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”
5th January,
Regulation 3
Regulations
2015 (interpretation) 4. Amendment
Regulation 13
Regulations
2015 (assessment
recovery plans) 5. Amendment
Regulation 17
Regulations
2015 (resolution plans) 6. Amendment
Regulation 18
Regulations
2015 (contents
resolution plan) 7. Amendment
Regulation 21
Regulations
2015 (resolution plans for institutions that are part
a group) 8. Amendment
Regulation 24
Regulations
2015 (assessment
group resolution plan) 9. Amendment
Regulation 27
Regulations
2015 (assessment
resolvability for groups)
Regulation 28
Regulations
2015 (powers to address or remove impediments to resolvability) 12. Amendment
Regulation 29
Regulations
2015 (powers to address or remove impediments to resolvability: group treatment) 13. Amendment
Regulation 62
Regulations
2015 (conditions for resolution)
institutions and entities that are not subject to resolution action 16. Amendment
Regulation 63
Regulations
2015 (conditions for resolution with regard to financial institutions and holding companies) 17. Power to suspend certain obligations 18. Amendment
Regulation 65
Regulations
2015 (valuation for the purposes
resolution) 19. Amendment
Regulation 68
Regulations
2015 (general principles
resolution tools) 20. Amendment
Regulation 80
Regulations
2015 (scope
bail-in tool) 21. Selling
subordinated eligible liabilities to retail clients
Regulation 84A
Regulations
2015 24. Amendment
Regulation 85
Regulations
2015 (assessment
amount
bail-in) 25. Amendment
Regulation 86
Regulations
2015 (treatment
shareholders in bail-in or write-down or conversion
capital instruments) 26. Amendment
Regulation 87
Regulations
2015 (sequence
write-down and conversion) 27. Contractual recognition
bail-in 28. Amendment
title to Chapter 4
Regulations
2015 29. Amendment
Regulation 95
Regulations
2015 (requirement to write-down or convert capital instruments) 30. Amendment
Regulation 96
Regulations
2015 (provisions governing write-down or conversion
capital instruments) 31. Amendment
Regulation 97
Regulations
2015 (authorities responsible for determination) 32. Amendment
Regulation 98
Regulations
2015 (consolidated application: procedure for determination) 33. Amendment
Regulation 111
Regulations
2015 (powers
Court in making resolution order — general) 34. Amendment
Regulation 126
Regulations
2015 (power
another Member State to enforce crisis management measures or crisis prevention measures) 35. Amendment
Regulation 128
Regulations
2015 (exclusion
certain contractual terms in early intervention and resolution) 36. Amendment
Regulation 129
Regulations
2015 (power to suspend certain obligations) 37. Amendment
Regulation 130
Regulations
2015 (power to restrict enforcement
security interests) 38. Amendment
Regulation 131
Regulations
2015 (power to temporarily suspend termination rights) 39. Contractual recognition
resolution stay powers 40. Amendment
Regulation 152
Regulations
2015 (resolution colleges) 41. Amendment
Regulation 153
Regulations
2015 (European resolution colleges) 42. Amendment
Regulation 174
Regulations
2015 (penalties: specific provisions) 43. Amendment
Schedule to Regulations
2015
Regulation 2
European Communities (Settlement Finality) Regulations 2010 46. Amendment
Companies Act 2014 I, PASCHAL DONOHOE, Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving effect to Directive (EU) 2019/879
the European Parliament and
the Council
20 May 20191 amending Directive 2014/59/EU2 as regards the loss-absorbing and recapitalisation capacity
credit institutions and investment firms and Directive 98/26/EC3 , hereby make the following regulations: Citation and commencement 1.
2015” means the European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289
2015 ). Amendment
Regulation 3
Regulations
2015 (interpretation) 3. Regulation 3
the Regulations
2015 is amended in paragraph
“aggregate amount”, by the substitution
“bail-inable liabilities” for “eligible securities”, (b) by the substitution
the following definition for the definition
“Bank Recovery and Resolution Directive”: “ ‘Bank Recovery and Resolution Directive’ means Directive 2014/59/EU
the European Parliament and
the Council
15 May 20144 establishing a framework for the recovery and resolution
credit institutions and investment firms, as amended by Directive (EU) 2017/2399
the European Parliament and
the Council
12 December 20175 and Directive (EU) 2019/879
the European Parliament and
the Council
20 May 20196 ;”, (c) by the substitution
the following definition for the definition
“eligible liabilities”: “ ‘eligible liabilities’ means bail-inable liabilities that satisfy, as applicable, the conditions
Regulation 80D or 80H
point (b)
the Union Capital Requirements Regulation;”, (d) by the substitution
the following for the definition
“subsidiary”: “ ‘subsidiary’ means a subsidiary as defined in point
the Union Capital Requirements Regulation, and for the purpose
applying Regulations 14, 21, 28, 29, 80B to 80O, 95 to 98, 155 and 156 to resolution groups referred to in subparagraph (b)
the definition in this paragraph
‘resolution group’, includes, where and as appropriate, credit institutions that are permanently affiliated to a central body, the central body itself, and their respective subsidiaries, taking into account the way in which such resolution groups comply with Regulation 80G
the following definitions: “ ‘bail-inable liabilities’ means the liabilities and capital instruments that do not qualify as Common Equity Tier 1, Additional Tier 1 instruments or Tier 2 instruments
an institution or entity referred to in Regulation 2
the bail-in tool by virtue
Regulation 80
the Capital Requirements Regulations; ‘Common Equity Tier 1 capital’ means Common Equity Tier 1 capital as calculated in accordance with Article 50
the Union Capital Requirements Regulation; ‘ESMA’ means the European Securities and Markets Authority (established by Regulation (EU) No 1095/20107 ); ‘global systemically important institution’ or ‘G-SII’ means a G-SII as defined in point
the Union Capital Requirements Regulation; ‘material subsidiary’ means a material subsidiary as defined in point
the Union Capital Requirements Regulation; ‘resolution entity’ means — (a) a legal person established in the Union, which, in accordance with Regulation 21, is identified by the resolution authority as an entity in respect
which the resolution plan provides for resolution action, or (b) an institution that is not part
a group that is subject to consolidated supervision pursuant to Articles 111 and 112
the Capital Requirements Directive, in respect
which the resolution plan drawn up pursuant to Article 10
the Bank Recovery and Resolution Directive provides for resolution action; ‘resolution group’ means — (
other resolution entities, or (iii) entities established in a third country that are not included in the resolution group in accordance with the resolution plan and their subsidiaries, or (b) credit institutions permanently affiliated to a central body and the central body itself when at least one
those credit institutions or the central body is a resolution entity, and their respective subsidiaries; ‘subordinated eligible instruments’ means instruments that meet all
the conditions referred to in Article 72a
the Union Capital Requirements Regulation other than paragraphs
that Regulation;”. Amendment
Regulation 13
Regulations
2015 (assessment
recovery plans) 4. Regulation 13
the Regulations
2015 is amended in paragraph
“may examine” for “shall examine”. Amendment
Regulation 17
Regulations
2015 (resolution plans) 5. Regulation 17
the Regulations
2015 is amended — (a) by the insertion
the following paragraph after paragraph
resolution plans referred to in paragraphs
resolution actions or the exercise
powers referred to in Regulation 95.”, and (b) by the insertion
the following paragraph after paragraph
the Capital Requirements Regulations.”. Amendment
Regulation 18
Regulations
2015 (contents
resolution plan) 6. Regulation 18
the Regulations
2015 is amended by the substitution
the following subparagraphs for subparagraphs (
Regulation 21
Regulations
2015 (resolution plans for institutions that are part
a group) 7. The following Regulation is substituted for Regulation 21
the Regulations
2015: “21.
