217 #
Proposal for a directive Article 1 – paragraph 1 – point 13 – introductory part (13) the following Articles 11a to 11
Amendment 218 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 1.
Amendment 219 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – introductory part 1.
Amendment 220 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – introductory part 1.
Amendment 221 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – introductory part 1.
Amendment 222 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point a (a) the request of a credit institution for the financing of such preventive measures is accompanied by a note committing to a restructuring plan to ensure or restore long-term viability and compliance with the supervisory requirements applicable to the institution concerned in accordance with Directive 2013/36/EU and Regulation (EU) No 575/2013, containing measures as referred to in Article 11b and approved by the competent authority;
Amendment 223 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point a (a) the request of a credit institution for the financing of such preventive measures is accompanied by a note committing to a restructuring plan to ensure or restore long-term viability and compliance with the supervisory requirements applicable to the institution concerned in accordance with Directive 2013/36/EU and Regulation (EU) No 575/2013, containing measures as referred to in Article 11b ;
Amendment 224 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point a (a) the request of a credit institution for
Amendment 225 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point b Amendment 226 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point b (b)
Amendment 227 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point b (b) the credit institution or the DGS has consulted the competent authority on the measures envisaged in the note referred to in Article 11b (1) to (5);
Amendment 228 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point c (c) the use of preventive measures by the DGS is linked to conditions imposed on the supported credit institution, involving at least more stringent risk monitoring of the credit institution with corresponding governance arrangements for monitoring and greater verification rights for the DGS
Amendment 229 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point d (d) the use of the preventive measures by the DGS is conditional upon the
Amendment 230 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f (f) the credit institution complies with its obligations under this Directive, has not already been subject to a preventive measure in the last 5 years and has fully reimbursed any other previous
Amendment 231 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f (f) the credit institution complies with its obligations under this Directive, has not already been subject to a preventive measure in the past, and has fully reimbursed any other previous
Amendment 232 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f (f) the credit institution complies with its obligations under this Directive
Amendment 233 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f (f) the credit institution complies with its obligations under this Directive
Amendment 234 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f a (new) (fa) The envisaged amount of support does not exceed 50% of the deposit guarantee schemes’ available financial means;
Amendment 235 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f a (new) (fa) the measures are confined to solvent institutions or entities, as confirmed by the competent authority;
Amendment 236 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f b (new) (fb) the measures are not used to offset losses that the institution or entity has incurred or is likely to incur in the near future.
Amendment 237 #
Proposal for a directive Article 1 – paragraph 1 – point 13 (fb) the measures are confined to solvent institutions or entities, as confirmed by the competent authority;
Amendment 238 #
Proposal for a directive Article 1 – paragraph 1 – point 13 (fc) the measures are of a precautionary and temporary nature and are based on a pre-defined exit strategy approved by the competent authority, including a clearly specified termination date, sale date or repayment schedule for any of the measures provided;
Amendment 239 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – point f d (new) (fd) the measures are not used to offset losses that the institution or entity has incurred or is likely to incur in the near future.
Amendment 240 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – subparagraph 1a (new) 1a. For the purposes of the first subparagraph, point (fb), an institution or entity shall be deemed to be solvent where the competent authority has concluded that no breach has occurred, or is likely to occur in the 12 following months, of any of the requirements referred to in Article 92(1) of Regulation (EU) No 575/2013, Article 104a of Directive 2013/36/EU, Article 11(1) of Regulation (EU) 2019/2033, Article 40 of Directive (EU) 2019/2034 or the relevant applicable requirements under Union or national law.
Amendment 241 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – subparagraph 1a (new) 1a. For the purposes of the first subparagraph, point (fa), an institution or entity shall be deemed to be solvent where the competent authority has concluded that no breach has occurred, or is likely to occur in the 12 following months, of any of the requirements referred to in Article 92(1) of Regulation (EU) No 575/2013, Article 104a of Directive 2013/36/EU, Article 11(1) of Regulation (EU) 2019/2033, Article 40 of Directive (EU) 2019/2034 or the relevant applicable requirements under Union or national law.
Amendment 242 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – subparagraph 1b (new) 1b. For the purposes of the first subparagraph, point (fd), the relevant competent authority shall quantify the losses that the institution or entity has incurred or is likely to incur. That quantification shall be based, as a minimum, on asset quality reviews conducted by the European Central Bank, EBA or national authorities, or, where appropriate, on on-site inspections conducted by the competent authority. Where such exercises cannot be undertaken in due time, the competent authority can base its evaluation on the institution or entity’s balance sheet, provided that the balance sheet complies with the applicable accounting rules and standards, as confirmed by an independent external auditor. The competent authority should make its best efforts to ensure that the quantification is based on the market value of the institution or entity’s assets, liabilities and off-balance sheet items.
