European Banking Union

Prof. Dr. Jens-Hinrich Binder LL.M. (London); Prof. Dr. Christos V. Gortsos; Dr. Klaus Lackhoff LL.M. (Iowa); Prof. Dr. Christoph Ohler LL.M. (Brügge)

doi:10.5771/9783845278483

Summary

The Commentary on the European Banking Union presents an article-by-article analysis of the legislation which constitutes the basis of the two main pillars of the European Banking Union, i.e. the Single Supervisory Mechanism, with the European Central Bank as single supervisory authority for significant banking institutions (mainly) in the Eurozone, and the Single Resolution Mechanism and the Single Resolution Fund, with the Single Resolution Board as a centralized decision-making body for the resolution of banks (mainly) in the Eurozone.With contributions byMartina Almhofer, Fabian Amtenbrink, Jens-Hinrich Binder, Seraina Neva Grünewald, Christos V. Gortsos, Georg Gruber, Elke Gurlit, Christos Hadjiemmanuil, Matthias Haentjens, Janina Heinz, Ann-Katrin Kaufhold, Alexander Kern, Klaus Lackhoff, Christoph Ohler, Chryssa Papathanassiou, Mikulas Prokop, Georgios Psaroudakis, René Smits, Emiliano Tornese, Andreas Witte, Karl-Philipp Wojcik and Georgios Zagouras.

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Bibliographic data

Copyright year: 2022
ISBN-Print: 978-3-8487-3488-7
ISBN-Online: 978-3-8452-7848-3
Publisher: Nomos, Baden-Baden
Language: English
Pages: 1254
Product type: Edited Book

Titelei/Inhaltsverzeichnis No access Pages I - XXX
1. 1. 1. I. Introduction No access
    2. II. Banking supervision in the internal market No access
    3. 1. 1. European System of Financial Supervision No access
      2. 2. The establishment of the SSM No access
  2. 1. I. The scope of Art. 127(6) TFEU No access
    2. II. Supplementary national legislation No access
  3. 1. I. Safety and soundness of credit institutions No access
    2. II. Stability of the financial system No access
    3. III. Equal treatment No access
    4. IV. Unity and integrity of the internal market No access
    5. V. Supervision in the public interest No access
  4. D. Principle of conferral No access
2. 1. A. Introductory remarks No access
  2. B. Single Supervision Mechanism No access
  3. C. Member States – Third countries No access
  4. D. Financial firms, groups of financial firms and related terms No access
  5. 1. I. Authorities related to prudential supervision – teams of supervisory authorities No access
    2. II. Designated authorities No access
  6. 1. I. General No access
    2. II. Supervised entities No access
    3. III. Supervised groups No access
    4. IV. Supervisory procedures and decisions No access
3. 1. 1. I. Background and purpose of the provision: Cooperation as a prerequisite for effective financial supervision and the functioning of the internal market No access
    2. II. Structure of provision No access
    3. III. Obligation to “cooperate closely” No access
    4. IV. Consequences of a failure to comply No access
  2. 1. 1. a) Regulation No access
        b) Supervision No access
      2. 2. Cooperation with ESMA and EIOPA No access
      3. 3. Cooperation with ESRB No access
      4. 4. Cooperation with national competent or supervisory authorities No access
    2. II. Art. 3(1)(2) SSMR: Duty to enter into MoU with national market authorities No access
  3. C. Art. 3(2) SSMR: Participation in the EBA’s board of supervisors No access
  4. D. Art. 3(3) SSMR: Division of competences No access
  5. E. Art. 3(4) SSMR: Cooperation with resolution authorities No access
  6. F. Art. 3(5) SSMR: Coordination with public financial assistance facilities No access
  7. 1. I. Art. 3(6)(1) SSMR: MoU with competent authorities in non-participating Member States No access
    2. II. Art. 3(6)(2) and (3) SSMR: MoU with competent authorities in Member States host to global systemically important institutions No access
4. 1. A. Function and background of the provisionThe views and opinions expressed in this contribution are strictly personal. No access
  2. 1. I. Differentiation between “tasks” and “powers” No access
    2. II. Exclusive tasks in respect of all credit institutions? (“Within the framework of Art. 6 …”) No access
    3. 1. 1. Is the list of tasks in Art. 4(1) SSMR exhaustive? No access
      2. 2. Art. 4(1)(a) SSMR No access
      3. 3. Art. 4(1)(b) SSMR No access
      4. 4. Art. 4(1)(c) SSMR No access
      5. 5. Art. 4(1)(d) SSMR No access
      6. 6. Art. 4(1)(e) SSMR No access
      7. 7. Art. 4(1)(f) SSMR No access
      8. 8. Art. 4(1)(g) SSMR No access
      9. 9. Art. 4(1)(h) SSMR No access
      10. 10. Art. 4(1)(i) SSMR No access
    4. IV. The counter-exemptions in Recital 28 SSMR No access
    5. V. Conferral of additional tasks on the ECB in other legal acts? No access
  3. 1. I. General features of the supervisory regime for branches and cross-border services No access
    2. II. Intra-SSM relations (Art. 17(1) and (2) SSMR) No access
    3. 1. 1. From non-SSM EEA to SSM (Art. 4(2) SSM‑FR) No access
      2. 2. From non-EEA to SSM (Recital 28 SSMR) No access
    4. 1. 1. From SSM to non-SSM EEA (Art. 4(1)(b) SSMR) No access
      2. 2. From SSM to non-EEA No access
  4. 1. I. The term “relevant Union law” No access
    2. II. Application of Union regulations (especially CRR) and the national exercise of options provided therein No access
    3. 1. 1. Conceptual matters No access
      2. 2. National legislation No access
      3. 3. Transposing Union Directives No access
    4. IV. Application of tertiary law (Art. 4(3)(2) SSMR) No access
    5. V. Conflicts between national prudential provisions and national constitutions No access
  5. 1. I. Decisions (Art. 4(3)(2) SSMR) No access
    2. II. Guidelines and recommendations (Art. 4(3)(2) SSMR) No access
    3. III. Regulations (Art. 4(3)(2) and (3) SSMR) No access
    4. IV. Operational acts No access
  6. F. Administrative and judicial review of supervisory acts of the ECB No access
  7. G. Participation in the work of the EBA (Art. 4(3)(4) SSMR) No access
5. 1. A. Limited macro-prudential supervisory competence of ECB (Art. 5(1) SSMR) No access
  2. B. Specific Competence of ECB (Art. 5(2)-(5) SSMR) No access
  3. C. National designated authorities No access
  4. D. Conflict between NDAs and ECB No access
6. 1. A. Introduction No access
  2. B. Art. 103 SSM Framework Regulation No access
  3. 1. I. Art. 104(1) SSM Framework Regulation No access
    2. II. Art. 104(2) SSM Framework Regulation No access
    3. III. Art. 104(3) SSM Framework Regulation No access
  4. 1. I. Art. 105(1) SSM Framework Regulation No access
    2. II. Art. 105(2) SSM Framework Regulation No access
  5. E. ECB’s scope of authority No access
7. 1. 1. I. Definition, composition and legal nature of the SSM (Art. 6(1) SSMR) No access
    2. 1. 1. The provisions of the SSMR (Art. 6(7) SSMR) No access
      2. 2. The provisions of the SSM Framework Regulation: An overview No access
    3. III. Main principles and obligations imposed on the ECB and NCAs (Art. 6(2) SSMR) No access