subsidiaries
the group outside the State, and (b) having consulted with the Union resolution authorities
significant branches
the group outside the State in so far as is relevant to the significant branch, prepare the group resolution plan on the basis
information provided to it in accordance with Regulation 20.
— (
the group established in the Union, (c) entities referred to in Regulation 2
the group established outside the Union.
the group — (
the resolution actions referred to in clause (i) in respect
— (I) other group entities referred to in Regulation 2
each resolution group and the implications
those actions on both
the following: (
the group as a whole,
separate business lines or activities that are provided by a number
group entities, or
particular group entities or resolution groups, and identify any potential impediments to a coordinated resolution, (
group entities within the Union, and (
particular functions or business lines, that are necessary to facilitate group resolution when the conditions for resolution are met, (
funding in different Member States.
the group, the resolution authority shall not assume any
the following: (a) any extraordinary public financial support, other than through the use
the Fund; (
the resolvability
the group pursuant to Regulation 27 and shall include a detailed description
this assessment
resolvability in the group resolution plan.
subsidiaries outside the State, have regard to the need to ensure that the group resolution plan does not have a disproportionate impact on any Member State.”. Amendment
Regulation 24
Regulations
2015 (assessment
group resolution plan) 8. Regulation 24
the Regulations
2015 is amended — (a) by the insertion
the following paragraph after paragraph
more than one resolution group, the planning
the resolution actions referred to in subparagraph (b)
Regulation 21
the following paragraph for paragraph
entities under its jurisdiction.”, and (c) by the substitution
the following paragraph for paragraph
the other resolution authorities and competent authorities, and (d) be notified to the other members
the resolution college by the resolution authority.”. Amendment
Regulation 27
Regulations
2015 (assessment
resolvability for groups) 9. Regulation 27
the Regulations
2015 is amended — (a) by the substitution
the following paragraph for paragraph
subsidiaries
the group, assesses that it is feasible and credible that the resolution authorities would be capable
— (
that group by applying resolution tools to, and exercising resolution powers with respect to, resolution entities
that group, (b) avoiding to the maximum extent possible any significant adverse consequences for the financial system
the State or other Member State or the Union, including broader financial instability or system-wide events, and (c) ensuring the continuity
any critical functions carried out by those group entities, where they can easily be separated in a timely manner, or by other means.”, and (b) by the insertion
the following paragraph after paragraph
more than one resolution group, the resolution authority shall assess the resolvability
each resolution group in accordance with this Regulation. (
the resolvability
the entire group, and (ii) in compliance with the decision-making procedure set out in Regulations 22 to 24.”. Power to prohibit certain distributions 10. The following Regulation is inserted after Regulation 27
the Regulations
2015: “27A.
the requirements referred to in Regulation 129A
the Capital Requirements Regulations, but fails to meet the combined buffer requirement when considered in addition to the requirements referred to in Regulations 80E and 80F, when calculated in accordance with Regulation 80B
the entity concerned, may, in accordance with paragraphs
the following actions: (
an entity, the entity shall immediately notify the resolution authority that this paragraph so applies.
an entity, the resolution authority
the entity, after consulting with the competent authority, shall, without unnecessary delay, assess whether to exercise the power referred to in paragraph
the following elements: (i) the reason, duration and magnitude
the failure and its impact on the resolvability
the entity; (ii) the development
the entity’s financial situation and the likelihood
it satisfying, in the foreseeable future, the condition referred to in Regulation 62
the Union Capital Requirements Regulation, or in Regulation 80D or 80H
the power referred to in paragraph
addressing the situation
the entity, taking into account its potential impact on both the financing conditions and resolvability
the entity concerned. (b) The resolution authority shall repeat its assessment
whether to exercise the power referred to in paragraph
the entity concerned.
an entity 9 months after the entity has notified the resolution authority in accordance with paragraph
the following conditions are satisfied: (i) the failure referred to in paragraph
financial markets which leads to broad-based financial market stress across several segments
financial markets; (
the own funds instruments and eligible liabilities instruments
the entity or increased costs for the entity, but also leads to a full or partial closure
markets which prevents the entity from issuing own funds instruments and eligible liabilities instruments on those markets; (iii) the market closure referred to in clause (
the power referred to in paragraph
the banking sector, thereby potentially undermining financial stability. (
its decision and shall explain its assessment in writing. (c) The resolution authority shall, every month, repeat its assessment
whether the exception referred to in subparagraph (a) applies.