Amendment 243 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 1 – subparagraph 1c (new) 1c. If the evaluation is based on the institution or entity’s balance sheet, the support measures granted to the institution or entity shall encompass a clawback mechanism based on an ex-post quantification of losses at the time the support was granted, conducted by the competent authority.
Amendment 244 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Member States shall ensure that the requirements of this Article are applied proportionately to national institutional protection schemes so as not to unduly hinder the operation of their preventive measures.
Amendment 245 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 3 3. Member States shall ensure that DGSs
Amendment 246 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 3 3. Member States shall ensure that DGSs
Amendment 247 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 4 4. Member States shall ensure that the DGS which uses its available financial means for capital support measures, where the conditions under Article 11b are met, transfers its holdings of shares or other capital instruments in the supported credit institution to the private sector as soon as commercial and financial circumstances allow.
Amendment 248 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 4a (new) 4a. EBA shall develop draft guidelines to specify the following: (a) the conditions referred to under paragraph 1, point (c); (b) the monitoring systems and decision making systems that DGSs are to have in place in accordance with paragraph 2. EBA shall submit those guidelines to the Commission by ... [one year after the date of entry into force of this amending Directive].
Amendment 249 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11a – paragraph 4a (new) 4a. EBA shall develop draft guidelines to specify the following: (a) the conditions referred to under paragraph 1, point (c); (b) the monitoring systems and decision making systems that DGSs are to have in place in accordance with paragraph 2. EBA shall submit those guidelines to the Commission by ... [one year after the date of entry into force of this amending Directive].
Amendment 250 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 1 1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority
Amendment 251 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 1 1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority
Amendment 252 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 1 1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority for
Amendment 253 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 1 1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority for
Amendment 254 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 1 1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority for
Amendment 255 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 2 2. The
Amendment 256 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 2a (new) 2a. Where the financial means of a DGS are used for preventive measures in accordance with paragraph 3, the competent authority shall require the beneficiary credit institution to update the recovery plan referred to in Article 5 or 7 of Directive 2014/59/EU, as applicable. The competent authority shall direct the supported credit institution to implement the measures referred to in Article 6(6), third subparagraph, of Directive 2014/59/EU.
Amendment 257 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 2a (new) 2a. Where the financial means of a DGS are used for preventive measures in accordance with paragraph 3, the competent authority shall require the beneficiary credit institution to update the recovery plan referred to in Article 5 or 7 of Directive 2014/59/EU, as applicable.
Amendment 258 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 3 3. Member States shall ensure that in the event of a capital support measure, the
Amendment 259 #
Proposal for a directive Article 1 – paragraph 1 – point 13 3. Member States shall ensure that in the event of a capital support measure, the note referred to in paragraph 1 identifies all capital raising measures that can be implemented, including safeguards preventing outflows of funds, a forward- looking capital adequacy assessment, and, a
Amendment 260 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 3a (new) 3a. In the event of a capital support measure, Member States shall ensure that shareholders and subordinated debt holders of the supported credit institution have contributed to reducing the capital shortfall. Such contributions shall take the form of the writing down and converting of capital instruments and eligible liabilities in accordance with Articles 59 to 62 of Directive 2014/59/EU by the competent authorities or the resolution authorities. Member States shall ensure that no preventive measures in the form of capital support financed by DGSs are undertaken before the requirements set out in the first subparagraph are met.
Amendment 261 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 3a (new) 3a. In the event of a capital support measure, Member States shall ensure that shareholders and debt holders of the supported credit institution have contributed to reducing the capital shortfall to the maximum extent.
Amendment 262 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 5 5.
Amendment 263 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 5 5.
Amendment 264 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 5a (new) 5a. It shall be ensured that the deposit guarantee scheme is properly remunerated for the preventive measure and that the beneficiary credit institution, its shareholders, its creditors or the business group to which it belongs, contribute significantly to the restructuring or liquidation costs from their own resources. Preventive measures to support liquidity provision shall be temporary, shall not be used to absorb losses and shall not become capital support. Proper remuneration shall be paid to the deposit guarantee scheme for the preventive measures granted to support liquidity provision.
Amendment 265 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 5a (new) 5a. It shall be ensured that the DGS is properly remunerated for the preventive measure and that the beneficiary credit institution, its shareholders, its creditors or the business group to which it belongs, contribute significantly to the restructuring or liquidation costs from their own resources. Preventive measures to support liquidity provision shall be temporary, shall not be used to absorb losses and shall not become capital support. Proper remuneration shall be paid to the DGS for the preventive measures granted to support liquidity provision.
Amendment 266 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6 6.
Amendment 267 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6 6.
Amendment 268 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6 6.
