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Parliamentary questions
PDF 93kWORD 16k
17 May 2017
Question for written answer E-003394-17
to the Commission
Rule 130
Cora van Nieuwenhuizen (ALDE) , Sylvie Goulard (ALDE) , Petr Ježek (ALDE)

 Subject:  Impact of software on solvency
 Answer in writing 

Banks are still the main source of financing for the real economy in the EU, supporting the creation of growth and jobs. The digital transformation of our societies and economies requires banks to invest in developing innovative and technological capabilities, not least to meet consumer demand and fight cybercrime.

One of the key investments is in software. However, software investments by banks are restricted in the EU.

This follows from the fact that they are regarded as intangible assets, to be fully deducted from the Core Equity Tier 1 when calculating capital requirements. In this, the rules differ from those that apply to insurance companies located in the EU and to banks located in some third countries.

The consequence of this is not only that it undermines the level playing field among financial institutions in the EU, but also that it makes EU banks less competitive than those in some other jurisdictions, such as the United States.

Can the Commission explain the rationale for the fact that, as regards investment in software, banks are treated differently from insurance companies under Solvency II?

Can the Commission explain why the treatment of investment in software is not part of equivalence decisions?

Does the Commission intend to address the issue? If so, what concrete steps will it take?

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