    4. 1. 1. Provisions of the SSMR (Art. 6(3) and 6(8) SSMR) No access
      2. a) Right of the ECB to instruct NCAs or NDAs to make use of their powers and take action No access
        b) Language regimes No access
  2. 1. 1. 1. From the Commission’s proposal to the SSM Regulation and the SSM Framework Regulation No access
      2. a) Classification on an individual basis – implications for direct supervision No access
        b) Classification on a group basis No access
        c) Specific provisions for branches and subsidiaries No access
      3. a) Review of the status of a supervised entity or group: regular and ad hoc classification processes No access
        b) Procedure applicable in determining the significance of a supervised entity or group No access
      4. 4. List of supervised entities No access
    2. 1. a) General provisions No access
        (i) The rule No access
        (ii) Basis of determination in specific or exceptional circumstances No access
        (iii) Groups of consolidated undertakings – methods of consolidation No access
      2. 2. Significance on the basis of the economic importance criterion No access
      3. 3. Significance on the basis of the cross-border activities criterion No access
      4. 4. Significance on the basis of the direct public financial assistance criterion No access
      5. 5. Significance on the basis of the fact that the supervised entity is one of the three most significant credit institutions in a participating Member State No access
      6. 6. The term “particular circumstances” No access
      7. 7. Quantitative vs. qualitative criteria for determining significance No access
    3. 1. 1. The facts No access
      2. 2. The decision of the Court No access
  3. 1. 1. a) Establishment and composition No access
        b) Tasks of JSTs No access
      2. 2. Supervision on a consolidated basis No access
      3. 3. Supplementary supervision of credit institutions participating in financial conglomerates No access
    2. 1. 1. Micro-prudential supervision of significant supervised entities and assistance by NCAs No access
      2. 2. In particular: compliance with fit and proper requirements for managers No access
      3. 3. Other procedures No access
    3. 1. 1. Beginning of direct supervision by the ECB No access
      2. 2. End of direct supervision by the ECB – reclassification of a significant supervised entity or group as less significant No access
      3. 3. Pending procedures No access
  4. 1. 1. a) Introductory remarks No access
        b) The individual powers of the ECB No access
      2. a) Criteria No access
        (i) Activation of Art. 6(5)(b) SSMR on the ECB’s initiative No access
        (ii) Activation of Art. 6(5)(b) SSMR at the request of an NCA No access
        c) Supervised entities classified as significant on the basis of Art. 6(5)(b) SSMR No access
    2. 1. 1. The provisions of Art. 6(6) SSMR No access
      2. (i) Rapid and significant deterioration of a less significant supervised entity’s financial situation No access
        (ii) Information requirements relating to “material” supervisory procedures No access
        (iii) Requirements relating to “material” draft supervisory Decisions No access
        b) Ex-post reporting to the ECB No access
8. 1. A. Rationale of close cooperation No access
  2. 1. I. Notification by the Member State No access
    2. II. Decision by the ECB No access
    3. III. Complementary national legislation No access
    4. IV. Legal effects of a close cooperation No access
  3. 1. I. Application of the SSMR mutatis mutandis No access
    2. II. Powers of the ECB No access
    3. III. Indirect supervision of all credit institutions No access
  4. D. Suspension and termination No access
9. 1. 1. I. Overview No access
    2. 1. 1. Treaty making power of the EU No access
      2. 2. Treaty-making power of the ECB No access
      3. 3. Shared competences No access
    3. III. External competences in matters of banking supervision No access
  2. B. External competences under Art. 8 SSMR No access
10. 1. A. Introduction No access
  2. 1. I. The ECB as the competent or designated authority No access
    2. 1. 1. Powers under the SSMR No access
      2. 2. Powers under Union law and national law transposing Union law No access
      3. 3. Other supervisory powers under national law No access
    3. III. Possibility to give instructions No access
  3. C. Exercise of powers by the ECB – Art. 9(2) SSMR No access
  4. D. Exercise of powers in non-euro area Member States – Art. 9(3) SSMR No access
11. 1. A. Overview to the investigatory powers of Arts. 10 to 13 SSMR No access
  2. B. Function and background of Art. 10 SSMR No access
  3. 1. I. Material scope – what can be requested No access
    2. II. Personal scope – who can be requested information No access
    3. III. Professional secrecy – no limitation to the obligation to provide information No access
  4. D. Procedural aspects of the exercise of the power to request information and consequences of non-compliance with such request No access
  5. E. Exchange of information between the ECB and national competent authorities No access
  6. F. Power to require the provision of information at recurring intervals and in specified formats for supervisory and related statistical purpose No access
12. 1. A. Function and background of the provision No access
  2. B. Personal scope No access
  3. C. Material scope No access
  4. D. Exercise of the general investigation powers No access
13. Art. 12 SSMR On-site inspections Klaus Lackhoff and Mikulas ProkopOn-site inspections/Authorisation by a judicial authority No access Pages 177 - 178
14. 1. A. Background and purpose of on-site inspections No access
  2. 1. I. Personal scope of an on-site inspection – who can be subject to an on-site inspection No access
    2. II. Territorial scope of an on-site inspection – where can the ECB conduct an on-site inspection No access
  3. 1. I. Planning and initiation of an on-site inspection No access
    2. II. Conduct of an on-site inspection No access
    3. III. Follow up on the on-site inspection No access
  4. D. Art. 13 SSMR: Authorisation by a judicial authority No access
15. 1. 1. I. Basic content No access
    2. 1. 1. Substantial requirements for authorisation No access
      2. 2. Substantial requirements for withdrawal of authorisation No access
      3. 3. Procedural requirements No access
    3. III. Practical relevance No access
  2. 1. I. Credit institutions No access
    2. II. All credit institutions irrespective of significance No access
    3. III. Territorial scope of application No access
  3. 1. I. Triggers for Art. 14 SSMR procedures No access
    2. II. Submission of application to an NCA (Art. 14(1) SSMR) No access
    3. 1. 1. Draft decision to grant authorisation No access
      2. 2. Final decision to reject application No access
    4. 1. 1. Assessment of compliance with Union law No access
      2. 2. Procedure No access
      3. 3. The ECB’s decision on an application No access
      4. 4. Scope of authorisation No access
