fice
the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts
the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses
the Oireachtas) Iris Oifigiúil /
ficial Gazette Revised Acts (LRC) Classified List
Legislation (LRC) Translations (acts.ie) Translations (Houses
the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.
the making
this Statutory Instrument was published in “Iris Oifigiúil”
24th November, 2015. I, PATRICK HONOHAN, Governor
the Central Bank
Ireland (the “Bank”), in the exercise
the powers conferred on the Bank, as designated resolution authority, by Regulation 166
the European Union (Bank Recovery and Resolution) Regulations 2015 (No. 289
2015) (the “Bank Recovery and Resolution Regulations”), hereby make, after having consulted with the Minister for Finance in accordance with Regulation 199 thereof, the following Regulations: Citation
1942” means Central Bank Act 1942 (No. 22
1942); “Bank and Investment Firm Resolution Fund” means the fund established pursuant to Regulation 163
the Bank Recovery and Resolution Regulations; “Commission Delegated Regulation” means Commission Delegated Regulation (EU) 2015/63
21 October 2014 supplementing Directive 2014/59/EU
the European Parliament and
the Council with regard to ex ante contributions to resolution financing arrangements1 ; “IFRS Regulation” means Regulation (EC) No 1606/2002
the European Parliament and
the Council
19 July 2002 on the application
international accounting standards2 ; “Levy period” means the calendar year 2015; “Limited Activity Investment Firms” means investment firms authorised in the State which fall within the definition
Regulation (EU) No 575/2013
the European Parliament and
the Council3 or investment firms authorised in the State which carry out activity 8
Annex I Section A
Directive 2004/39/EC
the European Parliament and
the Council4 but which do not carry out activities 3 or 6
Annex I Section A
that Directive; “OTC Regulation” means Regulation (EU) No 648/2012
the European Parliament and
the Council
4 July 2012 on OTC derivatives, central counterparties and trade repositories5 .
Regulation 166
the Bank Recovery and Resolution Regulations shall pay a levy in respect
the levy period to the Central Bank for the account
the Bank and Investment Firm Resolution Fund. Basis for contributions from all institutions 4. For the purposes
the Bank Recovery and Resolution Regulations and the Commission Delegated Regulation, the following shall apply: (
all institutions authorised in the State, for the levy period, is EUR 695,962,526,843. Determination
additional risk indicators for institutions to which the Commission Delegated Regulation applies 5. The additional risk indicators specified in Article 6
the Commission Delegated Regulation shall be determined by the resolution authority in accordance with the Schedule. Risk adjustment
contributions in respect
Union branches and Limited Activity Investment Firms 6.
its total liabilities, less own funds and covered deposits.
calculating the total liabilities
each Union branch and Limited Activity Investment Firm, the following liabilities shall be excluded: (a) the intragroup liabilities arising from transactions entered into by a Union branch or Limited Activity Investment Firm with an institution which is part
the same group, provided that all the following conditions are met: (
Regulation (EU) No 575/2013 on a full basis and is subject to an appropriate centralised risk evaluation, measurement and control procedures; and (iii) there is no current or foreseen material practical or legal impediment to the prompt repayment
the liability when due; (b) the liabilities created by a Union branch or Limited Activity Investment Firm, which is member
an IPS as referred to in point
Directive 2014/59/EU
the European Parliament and
the Council6 and which has been allowed by the competent authority to apply Article 113
Regulation (EU) No 575/2013, through an agreement entered into with another institution which is member
the same IPS; (c) in the case
a central counterparty established in a Member State having availed itself
the option in Article 14
the OTC Regulation, liabilities related to clearing activities as defined in Article 2
the OTC Regulation, including those arising from any measures the central counterparty takes to meet margin requirements, to set up a default fund and to maintain sufficient pre-funded financial resources to cover potential losses as part
the default waterfall in accordance with the OTC Regulation, as well as to invest its financial resources in accordance with Article 47
the OTC Regulation; (d) in the case
a central securities depository, the liabilities related to the activities
a central securities depository, including liabilities to participants or service providers
the central securities depository with a maturity
less than seven days arising from activities for which it has obtained an authorisation to provide banking-type ancillary services in accordance with Title IV
Regulation (EU) No 909/2014
the European Parliament and
the Council7 , but excluding other liabilities arising from such banking-type activities; (e) in the case
investment firms, the liabilities that arise by virtue
holding client assets or client money including client assets or client money held on behalf
UCITS as defined in Article 1
Directive 2009/65/EC
the European Parliament and
the Council8 or
AIFs as defined in point (a)
Directive 2011/61/EU
the European Parliament and
the Council9 , provided that such a client is protected under the applicable insolvency law; (f) in case
a Union branch or Limited Activity Investment Firm operating promotional loans, the liabilities
the intermediary institution towards the originating or another promotional bank or another intermediary institution and the liabilities
the original promotional bank towards its funding parties in so far as the amount
these liabilities is matched by the promotional loans
that institution.