the actions referred to in clause (i), (ii) or (iii)
paragraph
— (a) any interim profits not included in Common Equity Tier 1 capital pursuant to Article 26
the Union Capital Requirements Regulation, net
any distribution
profits or any payment resulting from the actions referred to in clause (i), (ii) or (iii)
paragraph
the Union Capital Requirements Regulation, net
any distribution
profits or any payment resulting from the actions referred to in clause (i), (ii) or (iii)
paragraph
the requirements set out in Article 92a
the Union Capital Requirements Regulation and in Regulations 80E and 80F, expressed as a percentage
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation, is within the first (that is, the lowest) quartile
the combined buffer requirement, the factor shall be 0; (ii) where the Common Equity Tier 1 capital maintained by the entity which is not used to meet any
the requirements set out in Article 92a
the Union Capital Requirements Regulation and in Regulations 80E and 80F, expressed as a percentage
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation, is within the second quartile
the combined buffer requirement, the factor shall be 0.2; (iii) where the Common Equity Tier 1 capital maintained by the entity which is not used to meet the requirements set out in Article 92a
the Union Capital Requirements Regulation and in Regulations 80E and 80F, expressed as a percentage
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation, is within the third quartile
the combined buffer requirement, the factor shall be 0.4; (iv) where the Common Equity Tier 1 capital maintained by the entity which is not used to meet the requirements set out in Article 92a
the Union Capital Requirements Regulation and in Regulations 80E and 80F, expressed as a percentage
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation, is within the fourth (that is, the highest) quartile
the combined buffer requirement, the factor shall be 0.6. (b) The lower and upper bounds
each quartile
the combined buffer requirement shall be calculated as follows: where “Qn” = the ordinal number
the quartile concerned.”. Amendment
Regulation 28
Regulations
2015 (powers to address or remove impediments to resolvability) 11. The following Regulation is substituted for Regulation 28
the Regulations
2015: “28.
resolvability for an entity carried out in accordance with Regulations 26 and 27, the resolution authority, after consulting with the competent authority, determines that there are substantive impediments to the resolvability
that entity, that resolution authority shall notify, in writing, that determination to the entity concerned, to the competent authority and to the resolution authorities
the jurisdictions in which significant branches are located.
the date
receipt
a notification made in accordance with paragraph
the date
receipt
a notification made in accordance with paragraph
the following situations: (i) the entity meets the combined buffer requirement when considered in addition to each
the requirements referred to in Regulation 129A
the Capital Requirements Regulations, but it does not meet the combined buffer requirement when considered in addition to the requirements referred to in Regulation 80E and 80F when calculated in accordance with Regulation 80B
the Union Capital Requirements Regulation or the requirements referred to in Regulations 80E and 80F. (b) The timeline for the implementation
measures proposed by the entity under subparagraph (a) shall take into account the reasons for the substantive impediment.
a notification under subparagraph (a), the entity shall propose, within one month
the date
such receipt, a plan in writing to comply with the alternative measures.
the alternative measures proposed on the business
the entity, its stability and its ability to contribute to the economy.
those measures on the particular entity, on the internal market for financial services, and on the financial stability in other Member States and in the Union as a whole.
a direction under paragraph
paragraph
one or more than one
the following measures: (
critical functions; (
new or existing business lines or sale
new or existing products; (h) that the entity make changes to legal or operational structures
the entity or any group entity, either directly or indirectly under its control, in order to reduce complexity and ensure that critical functions can be legally and operationally separated from other functions through the application
the resolution tools; (
Regulation 80G or 80H, expressed as a percentage
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation and, where applicable, with the combined buffer requirement and with the requirements referred to in Regulations 80G and 80H expressed as a percentage
the total exposure measure referred to in Articles 429 and 429a
the Union Capital Requirements Regulation; (k) that an institution or entity referred to in Regulation 2
Regulation 80G or 80H; (l) that an institution or entity referred to in Regulation 2
the resolution authority to write down or convert that liability or instrument would be effected under the law
the jurisdiction governing that liability or instrument; (m) for the purpose
ensuring ongoing compliance with Regulation 80G or 80H, that an institution or entity referred to in Regulation 2
— (i) own funds instruments, after having obtained the agreement
the competent authority, and (ii) eligible liabilities referred to in Regulations 80D and 80H
a mixed-activity holding company, that the mixed-activity holding company set up a separate financial holding company to control the entity, if necessary in order to facilitate the resolution
the entity and to avoid the application
the resolution tools and the exercise
the powers referred to in Part 4 having an adverse effect on the non-financial part
the group.
the following is an appealable decision for the purposes
A
the Act
1942: (a) a determination under paragraph
Regulation 29
Regulations
2015 (powers to address or remove impediments to resolvability: group treatment) 12. The following Regulation is substituted for Regulation 29
the Regulations
2015: “29.
subsidiaries, consider the assessment under Regulation 27 within the resolution college and shall take all reasonable steps to reach a joint decision on the application
measures identified in accordance with Regulation 28
the group.
resolvability under paragraph
any jurisdictions in which significant branches are located in so far as is relevant to the significant branch.
the resolution tools, and (ii) the exercise
the resolution powers in relation to the group and also in relation to resolution groups where a group is composed
more than one resolution group. (b) Where an impediment to the resolvability
the group is due to a situation
a group entity referred to in Regulation 28
that impediment to the parent undertaking after consulting with the resolution authority
the resolution entity and the resolution authorities
its subsidiary institutions.
Regulation (EU) No 1093/2010, after consulting the Union competent authorities concerned.
the group concerned, (b) the Union resolution authorities
subsidiaries to be provided by them to the subsidiaries under their remit, and (c) the Union resolution authorities
any jurisdictions in which significant branches are located.
a subsidiary for the purposes
the Bank Recovery and Resolution Directive, and a group-level resolution authority submits a report to the resolution authority in accordance with Article 18
the Bank Recovery and Resolution Directive, the resolution authority shall transmit that report to the subsidiary.
the date
receipt
the report referred to in paragraph
a group entity referred to in Regulation 28
the date
receipt
a notification under paragraph
the Bank Recovery and Resolution Directive expressed as a percentage
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation, and (b) where applicable, with the combined buffer requirement, and with the requirements referred to in Article 45e and 45f
the Bank Recovery and Resolution Directive expressed as a percentage
the total exposure measure referred to in Articles 429 and 429a
the Union Capital Requirements Regulation.
measures proposed under paragraph
subsidiaries
the group, and (d) the Union resolution authorities
any jurisdictions in which significant branches are located in so far as is relevant to the significant branch.
subsidiaries and the Union resolution authorities
any jurisdictions in which significant branches are located, in so far as is relevant to the significant branch, the resolution authority shall, subject to paragraph
the subsidiaries within the resolution college regarding the identification
substantive impediments and, if necessary, the assessment
the measures proposed by the parent undertaking and the measures required by the authorities to address or remove the impediments, which shall take into account the potential impact
the measures in all Member States where the group operates.
the submission
any observations by the parent undertaking in accordance with paragraph
the period referred to in paragraph
the submission
any observations by the parent undertaking in accordance with paragraph
the Bank Recovery and Resolution Directive, may request the European Banking Authority to assist — (i) in reaching a joint decision referred to in paragraph
the second paragraph
Regulation (EU) No 1093/2010, or (
Regulation 28
Regulation (EU) No 1093/2010.
the relevant Union resolution authorities, and (b) be provided by the resolution authority to the Union parent undertaking.
the period referred to in paragraph
the Bank Recovery and Resolution Directive has been referred to the European Banking Authority in accordance with Article 19
Regulation (EU) No 1093/2010, then, where the resolution authority is the group-level resolution authority, it shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 19
that Regulation, and shall take its decision in accordance with the decision
the European Banking Authority.