Amendment 269 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6 Amendment 270 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6 6. Where the Union State aid framework is applicable, Member States shall ensure that the measures envisaged in the
Amendment 271 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6a (new) 6a. Member States shall ensure that, by way of derogation from paragraphs (1) to (5) of this Article, for member institutions of an IPS referred to in of Article 1(2), point (c), of this Directive, the following shall apply: When granting a preventive measure, the IPS requires and the credit institution is obliged to prepare and submit to the IPS a comprehensive restructuring concept within a reasonable period of time after the measure is granted, showing the way to restore the basic profitability of the institution. This includes compliance with the regulatory requirements applicable to the credit institution concerned.
Amendment 272 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6a (new) 6a. The competent authority shall provide the note to the resolution authority. The resolution authority may examine the note with a view to identifying any actions which may adversely impact the resolvability of the institution and make recommendations to the competent authority with regard to those matters. The resolution authority shall communicate its assessment and recommendations within the timeframe set by the competent authority.
Amendment 273 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6a (new) 6a. The competent authority shall have two weeks to approve the restructuring plan. When the competent authority deems the restructuring plan unsatisfactory, the envisaged preventive measure cannot be undertaken.
Amendment 274 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11b – paragraph 6a (new) 6a. The competent authority shall have two weeks to approve the restructuring plan. When the competent authority deems the restructuring plan unsatisfactory, the envisaged preventive measure cannot be undertaken.
Amendment 275 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 1 1. Member States shall ensure that where the credit institution fails to fulfil the commitments outlined in the
Amendment 276 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 2 2. In the situation referred to in paragraph 1, Member States shall ensure
Amendment 277 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 2 2. In the situation referred to in paragraph 1,
Amendment 278 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 3 3. Where the competent authority is not satisfied that the remediation plan is credible or feasible
Amendment 279 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 3 3. Where the
Amendment 280 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 3 3. Where the competent authority is not satisfied that the remediation plan is credible or feasible, the
Amendment 281 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 4 4. By … [OP – please insert the date =
Amendment 282 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 4 4. By … [OP – please insert the date =
Amendment 283 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11c – paragraph 4a (new) 4a. Member States shall ensure that, by way of derogation from paragraphs (1) to (4) of this Article, for member institutions of an IPS referred to in of Article 1 (2) point c) of this Directive, the following shall apply: Where the credit institution fails to fulfil the commitments outlined in the restructuring concept referred to in Article 11b paragraph (7), the IPS shall require and the institute is obliged to revise the concept describing the steps the credit institution will take to ensure or restore compliance with supervisory requirements and to ensure its long term viability. The IPS informs the competent authority thereof without delay.
Amendment 284 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11d – paragraph 1 1.
Amendment 285 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11d – paragraph 1 1.
Amendment 286 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11da (new) 1a. ‘Article 11da Support granted to portfolio transfers in alternative measures 1. Member States shall ensure that, where the DGS is used in accordance with Article 11(5) with respect to a credit institution, and provided that such action ensures that natural persons and micro, small and medium-sized enterprises continue to have access to their deposits, to prevent them from bearing losses, the DGS to which that credit institution is affiliated shall contribute the following amounts: (i) the amount necessary to cover the difference between the value of the covered deposits and of the liabilities with the same or a higher priority ranking, and the value of the assets of the institution under resolution which are to be transferred to a recipient; and (ii) where relevant, an amount necessary to ensure the capital neutrality of the recipient following the transfer. 2. Member States shall ensure that the available financial means used in accordance with Article 11(5) does not exceed 25% of DGS target level pursuant to Article 10. Should the amount needed from the DGS be greater than 25% of its target level, the affiliated credit institutions shall immediately provide the DGS with the means needed to finance the remaining part, where necessary in the form of extraordinary contributions.
Amendment 287 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 1 – point a (a) the estimated direct cost for the DGS to finance the measures referred to in Article
Amendment 288 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 1 – point b (b) the estimated direct cost of repaying depositors in accordance with Article 8(1).
Amendment 289 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 2 – point a (a)
Amendment 290 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 2 – point b Amendment 291 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 2 – point c (c)
Amendment 292 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 2 – point c (c) for the measures referred to in Article 11(2), (3) and (5), when estimating the cost of repaying depositors, as referred to in paragraph 1, point (b), the DGS shall take into account the expected ratio of recoveries
Amendment 293 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 2 – point d Amendment 294 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 2 – point d (d) for the measures referred to in
Amendment 295 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/59/EU Article 11e – paragraph 3 3. Member States shall ensure that the amount used to finance the resolution of credit institutions, as referred to in Article 11(2)
Amendment 296 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 4a (new) 4a. As soon as possible after performing alternative measures, Member States shall ensure that DGS publish a summary of the core elements of the calculation made as per this Article. It shall notably comprise the net recovery rate derived from the estimated cost of repaying depositors for the DGS and a broad justification of the related underlying assumptions.