total liabilities
the institutions which are parties
the transactions or agreements referred to in paragraph
this Regulation, the yearly average amount, calculated on a quarterly basis,
liabilities referred to in paragraph
Regulation (EU) No 575/2013.
the value
the same liabilities resulting from the application
the accounting provisions applicable to the institution concerned for the purposes
financial reporting.
exposure for certain derivative instruments because they are held
f-balance sheet, the Union branch or Limited Activity Investment Firm concerned shall report to the resolution authority the sum
positive fair values
those derivatives as the replacement cost and add them to its on-balance sheet accounting values.
this Regulation, the total liabilities referred to in paragraph
liabilities arising from derivative contracts and include the corresponding value determined in accordance with paragraphs
Directive 2014/59/EU. Process for raising contributions in respect
Union branches and Limited Activity Investment Firms 7.
its decision determining the annual contribution to be paid by them for the levy period shall be the 30 November 2015.
each Union branch and Limited Activity Investment Firm in any
the following ways: (a) electronically or by other comparable means
communication allowing for an acknowledgment
receipt; (b) by registered mail with a form
acknowledgment
receipt;
each Union branch and Limited Activity Investment Firm shall specify: (
irrevocable payment commitments referred to in Article 103
Directive 2014/59/EU that each Union branch or Limited Activity Investment Firm can use.
paragraph
the kind and under conditions that allow for swift realisability, including in the event
a resolution decision over the weekend, and the collateral should be conservatively valued to reflect significantly deteriorated market conditions.
partial payment, non-payment or non-compliance with the requirement set out in the decision made in respect
each Union branch and Limited Activity Investment Firm, the Union branch or Limited Activity Firm concerned shall incur a daily penalty on the outstanding amount
the instalment.
the
ficial Journal
the European Union, in force on the first calendar day
the month in which the payment deadline falls increased by 8 percentage points from the date on which the instalment was due. Service
notice on all institutions 8. Regulation 195
the Bank Recovery and Resolution Regulations shall apply in respect
service
a notice or other document by the resolution authority for the purposes
these Regulations and the Commission Delegated Regulation. Newly supervised Union branches and Limited Activity Investment Firms 9.
the levy period, the partial contribution shall be determined by applying the methodology set out in Regulation 6
its annual contribution calculated during the subsequent levy period, by reference to the number
full months
the levy period for which that Limited Activity Investment Firm or Union branch is supervised.
the levy period, its partial annual contribution shall be collected together with the annual contribution due for the subsequent levy period. Provision
evidence concerning lump sum amounts by institutions to which the Commission Delegated Regulation applies 10. Where an institution to which the Commission Delegated Regulation applies intends to provide evidence that the lump sum amount referred to in paragraphs
the Commission Delegated Regulation is higher than the contribution calculated in accordance with Article 5
the Commission Delegated Regulation, the institution shall provide such evidence to the resolution authority within 21 days
receipt
the levy notice. SCHEDULE Calculation
“Trading activities,
f-balance sheet exposures, derivatives, complexity and resolvability” For the purposes
determining the risk indicator specified in Article 6
the Commission Delegated Regulation, the following sub-indicators shall be determined: (
the following calculation: Where, for the purposes
this sub-indicator: Financial assets held for trading shall mean financial assets held for trading as defined in accordance with the International Financial Reporting Standards referred to in the IFRS Regulation. Financial liabilities held for trading shall mean financial liabilities held for trading as defined in accordance with the International Financial Reporting Standards referred to in the IFRS Regulation. The sub-indicator “Derivatives Ratio” shall consist
the following calculation: Where, for the purposes
this sub-indicator: Derivatives exposures shall mean the yearly average amount, calculated on a quarterly basis,
liabilities arising from derivatives contracts valued in accordance with Article 429
Regulation (EU) No 575/2013. Derivatives cleared with a Qualifying Central Counterparty shall mean the yearly average amount, calculated on a quarterly basis,
liabilities arising from derivatives contracts valued in accordance with Article 429
Regulation (EU) No 575/2013, cleared through a CCP as defined in Article 2
the OTC Regulation. The resolution authority shall apply the following signs to the sub-indicators: Trading Ratio: “+” Derivatives Ratio: “+” Each sub-indicator shall have an equal weight. Calculation
“Membership in an Institutional Protection Scheme” For the purposes
determining the risk indicator specified in Article 6
the Commission Delegated Regulation, it shall be determined whether the institution is a member
an Institutional Protection Scheme. The maximum value
the range referred to in Step 3
Annex I
the Commission Delegated Regulation shall be taken for any institution that is a member
an Institutional Protection Scheme. The minimum value
the range referred to in Step 3
Annex I
the Commission Delegated Regulation shall be taken for all other institutions. Calculation
“Extent
previous extraordinary public financial support” For the purposes
determining the risk indicator specified in Article 6
the Commission Delegated Regulation, the methodology specified in Article 6
the CENTRAL BANK
IRELAND, 20 November 2015. PATRICK HONOHAN, Governor
the Central Bank
Ireland. 1 OJ L 11, 17.1.2015, p.
Ireland. Oireachtas Copyright Material is reproduced with the permission
the Houses
the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.