Regulation (EU) No 1093/2010. (b) The resolution authority shall not refer a matter to the European Banking Authority, under paragraph
the period referred to in paragraph
a decision from the European Banking Authority, the decision
the resolution authority shall apply.
the relevant resolution entity and it has not reached a joint decision referred to in paragraph
the relevant resolution authorities
other entities
the same resolution group and the group-level resolution authority, and (b) be provided by the resolution authority to the resolution entity.
the period referred to in paragraph
the Bank Recovery and Resolution Directive has been referred to the European Banking Authority in accordance with Article 19
Regulation (EU) No 1093/2010, then, where the resolution authority is the resolution authority
the resolution entity, it shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 19
that Regulation, and shall take its decision in accordance with the decision
the European Banking Authority.
Regulation (EU) No 1093/2010. (b) The resolution authority shall not refer a matter to the European Banking Authority, under paragraph
the period referred to in paragraph
a decision from the European Banking Authority, the decision
the resolution authority
the resolution entity shall apply.
a subsidiary that is not a resolution entity and it has not reached a joint decision referred to in paragraph
the relevant resolution authorities, and (b) be provided by the resolution authority to the relevant subsidiary, the resolution entity
the same resolution group, the resolution authority
that resolution entity and, where different, the group-level resolution authority.
the period referred to in paragraph
the Bank Recovery and Resolution Directive has been referred to the European Banking Authority in accordance with Article 19
Regulation (EU) No 1093/2010, then, where the resolution authority is the resolution authority
a subsidiary that is not a resolution entity, it shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 19
that Regulation, and shall take its decision in accordance with the decision
the European Banking Authority.
Regulation (EU) No 1093/2010. (b) The resolution authority shall not refer a matter to the European Banking Authority, under paragraph
the period referred to in paragraph
a decision from the European Banking Authority, the decision
the resolution authority shall apply.
a joint decision shall be recognised as conclusive and applied by the resolution authority.
A
the Act
1942.”. Amendment
Regulation 62
Regulations
2015 (conditions for resolution) 13. Regulation 62
the Regulations
2015 is amended in subparagraph (b) by the insertion
“and eligible liabilities” after “relevant capital instruments”. Conditions for resolution with regard to a central body and credit institutions permanently affiliated to a central body 14. The following Regulation is inserted after Regulation 62
the Regulations
2015: “62A. The resolution authority may make a proposed resolution order in relation to a central body and all credit institutions permanently affiliated to it that are part
the same resolution group when that resolution group complies as a whole with the conditions set out in Regulation 62
institutions and entities that are not subject to resolution action 15. The following Regulation is inserted after Regulation 62A (inserted by Regulation 14)
the Regulations
2015: “62B. Where, in relation to an institution or entity referred to in Regulation 2
Regulation 63
Regulations
2015 (conditions for resolution with regard to financial institutions and holding companies) 16. Regulation 63
the Regulations
2015 is amended — (a) by the substitution
the following paragraphs for paragraphs
a mixed-activity holding company are held directly or indirectly by an intermediate financial holding company – (
group resolution in relation to the intermediate financial holding company, and (ii) shall not make a proposed resolution order for the purposes
group resolution in relation to the mixed-activity holding company.
the subsidiaries
the entity that are institutions, but not resolution entities, comply with the conditions laid down in Regulation 62
the subsidiaries referred to in subparagraph (b) are such that the failure
those subsidiaries threatens the resolution group as a whole, and resolution action with regard to the entity is necessary either for the resolution
such subsidiaries which are institutions or for the resolution
the relevant resolution group as a whole.”, and (b) by the deletion
paragraph
the Regulations
2015: “63A.
the following conditions are met: (a) a determination that the institution or entity is failing or likely to fail has been made under Regulation 62
the institution or entity; (c) the exercise
the power to suspend is deemed necessary to avoid the further deterioration
the financial conditions
the institution or entity; (d) the exercise
the power to suspend is either — (i) necessary to reach the determination provided for in Regulation 62
one or more resolution tools.
systems designated in accordance with Directive 98/26/EC; (ii) central counterparties (in these Regulations referred to as ‘CCPs’) authorised in the Union pursuant to Article 14
Regulation (EU) No 648/2012 and third-country CCPs recognised by the ESMA pursuant to Article 25
that Regulation; (iii) central banks. (
each case, and (ii) in particular, carefully assess the appropriateness
extending the suspension to eligible deposits, especially to covered deposits held by natural persons and micro, small and medium-sized enterprises.
eligible deposits, the resolution authority shall direct any institution or entity in respect
whom that power is exercised to ensure that the depositors concerned have access to an appropriate daily amount (in this Regulation referred to as the ‘appropriate daily amount’) from those deposits determined by the resolution authority in accordance with paragraphs
paragraph
the factors set out in paragraph
determining the appropriate daily amount.
the institution or entity concerned, including its liquidity position; (b) the total amount
eligible deposits held by the institution or entity concerned; (c) the total number
depositors
the institution or entity concerned; (d) the period
the suspension pursuant to paragraph
depositors to meet reasonable daily expenses under the economic conditions prevailing in the State when the power
suspension pursuant to paragraph
the suspension pursuant to paragraph
a notice
suspension pursuant to paragraph
the business day next following that publication. (b) On the expiry
the period
suspension referred to in subparagraph (a), the suspension shall cease to have effect.