  4. 1. I. Authorisations subject to withdrawal No access
    2. 1. 1. Assessment of the NCA No access
      2. 2. Procedure No access
      3. a) Assessment No access
        b) Procedure No access
        c) Decision No access
    3. 1. 1. Assessment of ECB No access
      2. 2. Procedure No access
      3. 3. Decision No access
    4. IV. Lapsing of the authorisation No access
  5. 1. I. Distribution of competences between national and European courts No access
    2. 1. 1. Optional administrative review No access
      2. 2. Admissibility of action for annulment No access
      3. 3. Assessment of the court und judgment No access
16. 1. 1. I. Basic content No access
    2. 1. 1. Substantial provisions No access
      2. 2. Procedural rules No access
    3. III. Practical relevance No access
  2. 1. I. Credit institutions as acquisition targets No access
    2. II. Completed acquisitions No access
    3. III. Disposal of acquisitions No access
    4. IV. Exemption for resolution-related acquisitions No access
    5. V. Territorial scope No access
  3. 1. I. Point of entry for notifications and relevant law No access
    2. 1. 1. Proposed acquirer No access
      2. 2. Target credit institution No access
    3. 1. 1. Direct qualifying holding No access
      2. 2. Indirect qualifying holding No access
      3. 3. Significant influence No access
    4. IV. Content of notification No access
    5. V. Procedure No access
  4. 1. I. Assessment according to Union and national law No access
    2. II. Procedure No access
    3. III. Draft decision of the NCA No access
  5. 1. I. Assessment according to Union law No access
    2. II. Procedure No access
    3. III. Decision No access
  6. 1. I. Distribution of competences between national and European courts No access
    2. 1. 1. Optional administrative review No access
      2. 2. Admissibility of action for annulment No access
      3. 3. Assessment of the court No access
17. 1. 1. 1. 1. Art. 16(1) SSMR within the system of the SSM Regulation No access
      2. 2. Field of application in relation to supervised entities No access
      3. 3. Use, delimitation and exercise of supervisory powers No access
      4. 4. The measures to be taken by the ECB – principle of proportionality No access
    2. 1. 1. The three conditions No access
      2. 2. The provisions of Art. 102(1) CRD IV No access
  2. 1. 1. 1. Introductory remarks No access
      2. 2. Comparison with Art. 104(1) CRD IV (as in force) No access
    2. 1. a) The provisions in force until the application of the CRD V No access
        b) The provisions in force after the application of the CRD V No access
      2. Art. 16(2)(b) SSMR: reinforcement of arrangements, processes, mechanisms and strategies No access
        Art. 16(2)(c) SSMR: restoration of compliance with supervisory requirements No access
        Art. 16(2)(d) SSMR: application of a specific provisioning policy or treatment of assets in terms of own funds requirements No access
        Art. 16(2)(e) SSMR: restriction or limitation on business, operations or network – divestment of activities No access
        Art. 16(2)(f) SSMR: reduction of the risk inherent in activities, products and systems No access
        Art. 16(2)(k) SSMR: the imposition of specific liquidity requirements No access
      3. Art. 16(2)(g) SSMR: limitation of variable remuneration No access
        Art. 16(2)(h) and (i) SSMR: request for distribution of net profits (only) – imposition of restrictions or prohibitions on distributions No access
        Art. 16(2)(m) SSMR: removal of members of the management board No access
      4. Art. 16(2)(j) SSMR: the imposition of additional or more frequent reporting requirements No access
        Art. 16(2)(l) SSMR: imposition of additional disclosure requirements No access
18. 1. Art. 17 SSMR Home-Host Framework (including Arts. 6, 17 SSM Framework Regulation) No access
19. Arts. 8–17 SSM Framework Regulation Introduction Framework Regulation No access Pages 252 - 253
20. 1. Consolidated Supervisor (Art. 8 SSM Framework Regulation) No access
21. 1. A. Art. 9(1) SSM Framework Regulation No access
  2. B. Art. 9(2) SSM Framework Regulation No access
22. 1. Members of supervisory College (Art. 10 SSM Framework Regulation) No access
23. 1. A. Introduction No access
  2. B. Notification of NCA and ECB – Art. 11(1)-(2) SSM Framework Regulation No access
  3. C. Decision by the ECB – Art. 11(3)-(5) SSM Framework Regulation No access
24. 1. Freedom to provide services by credit Institutions (Art. 12 SSM Framework Regulation) No access
25. 1. A. Art. 13(1) SSM Framework Regulation No access
  2. B. Art. 13(2) SSM Framework Regulation No access
  3. C. Art. 13(3)-(4) SSM Framework Regulation No access
26. 1. A. Art. 14(1) SSM Framework Regulation No access
  2. B. Art. 14(2) SSM Framework Regulation No access
27. 1. Art. 15 SSM Framework Regulation No access
28. 1. Art. 16 SSM Framework Regulation No access
29. 1. A. Introduction No access
  2. B. Art. 17(1) SSM Framework Regulation No access
  3. C. Art. 17(2) SSM Framework Regulation No access
  4. D. Principle of fair balance No access
  5. E. Supervisory gaps in the SSM Framework Regulation No access
30. 1. A. General observations No access
  2. B. Ratio legis No access
  3. 1. I. Supervisory measures, enforcement and sanctions No access
    2. II. Procedural safeguards for sanctions (Arts. 120–137 SSM Framework Regulation) No access
    3. 1. 1. Act violating directly applicable Union law or ECB decisions and regulations No access
      2. 2. Addressees are only legal persons No access
      3. 3. Intent or negligence No access
      4. 4. The maximum level of pecuniary penalties and mitigating factors No access
      5. 5. The right to be heard No access
      6. 6. Statute of limitations No access
      7. 7. Publication No access
    4. IV. The ECB’s indirect competence No access
    5. V. Sanctions by NCAs No access
    6. VI. The interplay with the general sanctions regime of the ECB (Regulations (EC) 2532/98 and 2157/1999) No access
  4. D. Review of a sanctioning decision No access
31. 1. A. Origin and development No access
  2. 1. 1. 1. Institutional independence No access
      2. 2. Functional independence No access
      3. 3. Personal independence No access
      4. 4. Financial independence No access
    2. II. Ethics Framework and Code of Conduct (Art. 19(3) SSMR) No access
32. 1. A. Origin and development No access
  2. 1. I. European Central Bank accountability for the implementation of the SSMR (Art. 20(1) SSMR) No access
    2. II. Reporting (Art. 20(2)-(3) SSMR) No access
    3. III. Appearances before the Eurogroup (Art. 20(4) SSMR) No access
    4. IV. Appearances before the European Parliament (Art. 20(5) SSMR) No access
    5. V. Questions by the European Parliament or the Eurogroup (Art. 20(6) SSMR) No access
    6. VI. Role of the Court of Auditors (Art. 20(7) SSMR) No access
    7. VII. Confidential oral discussions with the European Parliament (Art. 20(8) SSMR) No access