Amendment 297 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5 Amendment 298 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5 The EBA, taking into account the regulatory technical standards developed in accordance with Article 36(15) of Directive 2014/59/EU and adopted pursuant to Article 36(16) thereof, shall develop draft regulatory technical standards to specify:
Amendment 299 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5 The EBA shall develop
Amendment 300 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5 – point b (b) the methodology for the calculation of the estimated cost of repaying depositors referred to in paragraph 1, point (b), including the estimated ratio of recoveries referred to in paragraph 2, point (c), which shall take into account the specific features of the Member State concerned;
Amendment 301 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/59/EU Article 11e – paragraph 5 – subparagraph 2 For the calculation of the estimated cost of
Amendment 302 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5 – subparagraph 3 Amendment 303 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Amendment 304 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5a (new) 5a. Member States shall ensure that where a DGS faces a liquidity shortfall, it can access the EU credit line and guarantee managed by the SRB. No additional contributions should be requested to finance the EU credit line and guarantee. The requesting DGS shall inform EBA and the SRB without delay and state the reasons why and the amount of money requested to address its liquidity shortfall. Member States shall ensure that the DGS informs the SRB as soon as it anticipates a risk of a liquidity shortfall. Where a DGS has exhausted its recourse to the EU credit line, Member States shall ensure that DGSs located in other Member States provide the DGS with the liquidity shortfall with the necessary financial means to perform its functions in accordance with Article 11. The liquidity shortfall referred to in paragraph 1 shall be calculated as the total amount of covered deposits that is held by the credit institution at the time of the payout event or the amount of the available financial means used by the DGS to finance preventive or alternative measures as referred to in Article 11(3) and (5), minus the following: (a) the amount of available financial means the DGS has raised in accordance with Article 10 (1); (b) the amount of extraordinary contributions within the meaning of Article 10(8) that the DGS can raise within five days of the payout event or the amount of alternative funding arrangements and ex-post contributions that the DGS can raise within five days of financing the use of preventive or alternative measures. In cases where the DGS is used in resolution proceedings in accordance with Article 11(2), its liquidity shortfall shall be the amount determined by the resolution authority in accordance with Article 79 of Regulation (EU) 806/2014 minus the amount of the available financial means of the DGS. Paragraphs 1 to 1c of this Article may apply in cases where the DGS encounters a payout event or in the context of measures referred to in Article 11 (2), (3) and (5) of this Directive."
Amendment 305 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/49/EU Article 11e – paragraph 5b (new) Amendment 306 #
Proposal for a directive Article 1 – paragraph 1 – point 13 a (new) Directive 2014/49/EU Article 11f (new) (13a) the following Article 11f is inserted: Preventive measures by IPSs 1. By way of derogation from Articles 11a to 11e, IPSs officially recognised as DGSs according to Article 4(2) may use the available financial means for preventive measures referred to in Article 11(3a) provided that the following conditions are met: (a) the credit institution requesting financing of the preventive measures shall be obliged to present a plan to ensure or restore compliance of the credit institution with the supervisory requirements set forth in Directive 2013/36/EU and Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013; (b) the competent authority has been consulted by the IPS on the preventive measures and the conditions imposed on the supported credit institution; (c) the use of preventive measures by the IPS is linked to conditions imposed on the supported credit institution, involving at least more stringent risk monitoring of the credit institution and greater verification rights for the IPS; (d) the use of preventive measures by the IPS is conditional on the credit institution’s commitments to secure access to covered deposits; (e) the ability of the affiliated credit institutions to pay the extraordinary contributions in accordance with Article 11(4) is confirmed; and (f) the costs of the measures do not exceed the costs of fulfilling the IPS’s statutory or contractual mandate which is recognised as fulfilling the criteria laid down in Art. 113(7) of Regulation (EU) No. 575/2013. 2. Member States shall ensure that IPSs have monitoring systems and appropriate procedures in place for selecting and implementing preventive measures and monitoring affiliated risks. 3. Such preventive measures carried out by an IPS shall not lead to the determination that the credit institution is failing or is likely to fail in the sense of Article 32(1) of Directive 2014/59/EU or Article 18(1) of Regulation (EU) 806/2014.