that power might have on the orderly functioning
financial markets, and (ii) consider the existing rules, and supervisory and judicial powers, to safeguard creditors’ rights and equal treatment
creditors in normal insolvency proceedings. (b) The resolution authority shall, in particular, have regard to the potential application
normal insolvency proceedings to the institution or entity as a result
the determination in Regulation 62
the State or with the Court, as the case may be. (c) For the purposes
subparagraph (b), ‘administrative authorities’ means – (
any counterparties to that contract shall be suspended for the same period as provided for under paragraph
the suspension provided for under paragraph
that period.
such direction or other instrument by which obligations are suspended under this Regulation and the terms and period
suspension, by the means referred to in Regulation 145
– (I) the institutions and entities referred to in paragraph
any such powers to suspend payment or delivery obligations referred to in subparagraph (a).
that suspension, exercise the power to — (a) restrict secured creditors
the institution or entity from enforcing security interests in relation to any
the assets
that institution or entity for the same duration, in which case Regulations 124
any party to a contract with that institution or entity for the same duration, in which case Regulations 124
the exercise
its powers pursuant to paragraph
Regulation 65
Regulations
2015 (valuation for the purposes
resolution) 18. Regulation 65
the Regulations
2015 is amended — (a) in paragraphs
“capital instruments and eligible liabilities in accordance with Regulation 95” for “capital instruments, under these Regulations”, (b) in paragraphs
“capital instruments and eligible liabilities in accordance with Regulation 95” for “capital instruments” in each place, and (c) in paragraph
“bail-inable liabilities” for “eligible liabilities”. Amendment
Regulation 68
Regulations
2015 (general principles
resolution tools) 19. Regulation 68
the Regulations
2015 is amended in paragraph
“capital instruments and eligible liabilities” for “capital instruments”. Amendment
regulation 80
Regulations
2015 (scope
bail-in tool) 20. Regulation 80
the Regulations
2015 is amended — (a) in paragraph
the following for subparagraph (g): “(g) liabilities with a remaining maturity
less than 7 days, owed to — (i) systems or operators
systems designated in accordance with Directive 98/26/EC or their participants and arising from the participation in such a system, or (ii) CCPs authorised in the Union pursuant to Article 14
Regulation (EU) No 648/2012 and third-country CCPs recognised by ESMA pursuant to Article 25
that Regulation;”, (ii) in subparagraph (k), by the substitution
“Directive 2014/49/EU;” for “Directive 2014/49/EU.”, and (iii) by the insertion
the following subparagraph after subparagraph (k): “(l) liabilities to institutions or entities referred to in Regulation 2
the same resolution group without being themselves resolution entities, regardless
their maturities, except where those liabilities rank below ordinary unsecured liabilities as provided for in section 1428A
the Act
2014.”, (b) by the insertion
the following paragraph after paragraph
the relevant subsidiary that is not a resolution entity, shall assess whether the number
items complying with Regulation 80H
the preferred resolution strategy.”, (c) in paragraph
“bail-inable liabilities” for “eligible liabilities”, (d) by the substitution
the following paragraph for paragraph
the same resolution group without being themselves resolution entities and that are not excluded from the application
the write-down and conversion powers under paragraph
the resolution strategy. (b) Where the resolution authority decides to exclude or partially exclude a bail-inable liability or class
bail-inable liabilities under paragraph
write-down or conversion applied to other bail-inable liabilities may be increased to take account
such exclusions, provided that the level
write-down and conversion applied to other bail-inable liabilities complies with the principle set out in Regulation 64
“bail-inable liability” for “eligible liability”, and (ii) by the substitution
“bail-inable liabilities” for “eligible liabilities” in each place, and (f) in paragraph
“bail-inable liabilities” for “eligible liabilities”. Selling
subordinated eligible liabilities to retail clients 21. The following Regulation is inserted after Regulation 80
the Regulations
2015: “80A.
the conditions referred to in Article 72a
the Union Capital Requirements Regulation except for point (b)
that Regulation, (
less than €100,000.
less than €100,000 shall not be sold to a retail client (within the meaning
point 11
Directive 2014/65/EU8 ) in the State.
this Regulation, a reference to a relevant instrument shall not include ordinary shares regardless
whether such shares are recognised in Common Equity Tier 1, Additional Tier 1 or Tier 2 capital.”. New provisions in relation to own funds and eligible liabilities 22. The following Regulations are inserted after Regulation 80A (inserted by Regulation 21)
the Regulations
2015: “Application and calculation
the minimum requirement for own funds and eligible liabilities. 80B.
own funds and eligible liabilities and expressed as percentages
— (a) the total risk exposure amount
the institution or entity referred to in paragraph
the Union Capital Requirements Regulation, and (b) the total exposure measure
the institution or entity referred to in paragraph
the Union Capital Requirements Regulation. Exemption from the minimum requirement for own funds and eligible liabilities. 80C.
the State, are not allowed to receive deposits, provided that — (
those institutions, including holders
covered bonds, where relevant, bear losses in a way that meets the resolution objectives.
the consolidation referred to in Regulation 80G
own funds and eligible liabilities
resolution entities only where they satisfy the conditions referred to in the following Articles
the Union Capital Requirements Regulation: (
paragraph 2; (c) Article 72c.
the Union Capital Requirements Regulation, for the purpose
those Articles, eligible liabilities shall consist
those eligible liabilities which are defined in Article 72k
the Union Capital Requirements Regulation and determined in accordance with Chapter 5a
Part Two
that Regulation.
the Union Capital Requirements Regulation, shall be included in the amount
own funds and eligible liabilities where only one
the following conditions is met: (a) the principal amount
the liability arising from the debt instrument is — (i) known at the time
issue, (ii) fixed or increasing, and (iii) not affected by an embedded derivative feature, and the total amount
the liability arising from the debt instrument, including the embedded derivative, can be valued on a daily basis by reference to an active and liquid two-way market for an equivalent instrument without credit risk, in accordance with Articles 104 and 105
the Union Capital Requirements Regulation; (b) the debt instrument includes a contractual term that specifies that the value
the claim in cases
the insolvency and
the resolution
the issuer is fixed or increasing, and does not exceed the initially paid-up amount
the liability.