    8. VIII. Cooperation with European Parliament investigations (Art. 20(9) SSMR) No access
33. 1. A. Origin and development No access
  2. 1. I. Reporting (Art. 21(1) SSMR) No access
    2. II. Questions by national parliaments (Art. 21(2) SSMR) No access
    3. III. Appearances before national parliaments (Art. 21(3) SSMR) No access
    4. IV. Accountability arrangements pursuant to national law (Art. 20(4) SSMR) No access
34. 1. A. General remarks No access
  2. 1. 1. 1. Before taking “supervisory decisions” No access
      2. 2. “Persons who are the subject of the proceeding” No access
    2. 1. 1. “Before” taking supervisory decisions No access
      2. 2. Written and/or oral hearing No access
      3. 3. Subject matter of hearing No access
      4. 4. Time frame No access
    3. III. Consequences of failure to comply No access
  3. 1. 1. a) “Persons concerned” No access
        b) “After the opening of the ECB supervisory procedure” No access
      2. a) “Files” No access
        b) “Access” No access
      3. a) “Legitimate interest of other persons in the protection of their business secrets” No access
        b) “Confidential information” No access
      4. 4. Consequences of failure to comply No access
    2. II. Art. 22(2)(2): Duty to give reasons No access
35. 1. A. General remarks No access
  2. 1. I. Protection of whistleblowers No access
    2. II. Breaches of relevant EU law No access
    3. III. Means to report breaches No access
    4. IV. Follow-up of a report No access
    5. V. Practical experience with ECB breach reporting system No access
36. 1. A. Administrative review and judicial review of ECB decisions No access
  2. B. The place of the ABoR in the ECB’s decision-making process No access
  3. 1. I. Appointment of Members and Alternates; required qualifications No access
    2. II. Independence, ethical standards No access
    3. III. Expertise, secretarial support, training and expert advice No access
    4. IV. Proceedings: admissibility No access
    5. V. Proceedings: suspension of the contested decision No access
    6. VI. Proceedings: rapporteur, hearing, evidence, directions No access
    7. VII. Proceedings: opinion and follow-up No access
    8. VIII. Proceedings: timing, access to file and costs No access
  4. D. Practice thus far – ABoR in earlier case law No access
37. 1. A. Introductory remarks No access
  2. 1. 1. 1. The rules: Art. 25(1)-(2) SSMR No access
      2. 2. Compliance with the rules: Art. 25(3)-(5) SSMR No access
    2. 1. 1. Organisational separation No access
      2. 2. Professional secrecy No access
      3. 3. Access to information between policy functions and classification No access
      4. 4. Exchange of confidential information No access
  3. 1. I. The provisions of the SSMR: Art. 25(5) SSMR No access
    2. 1. 1. Membership and internal organisation No access
      2. a) Request for mediation No access
        b) The Case Committee No access
        c) Decision-making process No access
      3. 3. Confidentiality and professional secrecy No access
38. 1. A. Introduction No access
  2. 1. 1. 1. Tasks No access
      2. 2. Composition No access
      3. 3. Status of the members of the Supervisory Board No access
      4. a) General No access
        b) Appointment and term of office of the Chair No access
        c) Appointment and term of office of the Vice-Chair No access
        d) Appointment and term of office of the ECB representatives No access
      5. a) Meetings No access
        b) Written procedures No access
      6. 6. Secretariat No access
    2. II. Steering Committee No access
    3. III. Executive Board No access
    4. IV. Governing Council No access
  3. 1. 1. 1. Scope No access
      2. a) Approval of draft decisions by the Supervisory Board No access
        b) Submission of the draft decision to the Governing Council No access
        c) Adoption of decisions by the Governing Council No access
        d) Publication or notification of legal acts No access
        e) Involvement of participating Member States whose currency is not the euro No access
    2. II. The procedure for the adoption of macroprudential decisions No access
    3. III. The decision-making procedure under Art. 6(7) SSMR No access
    4. IV. The standard decision-making procedure No access
    5. V. Delegated decision-making No access
  4. D. Conclusion No access
39. 1. A. Purpose of professional secrecy obligations No access
  2. B. Professional secrecy and the ECB public access regime No access
  3. C. Professional secrecy and right of access to the file No access
  4. D. Different layers of the ECB’s professional secrecy obligations No access
  5. 1. I. Personal scope of application No access
    2. 1. 1. Non-public information of a supervisory nature No access
      2. 2. Interest in maintaining confidentiality No access
  6. 1. I. Prohibition of unlawful disclosure No access
    2. II. Time aspect of professional secrecy obligations No access
    3. 1. 1. Principles of lawful disclosure No access
      2. 2. Information in summary or aggregate form No access
      3. 3. Criminal law cases No access
      4. 4. Civil or commercial proceedings No access
      5. 5. Consent of the persons adversely affected by disclosure No access
      6. a) Application of CRD rules on information exchange by the ECB No access
        b) Information exchange with EU authorities and bodies No access
        c) Information exchange with third-country authorities or bodies No access
  7. G. Procedural requirements for lawful disclosure No access
  8. H. Consequences of unlawful disclosure No access
40. 1. A. Interaction with other provisions and principles in EU law No access
  2. 1. I. General observations No access
    2. II. Necessary financial resources No access
    3. 1. 1. Staffing of the ECB’s supervisory function No access
      2. 2. Use of NCAs’ staff and external consultants No access
  3. C. Legal consequences of an improper allocation No access
41. 1. A. Separation of supervisory costs in the ECB budget No access
  2. B. Supervisory budget as part of the ECB reports on supervisory activities No access
  3. C. Supervisory income and expenses included in the ECB annual accounts No access
  4. D. Audit of the ECB annual accounts No access
42. 1. A. Background No access
  2. B. Scope of the provision No access
  3. C. Adressees No access
  4. 1. I. Overall costs No access
    2. II. Calculation of individual fees No access
    3. III. Invoicing and notifications No access
  5. E. Right of NCAs to levy fees No access
  6. F. Cooperation with NCAs No access
43. 1. A. Background No access
  2. B. Secondment and staff exchange No access
  3. 1. I. Ratio legis and general considerations No access
    2. II. Supervisory Board related provisions No access
    3. III. Cooling-off periods for Staff Members No access
  4. D. Accountability Requirements No access
44. 1. A. Introductory remarks No access
  2. 1. I. IntroductionEuropean Commission, Report (2017), Section I. No access