Amendment 307 #
Proposal for a directive Article 1 – paragraph 1 – point 13 a (new)Directive 2014/49/EU Article 11f (new) (13a) the following Article 11 f is inserted: Article 11f Preventive Measures by Institutional Protection Schemes 1. By way of derogation from Article 11 (3) and Articles 11a to 11e, Member States may allow an IPS falling under Article 1(2)(c) to use the available financial means for measures in order to prevent the failure of a credit institution provided that the following conditions are met: (a) the resolution authority has not taken any resolution action under Article 32 of Directive 2014/59/EU; (b) the IPS has appropriate systems and procedures in place for selecting and implementing alternative measures and monitoring affiliated risks which do not exceed the costs of fulfilling the statutory or contractual mandate of the IPS; (c) the use of these measures is accompanied by conditions for the supported credit institution, including more stringent risk monitoring and commitments as regards to securing access to covered deposits; (d) the credit institution requesting financing of the preventive measures shall be obliged to present a plan to ensure or restore compliance of the credit institution with the supervisory requirements set forth in Directive 2013/36/EU and Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013. 2. Member States shall ensure that the competent authority has been consulted by the IPS on the preventive measures and the conditions imposed on the supported credit institution. They shall also verify the IPSs monitoring systems and decision-making procedures meet the conditions of this Article.
Amendment 308 #
Proposal for a directive Article 1 – paragraph 1 – point 13 Directive 2014/59/EU Article 11f (new) Article 11f Preventive measures by IPS 1. Where the institution is a member of a recognized IPS under Article 1(2), point (c), the IPS shall be consulted by the resolution authority prior to taking any resolution measures and shall be given the opportunity to implement preventive measures. 2. By way of derogation from Articles 11a to 11e, Member States may allow an IPSs to use the available financial means for preventive measures referred to in Article 11(3), point (b), provided that the following conditions are met: (a) the competent authority has been consulted by the IPS on the preventive measures and the conditions imposed on the supported credit institution; (b) the credit institution requesting financing of the preventive measures shall be obliged to present a plan to ensure or restore compliance of the credit institution with the supervisory requirements set forth in Directive 2013/36/EU and Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013; (c) the use of preventive measures by the IPS is conditional on the credit institution’s commitments to secure access to covered deposits; (d) the use of preventive measures by the IPS is linked to conditions imposed on the supported credit institution, involving at least more stringent risk monitoring of the credit institution and greater verification rights for the IPS; (e) the ability of the affiliated credit institutions to pay the extraordinary contributions in accordance with Article 11(4) is confirmed; (f) the costs of the measures do not exceed the costs of fulfilling the IPS’s statutory or contractual mandate which is recognised as fulfilling the criteria laid down in Art. 113(7) of Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013. External costs in society as well as in the network of the institutional protection scheme are taken into account. 3. Member States shall ensure that IPSs have monitoring systems and decision making procedures in place that are appropriate for selecting and implementing preventive measures and monitoring affiliated risks. 4. Such preventive measures carried out by an IPS shall not lead to the determination that the credit institution is failing or is likely to fail in the sense of Article 32 (1) of Directive 2014/59/EU or Art. 18 (1) of Regulation (EU) 806/2014.’
Amendment 309 #
Proposal for a directive Article 1 – paragraph 1 – point 13 a (new) Directive 2014/49/EU Article 12a (new) Amendment 310 #
Proposal for a directive Article 1 – paragraph 1 – point 13 a (new) Directive 2014/49/EU Article 13 – paragraph 1 (13a) Article 13(1) is replaced by the following: “1. The contributions to DGSs referred to in Article 10 shall be based on the amount of covered deposits and the degree of risk incurred by the respective members of any single DGS. Member States may provide for lower contributions for low-risk sectors of credit institutions affiliated to a DGS which are regulated under national law. Member States may decide that members of an IPS pay lower contributions to the DGS to which they are affiliated. Member States may allow the central body and all credit institutions permanently affiliated to the central body as referred to in Article 10(1) of Regulation (EU) No 575/2013 to be subject as a whole to the risk weight determined for the central body and its affiliated institutions on a consolidated basis. Member States may decide that credit institutions pay a minimum contribution, irrespective of the amount of their covered deposits.”
Amendment 311 #
Proposal for a directive Article 1 – paragraph 1 – point 13 a (new) Directive 2014/49/EU Article 13 – paragraph 1 – subparagraph 3 (13a) In Article 13(1), the third subparagraph is replaced by the following: Member States may decide that members of an IPS pay lower contributions to the DGS of which they are a member.