such instruments shall not be subject to Regulation 88
own funds and eligible liabilities with respect to the part
the liability that corresponds to the principal amount referred to in paragraph
the same resolution group, and that subsidiary is part
the same resolution group as the resolution entity, those liabilities shall be included in the amount
own funds and eligible liabilities
that resolution entity, provided that the following conditions are met: (a) the liabilities are issued in accordance with Regulation 80H
the write-down or conversion power in relation to those liabilities in accordance with Regulation 95 or 98 does not affect the control
the subsidiary by the resolution entity; (
— (I) the liabilities issued to and bought by the resolution entity either directly or indirectly through other entities in the same resolution group, and (II) the amount
own funds issued in accordance with Regulation 80H
resolution entities that are G-SIIs or that are subject to Regulation 80E
the requirement referred to in Regulation 80G equal to 8 per cent
the total liabilities, including own funds, shall be met by such resolution entities using own funds, subordinated eligible instruments, or liabilities as referred to in paragraph
the total liabilities, including own funds, but greater than the amount resulting from the application
the formula — shall be met by resolution entities referred to in paragraph
the Union Capital Requirements Regulation are met, where, in light
the reduction that is possible under the said Article 72b
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation; and X2 equals the sum
18 per cent
the total risk exposure amount calculated in accordance with Article 92
the Union Capital Requirements Regulation and the amount
the combined buffer requirement.
paragraphs
the total risk exposure amount for the resolution entity concerned, the resolution authority shall limit the part
the requirement referred to in Regulation 80G which is to be met using own funds, subordinated eligible instruments, or liabilities as referred to in paragraph
the total risk exposure amount
that resolution entity if the resolution authority has assessed that — (
disproportionate impact on the business model
the resolution entity concerned.
the requirement referred to in Regulation 80G up to the greater
8 per cent
the total liabilities, including own funds,
the resolution entity and the formula referred to in paragraph
the Act
2014 as certain liabilities that are excluded from the application
write-down and conversion powers in accordance with Regulation 80
a planned application
write-down and conversion powers to non-subordinated liabilities that are not excluded from the application
write-down and conversion powers in accordance with Regulation 80
own funds and other subordinated liabilities does not exceed the amount necessary to ensure that the creditors referred to in subparagraph (b) do not incur losses above the level
losses that they would otherwise have incurred in the winding-up
the resolution entity under normal insolvency proceedings.
liabilities which includes eligible liabilities, the amount
the liabilities that are excluded or reasonably likely to be excluded from the application
write-down or conversion powers in accordance with Regulation 80
that class, the resolution authority shall assess the risk referred to in paragraph
paragraphs
a resolution entity that are used to comply with the combined buffer requirement shall be eligible to comply with the requirements referred to in paragraphs
the resolution entity to comply with the combined buffer requirement and the requirements referred to in Article 92a
the Union Capital Requirements Regulation and Regulations 80E
those own funds, instruments and liabilities does not exceed the greater
— (a) 8 per cent
total liabilities, including own funds,
the entity, or (b) the amount resulting from the application
the formula — where – A is the amount resulting from the requirement referred to in Article 92
the Union Capital Requirements Regulation, B is the amount resulting from the requirement referred to in Regulation 92A
the Capital Requirements Regulations, and C is the amount resulting from the combined buffer requirement.
the conditions specified in paragraph
100 per cent
the total number
all resolution entities that are G-SIIs or that are subject to Regulation 80E
the Act
1942, if the Minister is
the opinion that such information is relevant to the exercise
the power referred to in paragraph
resolution entities that are G-SIIs or that are subject to Regulation 80E
the measures referred to in Regulation 28
the measures referred to in Regulation 28
the power referred to in paragraph
the substantive impediments on resolvability; (b) the resolution authority considers that the feasibility and credibility
the resolution entity’s preferred resolution strategy is limited, taking into account the entity’s size, its interconnectedness, the nature, scope, risk and complexity
its activities, its legal status and its shareholding structure; (c) the requirement referred to in Regulation 92A
the Capital Requirements Regulations reflects the fact that the resolution entity that is a G-SII or that is subject to Regulation 80E
risk, among the top 20 per cent
institutions for which the resolution authority determines the requirement referred to in Regulation 80B
the percentages referred to in paragraphs
the market for the resolution entity’s own funds instruments and subordinated eligible instruments, the pricing
such instruments, where they exist, and the time needed to execute any transactions necessary for the purpose
complying with the decision, (b) the amount
eligible liabilities instruments that meet all
the conditions referred to in Article 72a
the Union Capital Requirements Regulation that have a residual maturity below one year as
the date
the decision, with a view to making quantitative adjustments to the requirements referred to in paragraphs
instruments that meet all
the conditions referred to in Article 72a
the Union Capital Requirements Regulation other than point (d)
that Regulation, (d) subject to paragraph
liabilities that are excluded from the application
write-down and conversion powers in accordance with Regulation 80
the resolution entity, (
possible restructuring costs on the resolution entity’s recapitalisation.
paragraph
excluded liabilities does not exceed 5 per cent
the amount
the own funds and eligible liabilities
the resolution entity, the excluded amount shall be considered as not being significant; (b) above the threshold referred to in subparagraph (a), the significance
the excluded liabilities shall be assessed by the resolution authority. Determination
minimum requirement for own funds and eligible liabilities. 80E.
the following criteria: (a) the need to ensure that the resolution group can be resolved by the application
the resolution tools to the resolution entity, including, where appropriate, the bail-in tool, in a way that meets the resolution objectives; (b) the need to ensure, where appropriate, that the resolution entity and its subsidiaries that are institutions or entities referred to in Regulation 2
the relevant entities to a level necessary to enable them to continue to comply with the conditions for authorisation and to carry on the activities for which they are authorised under the Capital Requirements Regulations or Directive 2014/65/EU; (c) the need to ensure, if the resolution plan anticipates the possibility for certain classes
eligible liabilities to be excluded from bail-in pursuant to Regulation 80
the entity; (e) the extent to which the failure
the entity would have an adverse effect on financial stability, including through contagion to other institutions or entities, due to the interconnectedness
the entity with those other institutions or entities or with the rest
the financial system.
contagion to the financial system.
calculating the requirement referred to in Regulation 80B
— (i) the amount
the losses to be absorbed in resolution that corresponds to the requirements referred to in point (c)
the Union Capital Requirements Regulation and Regulation 92A
the Capital Requirements Regulations
the resolution entity at the consolidated resolution group level, and (ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with its total capital ratio requirement referred to in point (c)
the Union Capital Requirements Regulation and its requirement referred to in Regulation 92A
the Capital Requirements Regulations at the consolidated resolution group level after the implementation
the preferred resolution strategy, and (b) for the purpose
calculating the requirement referred to in Regulation 80B
— (i) the amount
the losses to be absorbed in resolution that corresponds to the resolution entity’s leverage ratio requirement referred to in point (d)
the Union Capital Requirements Regulation at the consolidated resolution group level, and (ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with the leverage ratio requirement referred to in subparagraph (d)
the Union Capital Requirements Regulation at the consolidated resolution group level after the implementation
the preferred resolution strategy.