    2. 1. 1. General overviewEuropean Commission, Report (2017), Section II. No access
      2. a) Accountability, due process and independence arrangements No access
        b) Decision-making No access
        c) Separation between supervisory and monetary functions No access
        d) Division of tasks and responsibilities between the ECB and the NCAs No access
      3. a) Categorisation of supervised entities No access
        b) JSTs No access
        c) Horizontal functions No access
        d) On-site inspections No access
        e) Colleges No access
        f) Options and discretions No access
      4. a) Common procedures for authorisations and assessment of acquisitions No access
        b) Ongoing supervision of significant institutions: Fit and proper assessment No access
        c) Ongoing supervision of significant institutions: Own funds’ approval and waivers No access
        d) Ongoing supervision of significant institutions: Internal models No access
        e) Ongoing supervision of significant institutions: SREP No access
        f) In particular: Possibility to influence credit institutions’ provisioning for non-performing loans No access
        g) Ongoing supervision of significant institutions: Enforcement and sanctioning No access
        h) Oversight of NCAs’ supervision of LSIs No access
        i) Performance of macro-prudential functions No access
      5. a) Interaction with the EBA – supervisory convergence and stress tests No access
        b) Cooperation with the ESRB – macro-prudential convergence No access
        c) Cooperation with the SRB – early intervention and triggering of resolution No access
        d) Participation in the BCBS and the FSB – international regulatory convergence No access
      6. 6. Cost-effectiveness of the SSM No access
    3. III. Conclusions No access
45. 1. 1. 1. 1. Art. 33(1) SSMR: publication of the SSM Framework Regulation No access
      2. 2. Art. 33(2) SSMR: assumption by the ECB of its specific supervisory tasks and related implementation arrangements and measures No access
      3. 3. Art. 33(5) SSMR: Authorised credit institutions No access
      4. 4. Art. 33(6) SSMR: Transitional arrangement for voting in the Supervisory Board No access
    2. II. In particular: The Comprehensive Assessment (Art. 33(4) SSMR) No access
  2. B. Provisions that have not been activated (Arts. 33(2), fourth sub-paragraph and 33(3)) No access
  3. 1. I. Actions by national competent authorities No access
    2. II. Continuation of existing cooperation arrangements No access
    3. III. Member States with a derogation whose currency becomes the euro No access
46. Art. 34 SSMR Entry into force Christos V. Gortsos No access Pages 451 - 453
1. 1. A. Introduction No access
  2. 1. I. General background No access
    2. 1. 1. Art. 114 TFEU as legal base and its implications for the institutional design of the SRM No access
      2. 2. The legislative procedure No access
  3. 1. I. ‘Uniform rules and a uniform procedure’: SRMR and BRRD No access
    2. II. Inter-agency cooperation (overview) No access
    3. III. Institutional provisions and general powers (overview) No access
2. 1. A. Introduction No access
  2. 1. I. Credit institutions established in Participating Member States (Art. 2(a) SRMR) No access
    2. II. Parent undertakings, including financial holding and mixed financial holding companies subject to consolidated supervision by the ECB (Art. 2(b) SRMR) No access
    3. III. Investment firms and financial institutions subject to consolidated supervision by the ECB (Art. 2(c) SRMR) No access
3. 1. 1. I. Introductory remarks – link to definitions already presented No access
    2. II. Financial firms and groups No access
    3. III. Authorities No access
    4. 1. 1. General No access
      2. 2. In particular: own funds – own funds instruments – own funds requirements No access
    5. V. Resolution-specific terms No access
    6. VI. In particular: resolution tools No access
    7. VII. Definitions relating to the Single Resolution Fund (SRF) No access
    8. VIII. Deposit guarantee-related terms No access
    9. IX. Other terms No access
  2. 1. I. Introductory remarks No access
    2. II. Amendments to existing definitions No access
    3. III. New definitions No access
4. 1. 1. I. Limited geographical and personal scope of the Banking Union No access
    2. II. Decision by the ECB No access
    3. III. Legal effects of close cooperation within the SRM No access
    4. IV. Relationship to non-participating Member States No access
  2. B. Suspension or termination of a close cooperation No access
5. 1. A. Introduction No access
  2. 1. I. Overview No access
    2. II. The BRRD and international best practice No access
    3. III. The relation to the BRRD: Relevant procedural and substantive provisions No access
  3. 1. I. SRB to assume the functions of NRAs under the BRRD (Art. 5(1) SRMR) No access
    2. II. The SRM within the European System of Financial Supervision (Art. 5(2) SRMR) No access
6. 1. A. Introduction No access
  2. B. Background: Cross-border implications of bank failures and bank resolution as a core problem for the Banking Union No access
  3. 1. I. No discrimination rule (Art. 6(1) SRMR) No access
    2. II. Minimisation of impact of resolution on group entities (Art. 6(3)(c) SRMR) No access
  4. 1. I. Context and background No access
    2. II. Substantive and procedural content No access
    3. III. Protection of budgetary sovereignty and fiscal responsibility of Member States No access
  5. E. Legal relevance and enforceability of Art. 6 SRMR No access
7. 1. A. Introductory remarks No access
  2. B. Art. 7(1) SRMR No access
  3. 1. 1. 1. Drawing up of resolution plans No access
      2. 2. Adopting all decisions relating to resolution No access
      3. 3. Subject to the provisions referred to in Art. 31(1) SRMR No access
    2. 1. 1. Art. 7(2)(a) SRMR No access
      2. 2. Art. 7(2)(b) SRMR No access
      3. 3. Practical comments No access
  4. 1. I. Scope ratione materiae No access
    2. II. Scope ratione personae No access
    3. III. Rules on the application No access
    4. IV. Collaboration between NRAs and SRB No access
  5. 1. I. Warnings according to Art. 7(4)(a) SRMR No access
    2. II. Taking over of direct resolution tasks from the NRA pursuant to Art. 7(4)(b) SRMR No access
  6. F. Art. 7(5) SRMR No access
  7. G. Beginning and end of direct resolution responsibility and change of Status No access
8. 1. A. Resolution and recovery planning No access
  2. 1. I. Drawing-up and adoption of resolution plans No access
    2. II. Entities and groups subject to resolution planning No access
  3. 1. I. Cooperation with NRAs (Art. 8(2) SRMR) No access
    2. II. Guidelines and instructions (Art. 8(3) SRMR) No access
    3. III. Information provided by NRAs (Art. 8(4) SRMR) No access
    4. IV. Cooperation with the institution (Art. 8(8) SRMR) No access
  4. 1. I. Introduction No access
    2. II. Resolution tools and powers (Art. 8(5) SRMR) No access
    3. III. Resolution action (Art. 8(6) SRMR) No access
