Procedure : 2016/2743(DEA)
Document stages in plenary
Document selected : B8-0868/2016

Texts tabled :

B8-0868/2016

Debates :

Votes :

PV 06/07/2016 - 6.15
Explanations of votes

Texts adopted :


MOTION FOR A RESOLUTION
PDF 256kWORD 68k
29.6.2016
PE585.305v01-00
 
B8-0868/2016

pursuant to Rule 105(4) of the Rules of Procedure


on the Commission delegated regulation of 23 May 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities. (C(2016)2976 – 2016/2743(DEA))


Philippe Lamberts on behalf of the Verts/ALE Group

European Parliament resolution on the Commission delegated regulation of 23 May 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities (C(2016)2976 – 2016/2743(DEA))  
B8‑0868/2016

The European Parliament,

–  having regard to the Commission delegated regulation (C(2016)2976),

–  having regard to Article 290 of the Treaty on the Functioning of the European Union,

–  having regard to Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms(1), and in particular Article 45(2) thereof,

–  having regard to Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC(2), and in particular Article 13(1) thereof,

–  having regard to the draft regulatory technical standard submitted on 3 July 2015 by the European Banking Authority (EBA) under Article 45(2) of Directive 2014/59/EU,

–  having regard to Rule 105(4) of its Rules of Procedure,

A.  whereas Article 45(2) of Directive 2014/59/EU empowers the Commission, following submission of draft standards by the EBA, and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, to adopt delegated acts specifying assessment criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities (MREL);

B.  whereas on 17 December 2015 the Commission endorsed the draft regulatory technical standards with amendments in accordance with recital 23 and Article 10(1) of Regulation No (EU) 1093/2010;

C.  whereas on 9 February 2016 the EBA issued an Opinion for the Commission, expressing its dissent over some of its proposed amendments to the EBA final draft Regulatory Technical Standard (RTS) on the criteria for setting the minimum requirement for own funds and eligible liabilities (MREL);  

D.  whereas resolution funds have been established in order to provide resolution financing in exceptional circumstances where a resolution scheme cannot be executed using only the financial resources of the failing institution, and failure to execute the scheme would threaten financial stability or other resolution objectives;

E.  whereas a fair assessment of the criterion relating to ‘the need to ensure that an institution can be resolved […] in a way that meets the resolution objectives’ set out in Article 45(6)(a) of Directive 2014/59/EU will often require the resolution authority to consider whether the institution’s internal resources may not be sufficient and whether resolution financing arrangements might therefore need to be accessed; whereas such an assessment of whether resolution funds might need to be accessed in order to resolve the institution is of particular importance when the institution is of systemic significance and its disorderly failure would be likely to have adverse effects on financial stability;

F.  whereas the burden-sharing requirement that shareholders and creditors should make a contribution to loss absorption and recapitalisation of no less than 8 % of total liabilities and own funds before the resolution fund may be used for certain purposes, as established by Article 44(5) of Directive 2014/59/EU, represents an important constraint on the actions of resolution authorities; whereas it is therefore essential to take account of this constraint when assessing the criteria, laid down in Article 45(6)(a), relating to the ability to apply the resolution tools in a way that meets the resolution objectives in the case of systemically important institutions;

G.  whereas an assessment, for systemic institutions, of whether the burden-sharing requirements as established by Article 44(5) of Directive 2014/59/EU could be met represents a requirement which should be explicitly maintained in the delegated regulation in order to ensure consistency with the directive and provide legal certainty;

H.  whereas the Commission deleted two other provisions contained in the draft standards submitted by the EBA, which are important for the implementation of MREL and the bail-in regime, namely:

–  the removal of the test for downward adjustments to the recapitalisation amount and peer group reference for systemic institutions (Article 2(3)(c) of the draft);

–  the removal of the 48-month limit for the transitional period (Article 8(2) of the draft);

1.  Objects to the Commission delegated regulation supplementing Directive 2014/58/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities;

2.  Instructs its President to forward this resolution to the Commission and to notify it that the delegated regulation cannot enter into force;

3.  Calls on the Commission to submit a new delegated act which takes account of the following recommendations:

(a)  the assessment, for systemic institutions, of whether the burden-sharing requirements as established by Article 44(5) of Directive 2014/59/EU could be met (according to which shareholders and creditors should make a contribution to loss absorption and recapitalisation of no less than 8 % of total liabilities including own funds) should be explicitly maintained in the delegated regulation in order to ensure consistency with the directive and provide legal certainty;

(b)  the test for downward adjustments to the recapitalisation amount and peer group reference for systemic institutions (Article 2(3)(c) of the draft) should be maintained in the delegated regulation;

(c)  the 48-month limit for the transitional period (Article 8(2) of the draft) should be maintained in the delegated regulation;

4.  Instructs its President to forward this resolution to the Council and to the governments and parliaments of the Member States.

(1)

OJ L 173, 12.6.2014, p. 190.

(2)

OJ L 331, 15.12.2010, p. 12.

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