Regulation 80B
Regulation 80B
paragraph
the Capital Requirements Regulations downwards or upwards to determine the requirement that is to apply to the resolution entity after the implementation
the preferred resolution strategy.
the resolution tools, less the amount referred to in Regulation 115(g)(i)
the Capital Requirements Regulations.
critical economic functions by the institution or entity referred to in Regulation 2
the resolution strategy.
critical economic functions by the institution or entity referred to in Regulation 2
the Union Capital Requirements Regulation and that are part
a resolution group the total assets
which exceed €100 billion, the level
the requirement referred to in paragraph
the requirement referred to in that subparagraph that is equal to - (i) 13.5 per cent when calculated in accordance with Regulation 80B
the Union Capital Requirements Regulation and which is part
a resolution group the total assets
which are lower than €100 billion and which the resolution authority has assessed as reasonably likely to pose a systemic risk in the event
its failure. (
deposits, and the absence
debt instruments in the funding model; (
a decision pursuant to subparagraph (a) is without prejudice to any decision under Regulation 80D
calculating the requirement referred to in Regulation 80B
— (i) the amount
the losses to be absorbed that corresponds to the requirements referred to in point (c)
the Union Capital Requirements Regulation and Regulation 92A
the Capital Requirements Regulations
the entity, and (ii) a recapitalisation amount that allows the entity to restore compliance with its total capital ratio requirement referred in point (c)
the Union Capital Requirements Regulation and its requirement referred to in Regulation 92A
the Capital Requirements Regulations after the exercise
the power to write-down or convert relevant capital instruments and eligible liabilities in accordance with Regulation 95 or after the resolution
the resolution group; (b) for the purpose
calculating the requirement referred to in Regulation 80B
— (i) the amount
the losses to be absorbed that corresponds to the entity’s leverage ratio requirement referred to in point (d)
the Union Capital Requirements Regulation, and (ii) a recapitalisation amount that allows the entity to restore compliance with its leverage ratio requirement referred to in point (d)
the Union Capital Requirements Regulation after the exercise
the power to write-down or convert relevant capital instruments and eligible liabilities in accordance with Regulation 95 or after the resolution
the resolution group.
Regulation 80B
Regulation 80B
the Capital Requirements Regulations downwards or upwards to determine the requirement that is to apply to the relevant entity after the exercise
the power to write-down or convert relevant capital instruments and eligible liabilities in accordance with Regulation 95 or after the resolution
the resolution group.
the power to write-down or convert relevant capital instruments and eligible liabilities in accordance with Regulation 95, the entity is able to sustain sufficient market confidence for an appropriate period which shall not exceed one year.
the power referred to in Regulation 95 or after the resolution
the resolution group, less the amount referred to in Regulation 115(g)(i)
the Capital Requirements Regulations.
critical economic functions by the institution or entity referred to in Regulation 2
the power referred to in Regulation 95 or after the resolution
the resolution group.
critical economic functions by the institution or entity referred to in Regulation 2
eligible liabilities are reasonably likely to be fully or partially excluded from bail-in pursuant to Regulation 80
excluded liabilities identified in accordance with Regulation 80
own funds and eligible liabilities under this Regulation shall contain the reasons for that decision, including a full assessment
the elements referred to in paragraphs
the requirement referred to in Regulation 92A
the Capital Requirements Regulations.
paragraphs
the transitional provisions laid down in Chapters 1, 2 and 4
Part Ten
the Union Capital Requirements Regulation. Determination
minimum requirement for own funds and eligible liabilities for resolution entities
G-SIIs and Union material subsidiaries
non-EU G-SIIs. 80F.
a G-SII shall consist
— (a) the requirements referred to in Articles 92a and 494
the Union Capital Requirements Regulation, and (b) any additional requirement for own funds and eligible liabilities that has been determined by the resolution authority specifically in relation to that entity in accordance with paragraph
a non-EU G-SII shall consist
— (a) the requirements referred to in Articles 92b and 494
the Union Capital Requirements Regulation, and (b) any additional requirement for own funds and eligible liabilities that has been determined by the resolution authority specifically in relation to that material subsidiary in accordance with paragraph
Regulation 80H and Regulation 153
Regulation 80J
point 136
the Union Capital Requirements Regulation) belonging to the same G-SII are resolution entities, the resolution authority shall calculate the amount referred to in paragraph
the G-SII.
the elements referred to in paragraph
the requirement referred to in Regulation 92A
the Capital Requirements Regulations that applies to the resolution group or the Union material subsidiary
a non-EU G-SII. Application
the minimum requirement for own funds and eligible liabilities to resolution entities. 80G.
the resolution group.
the requirements laid down in Regulations 80D to 80F and on the basis
whether the third-country subsidiaries
the group are to be resolved separately under the resolution plan.
subparagraph (b)
the definition in Regulation 3
‘resolution group’, where the resolution authority is the resolution authority for such a resolution group it shall decide, depending on the features
the solidarity mechanism and
the preferred resolution strategy, which entities in the resolution group are to be required to comply with Regulation 80E
the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities. 80H.
a resolution entity or
a third-country entity, but are not themselves resolution entities, shall comply with the requirements laid down in Regulation 80E on an individual basis.
a resolution entity but is not itself a resolution entity.
third-country entities, shall comply with the requirements laid down in Regulations 80E and 80F, as applicable, on a consolidated basis.
a resolution group referred to in subparagraph (b)
the definition in Regulation 3
‘resolution group’, the following shall comply with Regulation 80E
the requirements set out in in Regulation 80E.