    4. IV. Perspectives to be taken into account (Art. 8(6)-(7) SRMR) No access
    5. V. Summary of mandatory elements (Art. 8(9) SRMR) No access
  5. 1. I. Introduction No access
    2. II. Resolution of group entities (Art. 8(10) SRMR) No access
    3. III. Elements of group resolution plans (Art. 8(11) SRMR) No access
  6. F. Review and updating resolution plans (Art. 8(12) SRMR) No access
  7. G. Review and updating resolution plans (Art. 8(12) SRMR) No access
9. 1. A. Introduction No access
  2. B. Competence of NRAs (Art. 9(2) SRMR) No access
  3. C. Consultation of relevant authorities (Art. 9(2) SRMR) No access
10. 1. A. Introduction No access
  2. 1. I. Resolvability (Art. 10(1) SRMR) No access
    2. II. Recovery plans (Art. 10(2) SRMR) No access
    3. 1. 1. Matters to be taken into account (Art. 10(6) SRMR) No access
      2. 2. Assessment of an entity (Art. 10(3) SRMR) No access
      3. 3. Assessment of a group (Art. 10(4) SRMR) No access
    4. IV. Significant adverse consequences (Art. 10(5) SRMR) No access
  3. 1. I. Introduction No access
    2. II. Report on substantive impediments (Art. 10(7)-(8) SRMR) No access
    3. III. Measures proposed by institution or parent undertaking (Art. 10(9) SRMR) No access
    4. IV. Measures imposed on institution or group (Art. 10(10) and (13) SRMR) No access
    5. V. Instructions to NRAs (Art. 10(11)-(12) SRMR) No access
11. 1. A. Introduction No access
  2. 1. I. Conditions for enforcement No access
    2. II. Enforcement actions No access
    3. III. Notification requirement No access
  3. 1. I. Discretionary power No access
    2. II. Obligation to exercise power No access
  4. D. Calculation of the M-MDA (Art. 10a(4)-(6) SRMR) No access
12. 1. A. Introduction No access
  2. 1. I. SRB decision (Art. 11(1) and (9)-(10) SRMR) No access
    2. II. Proposal by NRAs (Art. 11(2) and (9) SRMR) No access
  3. 1. I. Introduction No access
    2. II. Significant adverse consequences (Art. 11(3) SRMR) No access
    3. III. Two-stage assessment No access
  4. D. Application of simplified obligations (Art. 11(4)-(5) SRMR) No access
  5. 1. I. Circumstances in which the obligation may be waived (Art. 11(6)-(7) SRMR) No access
    2. II. Institutions for which a waiver cannot be granted (Art. 11(8) SRMR) No access
  6. F. Ending the application of simplified obligations (Art. 11(6) SRMR) No access
13. Arts. 12–12k SRMR Minimum requirements No access Pages 573 - 573
14. Art. 12 SRMR Minimum requirement for own funds and eligible liabilitiesAs amended by Art. 1(6) SRMR II.I am grateful to Prof. Dr. E.P.M. Joosen, for his insightful comments to an earlier version of th... No access Pages 573 - 574
15. Art. 12a SRMR Application and calculation of the minimum requirement for own funds and eligible liabilities Minimum Requirements No access Pages 574 - 574
16. Art. 12b SRMR Exemption from the minimum requirement for own funds and eligible liabilities Minimum Requirements No access Pages 574 - 575
17. Art. 12c SRMR Eligible liabilities for resolution entities Minimum Requirements No access Pages 575 - 579
18. Art. 12d SRMR Determination of the minimum requirement for own funds and eligible liabilities Minimum Requirements No access Pages 579 - 584
19. Art. 12e SRMR Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs Minimum Requirements No access Pages 584 - 585
20. Art. 12f SRMR Application of the minimum requirement for own funds and eligible liabilities to resolution entities Minimum Requirements No access Pages 585 - 585
21. Art. 12g SRMR Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities Minimum Requirements No access Pages 585 - 587
22. Art. 12h SRMR Waiver of the minimum requirement for own funds and eligible liabilities applied to entities that are not themselves resolution entities Minimum Requirements No access Pages 587 - 588
23. Art. 12i SRMR Waiver for a central body and credit institutions permanently affiliated to a central body Minimum Requirements No access Pages 588 - 588
24. Art. 12j SRMR Breaches of the minimum requirement for own funds and eligible liabilities Minimum Requirements No access Pages 588 - 589
25. 1. 1. I. TLAC, MREL, and the Banking Reform Package No access
    2. II. MREL, resolution planning and bail-in No access
  2. 1. I. Competence of the SRB (Arts. 12(1)-(2), 12(4)-(7), 12a(1) and 12f(2)-(3) SRMR) No access
    2. II. Competence of NRAs (Art. 12(3) and 12a(1) SRMR) No access
  3. 1. I. External and (waived) internal MREL (Art. 12f-12i SRMR) No access
    2. II. Exemption (Art. 12b SRMR) No access
  4. 1. I. Calculation of the MREL (Art. 12a(2) SRMR) No access
    2. 1. External MREL (Art. 12c SRMR) No access
      2. Internal MREL (Art. 12g(2)-(3) SRMR) No access
    3. III. General calibration of the MREL(Art. 12d(2) SRMR) No access
    4. IV. Determination of the MREL (Art. 12d(3)-(6), 12d(9) and 12e SRMR) No access
  5. E. Breaches of the MREL (Art. 12j SRMR) No access
  6. F. Transitional Period (Art. 12k SRMR) No access
26. 1. A. Theoretical and public policy considerations No access
  2. 1. 1. 1. Early intervention within the system of the BRRD No access
      2. 2. Arts. 27-30 BRRD No access
      3. 3. The EBA Guidelines on triggers for use of early intervention measures No access
      4. 4. On Art. 104 CRD IV and its consistency with Art. 27 BRRD No access
    2. 1. 1. General overview No access
      2. 2. In particular: the exercise by the ECB of its power to apply early intervention measures No access
  3. 1. 1. 1. Application of early intervention or supervisory measures for the first time (Art. 13(1)-(2) SRMR) No access
      2. 2. Adoption of additional early intervention of supervisory measures (Art. 13(4)-(5) SRMR) No access
    2. II. The powers of the Board (Art. 13(3) SRMR) No access
27. 1. A. Introduction No access
  2. 1. 1. 1. Background No access
      2. a) Critical functions No access
        b) Critical services No access
        c) Disruption No access
    2. II. Avoiding significant adverse effects on financial stability (Art. 14(2)(b) SRMR) No access
    3. III. Protecting public funds (Art. 14(2)(c) SRMR) No access
    4. IV. Protecting insured depositors and investors; protecting client funds and assets (Art. 14(2)(d) and (e) SRMR) No access
  3. C. Minimisation of costs and prohibition of destruction of value (Art. 14(2)(2) SRMR) No access
  4. D. Ranking of resolution objectives and implications for the design of resolution actions (Art. 14(3) SRMR) No access
28. 1. A. Introduction No access
  2. 1. I. Policy background and overview No access
    2. II. Fundamental principles governing the allocation of losses between shareholders and creditors (Art. 15(1)(a) and (b) SRMR) No access
    3. 1. 1. Definition of ‘management body’ and ‘senior management’ No access
      2. 2. Dismissal and replacement of management body and senior management (Art. 15(1)(c) SRMR) No access
      3. 3. Responsibilities and duties of management in resolution (Art. 15(1)(d) SRMR) No access
      4. 4. Personal liability for the failure (Art. 15(1)(e) SRMR) No access
