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Parliamentary questions
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23 April 2020
Question for written answer
to the Commission
Rule 138
Gunnar Beck
 Answer in writing 
 Subject: Mandate for a delegated act to allow the Commission to adopt exceptional measures to address emergencies triggered by the COVID-19 crisis under Article 459 of the Capital Requirements Regulation.

Article 459 of the Capital Requirements Regulation (CRR) establishes the mandate for a delegated act to allow the Commission to make temporary adjustments in exceptional situations. In order to use these powers to adopt a delegated act, the prudential risks have to arise from ‘market developments’.

The reason for triggering this article seems to be the measures taken by the Member States (e.g. a shutdown of the economy) rather than COVID-19 itself, which only has a direct effect on national healthcare systems. It is not certain that the economic effects would be the same if national governments had adopted other measures, or no measures at all.

Therefore, it seems that the prudential requirements under CRR have to be adjusted because of government decisions, i.e. non-market developments, rather than market developments.

How does the Commission interpret ‘market conditions’?

Are government decisions considered inherent to the assessment of market conditions?

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