Amendment 312 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point c Directive 2014/49/EU Article 14 – paragraph 2a 2a. Member States shall ensure that a DGS of a host Member State may, subject to an agreement with a DGS of a home Member State, act as the point of contact for depositors at credit institutions that exercise the freedom to provide services as referred to in Title V, Chapter 3, of Directive 2013/36/EU, and shall be
Amendment 313 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/49/EU Article 14 – paragraph 3 3. Member States shall ensure that where a credit institution ceases to be member of a DGS and joins a DGS of another Member State, or if some of the credit institution’s activities are transferred to a DGS of another Member State, the DGS of origin shall transfer to the receiving DGS
Amendment 314 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/49/EU Article 14 – paragraph 3 3. Member States shall ensure that where a credit institution ceases to be member of a DGS and joins a DGS of another Member State, or if some of the credit institution’s activities are transferred to a DGS of another Member State, the DGS of origin shall transfer to the receiving DGS
Amendment 315 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/49/EU Article 14 – paragraph 3 3. Member States shall ensure that where a credit institution ceases to be member of a DGS and joins a DGS of another Member State, or if some of the credit institution’s activities are transferred to a DGS of another Member State, the DGS of origin shall transfer to the receiving DGS the contributions
Amendment 316 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/49/EU Article 14 – paragraph 3 3. Member States shall ensure that
Amendment 317 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point d Directive 2014/49/EU Article 14 – paragraph 3b (new) 3b. In order to specify the methodology for calculating the contributions to be transferred in accordance with paragraph 3, the EBA shall draft Regulatory technical standards within 6 months from the entry into force of this regulation.
Amendment 318 #
Proposal for a directive Article 1 – paragraph 1 – point 14 – point e Directive 2014/59/EU Article 14 – paragraph 3a 3a. For the purposes of paragraph 3, Member States shall ensure that the DGS of origin transfers the amount referred to in that paragraph within
Amendment 319 #
Proposal for a directive Article 1 – paragraph 1 – point 16 Directive 2014/49/EU Article 15a – subparagraph 1a (new) The EBA shall issue guidelines specifying the circumstances in which designated authorities should approve the coverage of depositors at branches that have been set up in third countries by DGSs’ member credit institutions.
Amendment 320 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point c Directive 2014/49/EU Article 16 – paragraph 2 2. Member States shall ensure that credit institutions provide the information sheet referred to in paragraph 1 before they enter into a contract on deposit-taking
Amendment 321 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point c Directive 2014/59/EU Article 16 – paragraph 2 2. Member States shall ensure that credit institutions provide the information sheet referred to in paragraph 1 before they enter into a contract on deposit-taking
Amendment 322 #
Proposal for a directive Article 1 – paragraph 1 – point 17 – point g Directive 2014/59/EU Article 16 – paragraph 7a 7a. Member States shall ensure that
Amendment 323 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/49/EU Article 16a – paragraph 3 3. Member States shall ensure that, by 31 March each year, DGSs inform the EBA and the SRB of the amount of covered deposits in their Member State on 31 December of the preceding year. By the same date, DGSs shall also report to the EBA and the SRB the amount of their available financial means, including the share of borrowed resources, payment commitments and the timeline for reaching the target level
Amendment 324 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/59/EU Article 16a – paragraph 3 3. Member States shall ensure that, by 31 March each year, DGSs inform the EBA of the amount of covered deposits in their Member State on 31 December of the preceding year. By the same date, DGSs shall also report to the EBA the amount of their available financial means,
Amendment 325 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/49/EU Article 16a – paragraph 4 – subparagraph 1 – introductory part Member States shall ensure that the designated authorities notify the EBA and the Single Resolution Board, without undue delay, about all of the following:
Amendment 326 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/59/EU Article 16a – paragraph 4 – point b (b) whether any of the measures referred to in Article 11(2), (3) and (5) have been applied and the amount of funds used in accordance with Article 8(1) and Article 11(2), (3) and (5)
Amendment 327 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/59/EU Article 16a – paragraph 4 Amendment 328 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/59/EU Article 16a – paragraph 6 6. Member States shall ensure that the resolution authorities of the credit institutions which are a member of a DGSs provide that DGS
Amendment 329 #
Proposal for a directive Article 1 – paragraph 1 – point 18 Directive 2014/49/EU Article 16a – paragraph 6 6. Member States shall ensure that the resolution authorities of the credit institutions which are a member of a DGSs provide that DGS
Amendment 330 #
Proposal for a directive Article 2 – paragraph 2 2. By way of derogation from Article 11(3) of Directive 2014/49/EU, as amended by this Directive, and Articles 11a, 11b, 11c and 11e in relation to preventive measures, until [OP – please insert the date =
Amendment 331 #
Proposal for a directive Article 3 – paragraph 1 – subparagraph 2 They shall apply those provisions from … [OP – please insert the date = 24 months after the date of entry into force of this Directive]. However, they shall apply the provisions necessary to comply with Article 11(3), as amended by this Directive, and Articles 11a, 11b, 11c and 11e in relation to preventive measures from … [PO – please insert the date =
Amendment 332 #
Proposal for a directive Article 3 – paragraph 1 – subparagraph 2 Directive 2014/49/EU Article 3 – paragraph 1 – subparagraph 2 They shall apply those provisions from … [OP – please insert the date = 24 months after the date of entry into force of this
Amendment 83 #
Proposal for a directive Recital 1 a (new) (1a) The ongoing review of the Union crisis management and deposit insurance framework is intended to pave the way towards the long-due completion of the banking union, including the establishment of a European deposit insurance scheme. A first step in that direction is the establishment of an EU credit line or guarantee provided by a dedicated fund to be established and managed by the Single Resolution Board (SRB) within its available financial means, to depleted, or close to being depleted, national DGSs. Where both the requesting DGS and the EU credit line and guarantee are depleted, other existing DGSs within the Union should step in to provide the depleted DGS with the necessary financial means to perform its functions.