    4. 1. a) Background and function No access
        b) Technical details No access
        c) Qualifications No access
        d) Legal significance No access
      2. a) Significance and function No access
        b) Practical implementation and limitations No access
      3. 3. Full protection of covered deposits (Art. 15(1)(h) SRMR) No access
    5. V. Resolution actions to respect ‘safeguards’ (Art. 15(1)(i) SRMR) No access
  3. C. Minimisation of impact on group entities, the relevant group as a whole, and of adverse effects on financial stabilities in the Union and its Member States (Art. 15(2) SRMR) No access
  4. D. Employees’ rights und employees’ representation (Art. 15(3) and (4) SRMR) No access
29. 1. A. Introduction No access
  2. 1. I. General policy No access
    2. II. The legal framework for group resolution – overview No access
    3. III. Resolution strategies for group resolution and implementation under Art. 16 SRMR No access
  3. C. Substantive content of Art. 16 SRMR No access
30. 1. A. Introduction No access
  2. 1. I. Arts. 17, 21 and 27 SRMR in context No access
    2. II. Functions of Art. 17 SRMR (in conjunction with Arts. 47 and 48 BRRD) No access
  3. 1. 1. 1. General principles No access
      2. 2. Cancellation of shares (Art. 17(1) SRMR in conjunction with Art. 47(1)(a) BRRD) No access
      3. 3. Severe dilution of shares (Art. 17(1) SRMR in conjunction with Art. 47(1)(b) BRRD) No access
    2. 1. 1. Overview No access
      2. a) Common Equity Tier 1 (Art. 48(1)(a) BRRD) No access
        b) Additional Tier 1 instruments (Art. 48(1)(b) BRRD) No access
        c) Tier 2 instruments (Art. 48(1)(c) BRRD) No access
        d) Other debt (Art. 48(1)(d) and (e) BRRD) No access
    3. 1. 1. Calibration of the measures and implementation No access
      2. 2. Coordination with national laws No access
31. 1. A. Introduction No access
  2. B. The legal basis No access
  3. 1. I. Scope No access
    2. II. Role of the Board and the ECB/SSM No access
    3. III. The FOLF determination No access
    4. IV. The Public Interest Test No access
  4. D. Role of the Commission and the Council No access
32. 1. A. Function and background of the provision No access
  2. B. Notions of State aid and Fund aid No access
  3. 1. I. Resolution action involving State aid No access
    2. II. Resolution action involving Fund aid No access
  4. D. Functional separation within Union institutions No access
  5. E. Power to adopt a delegated act No access
33. 1. 1. I. The obligations set out in Art. 20 SRMR and its field of application No access
    2. 1. 1. Delegated Regulation adopted by virtue of Art. 36(14) BRRD No access
      2. 2. Delegated Regulation adopted by virtue of Art. 36(15) BRRD No access
      3. 3. Delegated Regulation adopted by virtue of Art. 74(4) BRRD No access
      4. 4. Delegated Regulation adopted by virtue of Art. 49(4) BRRD No access
    3. III. The 2019 Board Report “Framework for Valuation”, the EBA “Handbook on Valuation for Purposes of Resolution” and the 2020 document “SRB Valuation Data Set: Instructions” No access
  2. 1. I. General principles No access
    2. 1. 1. Introductory remarks No access
      2. 2. “Valuation 1” No access
      3. 3. “Valuation 2” No access
      4. 4. Valuation date No access
    3. III. Other rules and obligations No access
  3. 1. I. The provisional valuation No access
    2. 1. 1. The provisions of Art. 20(11)-(12) SRMR No access
      2. 2. Case law No access
  4. D. Common provision (Art. 20(14) SRMR)Under the BRRD framework, this aspect is partly (only with regard to the bail-in tool) governed by Art. 46(4) BRRD. No access
  5. 1. I. Introductory remarks No access
    2. II. The provisions of Art. 20(16)-(18) SRMR No access
  6. 1. I. The Board “Framework for Valuation” No access
    2. II. The EBA “Handbook on Valuation for Purposes of Resolution” No access
34. 1. 1. I. Role in the system of the SRMR No access
    2. II. Relation to other provisions No access
  2. 1. I. Scope No access
    2. II. Requirements No access
  3. C. Procedure (Art. 21(2)) No access
  4. D. Point of non-viability (Arts. 21(3)-(5)) No access
  5. E. Write-down or conversion within groups (Art. 21(6)) No access
  6. F. Interplay with resolution (Arts. 21(7)-(9)) No access
  7. G. Result to be achieved (Art. 21(10)) No access
  8. H. Action by the NRAs (Art. 21(11)) No access
  9. I. Case study: The Banco Popular case No access
35. 1. A. Introduction No access
  2. 1. I. Mandatory write-down and conversion of capital instruments (Art. 22(1) SRMR) No access
    2. II. The toolbox (Art. 22(2) SRMR) No access
    3. III. Aspects to be taken into account for the adoption of a resolution scheme (Art. 22(3) SRMR) No access
    4. IV. General principles for the application of the toolbox (Art. 22(4) SRMR) No access
    5. V. Residual entity to be wound up under normal insolvency proceedings in the case of partial transfers (Art. 22(5) SRMR) No access
    6. VI. Recovery of expenses by the SRB (Art. 22(6) SRMR) No access
36. 1. A. Introduction No access
  2. B. The resolution scheme No access
37. 1. A. Introduction No access
  2. 1. I. Basic structure and uses of a Sale of Business (Art. 24(1) SRMR) No access
    2. 1. 1. Overview No access
      2. 2. Definition of instruments, assets, rights and liabilities to be included in transfer (Art. 24(2)(a) SRMR) No access
      3. 3. Required consent and disapplication of general company and securities law (Art. 24(2)(a) SRMR in conjunction with Art. 38(1)(2) BRRD) No access
      4. 4. Requirements pertaining to the Purchaser (Art. 24(2)(a) SRMR in conjunction with Art. 38(1), (7)-(9) BRRD) No access
      5. a) Introduction No access
        b) Treatment of shareholders and creditors in partial transfers No access
        c) Valuation of difference in treatment and compensation rights for shareholders and creditors No access
        d) Protection for counterparties, including in the event of a partial transfer No access
      6. 6. Commercial terms for the transfer and marketing requirements (Art. 24(2)(b) and (3), (3) SRMR and Arts. 38(1), (7-11) and 39(1) and (2) BRRD) No access
      7. 7. Repeated and reverse transfers (Art. 24(2)(c) SRMR in conjunction with Art. 38(5) and (6) BRRD) No access
38. 1. A. Introduction No access
  2. 1. I. Structural characteristics and use of a Bridge Institution (Art. 25(1) SRMR) No access
    2. 1. 1. Overview No access
      2. a) The scope of the transfer: instruments, assets, rights and liabilities to be included No access
        (i) Consideration to be paid by Bridge Institution (Art. 25(2)(a) SRMR in conjunction with Art. 40(4) BRRD) No access
        (ii) Repeated, reverse and onward transfers (Art. 25(2)(a) SRMR in conjunction with Art. 40(5)-(7) BRRD) No access
        (iii) Protection of certain counterparties through “safeguards” (Art. 25(2)(a) SRMR in conjunction with Art. 40(10), 73-80 BRRD) No access