the following: (
the same resolution group as long as the exercise
write-down or conversion powers in accordance with Regulations 95 to 98 does not affect the control
the subsidiary by the resolution entity, (ii) that satisfy the eligibility criteria referred to in Article 72a
the Union Capital Requirements Regulation, except for points (b), (c), (k), (l) and (m)
that Regulation; (iii) that rank, in normal insolvency proceedings, below liabilities that do not meet the condition referred to in clause (
the resolution group, in particular by not affecting the control
the subsidiary by the resolution entity, (v) the acquisition
ownership
which is not funded directly or indirectly by the entity that is subject to this Regulation, (vi) the provisions governing which do not indicate explicitly or implicitly that the liabilities would be called, redeemed, repaid or repurchased early, as applicable, by the entity that is subject to this Regulation, other than in the case
the insolvency or liquidation
that entity, and that entity does not otherwise provide such an indication, (vii) the provisions governing which do not give the holder the right to accelerate the future scheduled payment
interest or principal, other than in the case
the insolvency or liquidation
the entity that is subject to this Regulation, (viii) the level
interest or dividend payments, as applicable, due thereon is not amended on the basis
the credit standing
the entity that is subject to this Regulation or its parent undertaking; (
write-down or conversion powers in accordance with Regulations 95 to 98 does not affect the control
the subsidiary by the resolution entity.
this Regulation to a subsidiary that is not a resolution entity where — (a) both the subsidiary and the resolution entity are established in the State and are part
the same resolution group, (
own funds or repayment
liabilities by the resolution entity to the subsidiary in respect
which a determination has been made in accordance with Regulation 95
the resolution entity, (d) the resolution entity satisfies the competent authority regarding the prudent management
the subsidiary and has declared, with the consent
the competent authority, that it guarantees the commitments entered into by the subsidiary, or the risks in the subsidiary are
no significance, (e) the risk evaluation, measurement and control procedures
the resolution entity cover the subsidiary, and (f) the resolution entity holds more than 50 per cent
the voting rights attached to shares in the capital
the subsidiary or has the right to appoint or remove a majority
the members
the management body
the subsidiary.
this Regulation to a subsidiary that is not a resolution entity where — (a) both the subsidiary and its parent undertaking are established in the State and are part
the same resolution group, (b) the parent undertaking complies on a consolidated basis with the requirement referred to in Regulation 80B
own funds or repayment
liabilities by the parent undertaking to the subsidiary in respect
which a determination has been made in accordance with Regulation 95
the parent undertaking, (d) the parent undertaking satisfies the competent authority regarding the prudent management
the subsidiary and has declared, with the consent
the competent authority, that it guarantees the commitments entered into by the subsidiary, or the risks in the subsidiary are
no significance, (e) the risk evaluation, measurement and control procedures
the parent undertaking cover the subsidiary, and (f) the parent undertaking holds more than 50 per cent
the voting rights attached to shares in the capital
the subsidiary or has the right to appoint or remove a majority
the members
the management body
the subsidiary.
paragraph
a subsidiary, may permit the requirement referred to in Regulation 80B
the requirement for which it substitutes; (b) the guarantee is triggered on the occurrence
whichever
the following is the first to occur: (
the subsidiary; (c) the guarantee is collateralised through a financial collateral arrangement as defined in point (a)
Directive 2002/47/EC for at least 50 per cent
its amount; (d) the collateral backing the guarantee satisfies the requirements
the Union Capital Requirements Regulation, which, following appropriately conservative haircuts, is sufficient to cover the amount collateralised as referred to in subparagraph (c); (
the Union Capital Requirements Regulation; (g) there are no legal, regulatory or operational barriers to the transfer
the collateral from the resolution entity to the relevant subsidiary, including where resolution action is taken in respect
the resolution entity.
paragraph
the resolution authority, the resolution entity shall provide an independent written and reasoned legal opinion or shall otherwise satisfactorily demonstrate that there are no legal, regulatory or operational barriers to the transfer
collateral from the resolution entity to the relevant subsidiary. Waiver for a central body and credit institutions permanently affiliated to a central body. 80I. The resolution authority may partially or fully waive the application
Regulation 80H in respect
a central body or
a credit institution which is permanently affiliated to a central body, where all
the following conditions are met: (a) the credit institution and the central body are subject to supervision by the same competent authority, are established in the State and are part
the same resolution group; (b) the commitments
the central body and its permanently affiliated credit institutions are joint and several liabilities, or the commitments
its permanently affiliated credit institutions are entirely guaranteed by the central body; (c) the minimum requirement for own funds and eligible liabilities, and the solvency and liquidity
the central body and
all
the permanently affiliated credit institutions, are monitored as a whole on the basis
the consolidated accounts
those institutions; (d) in the case
a waiver for a credit institution which is permanently affiliated to a central body, the management
the central body is empowered to issue instructions to the management
the permanently affiliated institutions; (e) the relevant resolution group complies with the requirement referred to in Regulation 80G
own funds or repayment
liabilities between the central body and the permanently affiliated credit institutions in the event
resolution. Procedure for determining the minimum requirement for own funds and eligible liabilities. 80J.
the resolution entity, shall endeavour to reach a joint decision, with the group-level resolution authority (where different from the first-mentioned resolution authority) and, where it is responsible for the subsidiaries
a resolution group that are subject to the requirement referred to in Regulation 80H on an individual basis, with other such relevant authorities, on — (a) the amount
the requirement applied at the consolidated resolution group level for each resolution entity, and (b) the amount
the requirement applied on an individual basis to each entity
a resolution group which is not a resolution entity.
that entity, (b) any entity
a resolution group which is not a resolution entity, where the resolution authority is the resolution authority
that entity, and (c) the Union parent undertaking
the group, by the resolution authority
the resolution entity where that Union parent undertaking is not itself a resolution entity from the same resolution group.
point
the Union Capital Requirements Regulation) belonging to the same G-SII are resolution entities, the resolution authority where it is the resolution authority
the resolution entity as referred to in paragraph
the Union Capital Requirements Regulation and any adjustment to minimise or eliminate the difference between — (a) the sum
the amounts referred to in Regulation 80F
the Union Capital Requirements Regulation for individual resolution entities, and (b) the sum
the amounts referred to in Regulation 80F
the Union Capital Requirements Regulation.
differences in the calculation
the total risk exposure amounts between the relevant Member States by adjusting the level
the requirement; (b) the adjustment shall not be applied to eliminate differences resulting from exposures between resolution groups.
the amounts referred to in Regulation 80F
the Union Capital Requirements Regulation for individual resolution entities shall not be lower than the sum
the amounts referred to in Regulation 80F
the Union Capital Requirements Regulation.
the joint decision referred to in paragraph
a disagreement concerning a consolidated resolution group requirement referred to Regulation 80G, a decision shall be taken on that requirement by the resolution authority where it is the resolution authority
the resolution entity after having duly taken into account — (i) the assessment o
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.