Amendment 84 #
Proposal for a directive Recital 1 a (new) (1a) The target levels of the resolution financing arrangements and the DGSs were determined in 2014 to withstand severe adverse shocks to the banking system given the loss absorption capacity of the system at the time. As a result of the reforms undertaken since 2014, the loss absorption capacity of European banks has significantly improved, with the increase of capital and liquidity ratios, the build-up of high MREL buffers, and the halving of the level of non-performing loans. As a result, the same target level of the various funds now enables to withstand a much more severe economic shocks.
Amendment 85 #
Proposal for a directive Recital 1 a (new) (1a) At present, the banking union rests on just two of its intended three pillars, namely, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). It therefore remains incomplete, due to the absence of its third pillar, the European deposit insurance scheme (EDIS). The completion of the banking union forms an integral part of economic and monetary union and of financial stability, most notably by mitigating the risks of so-called ‘doom loop’ that arise as a result of the bank-sovereign nexus.
Amendment 86 #
Proposal for a directive Recital 1 a (new) (1a) The Banking Union is a fundamental pillar of the Economic and Monetary Union (EMU) and its development has been essential to guaranteeing the stability and resilience of the banking sector, including by way of the Single Supervisory Mechanism and the Single Resolution Mechanism. Unfortunately, the Banking Union is not yet complete, owing to the slow adoption of a European deposit insurance scheme (EDIS).
Amendment 87 #
Proposal for a directive Recital 1 a (new) (1a) The Union crisis management framework should ensure at all times that losses are not being socialised and taxpayers’ resources are not employed to aid or rescue credit institutions in difficulty, unless in extraordinary circumstances of a systemic nature or pertaining to very large economic turmoil.
Amendment 88 #
Proposal for a directive Recital 1 b (new) (1b) The Union crisis management framework should ensure at all times that losses are not being socialised and taxpayers’ resources are not employed to aid or rescue credit institutions in difficulty, unless in extraordinary circumstances of a systemic nature or pertaining to very large economic turmoil.
Amendment 89 #
Proposal for a directive Recital 3 (3) To support further convergence of DGSs’ practices and assist DGSs in testing their resilience, the European Banking Authority (EBA) should
Amendment 90 #
Proposal for a directive Recital 3 (3) To support further convergence of DGSs’ practices and assist DGSs in testing their resilience, the European Banking Authority (EBA) should
Amendment 91 #
Proposal for a directive Recital 4 (4) Pursuant to Article 5(1), point (d), of Directive 2014/49/EU, deposits of certain financial institutions, including investment firms are excluded from coverage by the DGS. However, the funds that those financial institutions receive from their clients and that they deposit in a credit institution on behalf of their clients, in the
Amendment 92 #
Proposal for a directive Recital 5 (5) The range of depositors that are currently protected through repayment by a DGS is motivated by the wish to protect non-professional investors, while professional investors are deemed not to need such protection. For that reason, public authorities sha
Amendment 93 #
Proposal for a directive Recital 5 (5) The range of depositors that are currently protected through repayment by a DGS is motivated by the wish to protect non-professional investors, while professional investors are deemed not to need such protection. For that reason, public authorities sha
Amendment 94 #
Proposal for a directive Recital 5 (5) The range of depositors that are currently protected through repayment by a DGS is motivated by the wish to protect non-professional investors, while professional investors are deemed not to need such protection. For that reason, public authorities have been excluded from coverage. However, most public authorities (which in some Member States include schools and hospitals) cannot be considered to be professional investors.
