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S.I. No. 485/2023 - European Union (Bank Recovery and Resolution) (Amendment) Regulations 2023

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the making

this Statutory Instrument was published in “Iris Oifigiúil”

6th October, 2023. I, MICHAEL MCGRATH, 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 further effect to Directive 2014/59/EU

the European Parliament and

the Council

15 May 20141 , as amended by Directive (EU) 2019/879

the European Parliament and

the Council

20 May 20192 and Regulation (EU) 2022/2036

the European Parliament and

the Council

19 October 20223 , hereby make the following regulations: 1.

(1)These Regulations may be cited as the European Union (Bank Recovery and Resolution) (Amendment) Regulations 2023.
(2)These Regulations come into operation on 15 November
  2. The European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289

2015 ) are amended— (

  1. a)in Regulation 3— (
  2. i)in the definition

“Bank Recovery and Resolution Directive”— (I) by the deletion

“and” where it occurs at the end

subparagraph (d), (II) in subparagraph (e), by the substitution

“, and” for “;”, and (III) by the insertion

the following subparagraphs after subparagraph (e): “(f) Regulation (EU) 2021/23

the European Parliament and

the Council

16 December 20204 , and (g) Regulation (EU) 2022/2036

the European Parliament and

the Council

19 October 20225 ;”, and (ii) in the definition

“Union Capital Requirements Regulation”— (I) by the deletion

“and” where it occurs at the end

subparagraph (i), (II) in subparagraph (j), by the substitution

“, and” for “;”, and (III) by the insertion

the following subparagraphs after subparagraph (j): “(k) Commission Delegated Regulation (EU) 2021/424

17 December 20196 amending Regulation (EU) No. 575/2013

the European Parliament and

the Council with regard to the alternative standardised approach for market risk, (l) Regulation (EU) 2021/558

the European Parliament and

the Council

31 March 20217 amending Regulation (EU) No. 575/2013 as regards adjustments to the securitisation framework to support the economic recovery in response to the COVID-19 crisis, and (m) Regulation (EU) 2022/2036

the European Parliament and

the Council

19 October 20228 amending Regulation (EU) No. 575/2013 and Directive 2014/59/EU as regards the prudential treatment

global systemically important institutions with a multiple-point-

-entry resolution strategy and methods for the indirect subscription

instruments eligible for meeting the minimum requirement for own funds and eligible liabilities;”, (b) in Regulation 62, in paragraph

(3)(d)(iii), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (c) in Regulation 80F, by the substitution

the following paragraph for paragraph

(4): “
(4)For the purposes

Regulation 80J

(4)to
(6), where more than one G-SII entity (within the meaning

point 136

Article 4

(1)

the Union Capital Requirements Regulation) that are part

the same G-SII are resolution entities, or third-country entities that would be resolution entities if they were established in the European Union, the resolution authority shall calculate the amount referred to in paragraph

(3): (
  1. a)for each resolution entity or third-country entity that would be a resolution entity if it were established in the European Union; (
  2. b)for the Union parent undertaking as if it was the only resolution entity

the G-SII.”, (

  1. d)in Regulation 80J— (
  2. i)by the substitution

the following paragraph for paragraph

(4): “
(4)Where more than one G-SII entity (within the meaning

point

(136)

Article 4

(1)

the Union Capital Requirements Regulation) that are part

the same G-SII are resolution entities, or third-country entities that would be resolution entities if they were established in the European Union, the resolution authority, where it is the resolution authority

the resolution entity as referred to in paragraph

(1), shall discuss and, where appropriate and consistent with the G-SII’s resolution strategy, agree, with the other resolution authorities referred to in paragraph
(1), on the application

Article 72e

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

(4)(a) and point (a)

Article 12a

the Union Capital Requirements Regulation for individual resolution entities or third country entities, and (b) the sum

the amounts referred to in Regulation 80F

(4)(b) and point (b)

Article 12a

the Union Capital Requirements Regulation.”, and (ii) by the substitution

the following paragraph for paragraph

(6): “
(6)The sum

the amounts referred to in Regulation 80F

(4)(a) and point (a)

Article 12a

the Union Capital Requirements Regulation for individual resolution entities or third-country entities that would be resolution entities if they were established in the European Union shall not be lower than the sum

the amounts referred to in Regulation 80F

(4)(b) and point (b)

Article 12a

the Union Capital Requirements Regulation.”, (e) in Regulation 89, in paragraph

(1), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (
  1. f)in Regulation 94— (
  2. i)in paragraph
(6), by the substitution

“paragraph

(4)” for “the paragraph
(4)”, and (ii) in paragraph
(11), by the substitution

“paragraph

(4)” for “the paragraph
(4)”, (g) in Regulation 96, in paragraph
(8), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (
  1. h)in Regulation 97— (
  2. i)in paragraph
(1), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (ii) in paragraph
(2)(i), by the substitution

“Regulation 95

(8)(b)” for “Regulation 95
(4)(a)”, (iii) in paragraph
(2)(ii), by the substitution

“Regulation 95

(8)(c)” for “Regulation 95
(4)(b)”, and (iv) in paragraph
(3), by the substitution

“Regulation 95

(8)(c)” for “Regulation 95
(4)(b)”, (
  1. i)in Regulation 98— (
  2. i)in paragraph
(3)(a), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (ii) in paragraph
(4), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (iii) in paragraph
(7), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, and (iv) in paragraph
(8), by the substitution

“Regulation 95

(8)(c)” for “Regulation 95
(4)(b)” in each place where it occurs, (
  1. j)in Regulation 99— (
  2. i)in paragraph
(1), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, and (ii) in paragraph
(3), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, (
  1. k)in Regulation 100— (
  2. i)in paragraph
(3), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, and (ii) in paragraph
(4)(a), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, and (
  1. l)in Regulation 103— (
  2. i)in paragraph
(3), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”, and (ii) in paragraph
(4)(a), by the substitution

“Regulation 95

(8)” for “Regulation 95
(4)”. GIVEN under my

ficial Seal, 2 October,

  1. MICHAEL MCGRATH, Minister for Finance. 1 OJ No. L. 173, 12.06.2014, p.
  2. 2 OJ No. L. 150, 07.06.2019, p.
  3. 3 OJ No. L. 275, 25.10.2022, p.
  4. 4 OJ No. L. 22, 22.01.2021, p.
  5. 5 OJ No. L. 275, 25.10.2022, p.
  6. 6 OJ No. L. 84, 11.03.2021, p.
  7. 7 OJ No. L. 116, 06.04.2021, p.
  8. 8 OJ No. L. 275, 25.10.2022, p.
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