Amendment 95 #
Proposal for a directive Recital 5 (5) The range of depositors that are currently protected through repayment by a
Amendment 96 #
Proposal for a directive Recital 7 (7) During a real estate transaction, the funds can transit through different accounts prior to the actual settlement of the transaction. Therefore, to protect depositors going through real estate transactions in a homogenous manner, protection of temporary high balances should apply to the proceeds of a sale as well as to the funds deposited for a purchase of a private residential property
Amendment 97 #
Proposal for a directive Recital 16 (16) Article 9 of Directive 2014/49/EU provides that where a DGS makes payments in the context of resolution proceedings, the DGS should have a claim against the credit institution concerned for an amount equal to its payments and that claim should rank pari passu with covered deposits. That provision does not distinguish between a DGS’s contribution when an open-bank bail-in tool is used, and DGS’s contribution to the financing of a transfer strategy (sale of business or bridge institution tool) followed by liquidation of the residual entity. To ensure clarity and legal certainty with respect to the existence and amount of a DGS’s claim in different scenarios, it is necessary to specify that when the DGS contributes to support the application of the sale of business tool or of the bridge institution tool, or alternative measures, whereby a set of assets, rights and liabilities, including deposits, of the credit institution are transferred to a recipient, that DGS should have a claim against the residual entity in its subsequent winding-up proceedings under national law. To ensure that the shareholders and creditors of the credit institution left behind in the residual entity effectively absorb the losses of that credit institution and improve the possibility of repayments in insolvency to the DGS, the DGS claim should have the same ranking as
Amendment 98 #
Proposal for a directive Recital 16 (16) Article 9 of Directive 2014/49/EU provides that where a DGS makes payments in the context of resolution proceedings, the DGS should have a claim against the credit institution concerned for an amount equal to its payments and that claim should rank pari passu with covered deposits. That provision does not distinguish between a DGS’s contribution when an open-bank bail-in tool is used, and DGS’s contribution to the financing of a transfer strategy (sale of business or bridge institution tool) followed by liquidation of the residual entity. To ensure clarity and legal certainty with respect to the existence and amount of a DGS’s claim in different scenarios, it is necessary to specify that when the DGS contributes to support the application of the sale of business tool or of the bridge institution tool, or alternative measures, whereby a set of assets, rights and liabilities, including deposits, of the credit institution are transferred to a recipient, that DGS should have a claim
Amendment 99 #
Proposal for a directive Recital 18 (18) Pursuant to Article 10(2) of Directive 2014/49/EU, Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0,8 % of the amount of the covered deposits of its members. To objectively assess whether DGSs fulfil that requirement, a clear reference period should be set to determine the amount of covered deposits and DGSs’ available
source: 754.693
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docs/6/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2024-0154_EN.html
|
events/3/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2024-0154_EN.html
|
docs/6/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2024-0154_EN.html
|
events/3/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2024-0154_EN.html
|
docs/6/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2024-0154_EN.html
|
events/3/docs/0/url |
https://www.europarl.europa.eu/doceo/document/A-9-2024-0154_EN.html
|
docs/6 |
|
events/2 |
|
events/3 |
|
forecasts/0 |
|
procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament's position in 1st reading |
docs/6 |
|
events/2 |
|
events/3 |
|
forecasts/0 |
|
procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament's position in 1st reading |
events/2 |
|
forecasts/0 |
|
events/2 |
|
forecasts/0 |
|
events/2 |
|
forecasts/0 |
|
events/2 |
|
forecasts/0 |
|
forecasts/0 |
|
forecasts/0/date |
Old
2024-03-11T00:00:00New
2024-03-20T00:00:00 |
forecasts/0/date |
Old
2024-03-11T00:00:00New
2024-03-20T00:00:00 |
forecasts/0/date |
Old
2024-03-11T00:00:00New
2024-03-20T00:00:00 |
forecasts/0 |
|
forecasts |
|
forecasts |
|
committees/0 |
|
committees/0 |
|
forecasts |
|
forecasts |
|
docs/5 |
|
docs/2/docs/0/url |
Old
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2023:255:TOCNew
https://eur-lex.europa.eu/oj/daily-view/L-series/EN/TXT/?uri=OJ:C:2023:255:TOC |
docs/3/docs/1/url |
Old
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2023:307:TOCNew
https://eur-lex.europa.eu/oj/daily-view/L-series/EN/TXT/?uri=OJ:C:2023:307:TOC |
docs/5/date |
Old
2023-10-01T00:00:00New
2023-10-02T00:00:00 |
docs/5 |
|
docs/4 |
|
forecasts |
|
procedure/Legislative priorities |
|
docs/3 |
|
docs/2 |
|
events/1 |
|
procedure/dossier_of_the_committee |
|
procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
committees/0/rapporteur |
|
committees/0 |
|
committees/0 |
|
committees/0/shadows/1 |
|
committees/0 |
|
committees/0 |
|
committees/0/shadows |
|
commission |
|
committees/2/opinion |
False
|
committees/1 |
|
committees/1/opinion |
False
|
committees/2 |
|
docs/0 |
|
events/0/summary |
|
docs/0/docs/1 |
|
events/0/docs/1 |
|