        (iv) Effective separation between Bridge Institution and residual institution under resolution; liability of management body and senior management (Art. 25(2)(a) SRMR in conjunction with Art. 40(11) a... No access
      3. 3. Ongoing operation and termination of the Bridge Institution (Art. 25(2)(a) and (b) SRMR) No access
      4. 4. “Marketing” of the Bridge Institution or its assets and liabilities (Art. 25(2)(c) SRMR in conjunction with Art. 41(4) BRRD) No access
39. 1. A. Introduction No access
  2. 1. I. Structural characteristics and use of the Asset Separation tool within the Banking Union (Art. 26(1) SRMR) No access
    2. II. Application of the Asset Separation tool: The mandatory content of the Resolution Scheme (Art. 26(2) SRMR) No access
40. 1. 1. I. Economic function of the bail-in tool No access
    2. II. SRMR provisions on the bail-in tool: Relationship with the BRRD No access
  2. 1. 1. 1. Condition for the use of bail-in for the recapitalization of the failing entity No access
      2. 2. Incompatibility with the other resolution tools No access
    2. II. Second possibility: Use of the bail-in tool in combination with another resolution tool No access
    3. III. Mandatory content of the resolution scheme No access
  3. 1. I. Extent of bail-in: Establishment of the aggregate amount No access
    2. 1. 1. Exclusions of liabilities from bail-in No access
      2. 2. Bail-inable liabilities No access
      3. 3. MREL No access
      4. 4. Discretionary limits on interbank holdings of bail-inable liabilities No access
    3. 1. 1. Relevant resolution powers No access
      2. 2. Allocation of losses and the sequencing of bail-in No access
  4. 1. I. Covered deposits No access
    2. II. Secured liabilities No access
    3. III. Client assets and client money No access
    4. IV. Liabilities from fiduciary relationships No access
    5. V. Short-term interbank liabilities No access
    6. VI. Short-term liabilities arising from participation in payment and securities settlement systems No access
    7. VII. Liabilities to employees No access
    8. VIII. Liabilities to suppliers of critical goods and services No access
    9. IX. Tax and social security liabilities No access
    10. X. Contributions to deposit guarantee schemes No access
    11. XI. Intra-group liabilities of a resolution group No access
  5. 1. 1. 1. Constraints on resolution authorities’ discretion to exclude No access
      2. 2. Impracticability of bail-in No access
      3. 3. Continuity of critical functions and core business lines No access
      4. 4. Avoidance of widespread contagion No access
      5. 5. Avoidance of destruction of value No access
      6. 6. Group resolution No access
    2. 1. 1. Possibility of partial exclusion No access
      2. 2. Effect of discretionary exclusions on the treatment of other bail-inable liabilities No access
  6. 1. I. Burden-sharing and the financing waterfall of resolution actions No access
    2. 1. 1. Condition for use of the SRF No access
      2. 2. Purpose of the contribution No access
      3. 3. Decision-making procedure No access
      4. 4. Minimum bail-in requirement No access
      5. 5. Upper limit of the SRF’s contribution No access
      6. 6. Funding of the SRF’s contribution No access
  7. 1. I. Preparation and approval of the business reorganization plan No access
    2. II. Content of the business reorganization plan No access
41. 1. A. Monitoring by the SRB of the NRAs’ execution of resolution schemes No access
  2. B. NRAs’ obligation to cooperate and provide information No access
  3. C. SRB instructions to the NRAs No access
  4. D. Amendment of the resolution scheme No access
42. 1. A. Introduction No access
  2. 1. I. Indirect implementation of SRB decisions No access
    2. II. Scope of the NRAs’ duty to implement SRB decisions No access
    3. III. Means of performance of the duty No access
  3. 1. I. Composite administrative procedure No access
    2. II. Reviewability and jurisdiction No access
    3. III. Procedural restrictions of national proceedings under the BRRD No access
    4. IV. Standing No access
  4. D. Civil liability for actions taken in the course of implementation No access
  5. E. SRB’s power of direct intervention No access
  6. F. Discretionary decisions of the SRB and the Meroni doctrine No access
  7. G. Publicity of the resolution scheme No access
43. 1. A. Introduction No access
  2. B. General duty of close cooperation No access
  3. C. SRB cooperation with the Commission No access
  4. 1. I. Transmission to the SRM of intra-group financial support agreements No access
    2. II. SRB participation in the ECB’s Supervisory Board No access
    3. III. Memorandum of understanding on SRM-SSM cooperation No access
  5. E. SRB cooperation with the EBA No access
  6. F. SRB cooperation with the ESM No access
44. 1. A. Introduction No access
  2. B. Hierarchical character of the envisaged cooperation No access
  3. 1. I. Subject-matter of COFRA No access
    2. II. General principles of cooperation No access
  4. D. Guidelines and general instructions No access
  5. 1. I. Internal tasks concerning significant institutions and the role of IRTs No access
    2. II. Information gathering and transmission No access
    3. III. NRA involvement in formal SRB procedures No access
    4. IV. Execution of resolution schemes No access
    5. V. SRB’s oversight of NRA resolution planning and decisions concerning LSIs No access
    6. VI. Cooperation in relation to the SRF No access
    7. VII. Policy development No access
    8. VIII. Staff No access
  6. F. Disapplication of BRRD rules on cross-border banking groups and resolution colleges No access
45. Art. 32 SRMR Consultation of, and cooperation with, non-participating Member States and third countries Georgios PsaroudakisConsultation of, and cooperation with, non-participating Member States No access Pages 918 - 921
46. 1. A. Allocation of competence for recognition and enforcement No access
  2. B. The material criteria for recognition and enforcement No access
47. 1. A. Function and background of the provision No access
  2. 1. I. Material scope – what can be requested No access
    2. II. Personal scope – who can be requested to provide information No access
    3. III. Professional secrecy – no limitation to the obligation to provide information No access
  3. C. Exercise of the power to request information No access
48. 1. A. Personal scope No access
  2. B. Material scope No access
  3. C. Exercise of the general investigation powers No access
49. Art. 36 SRMR On-site inspections Klaus Lackhoff and Mikulas Prokop No access Pages 935 - 936
50. 1. 1. I. Personal scope of an on-site inspection – who can be subject to an on-site inspection No access
    2. II. Territorial scope of an on-site inspection – where can the SRB conduct an on-site inspection No access
    3. III. Substantive scope of on-site inspections No access
  2. B. Conduct of on-site inspections No access
  3. C. Authorisation by a judicial authority No access
51. 1. 1. I. How to infer the degree of intent in legal persons No access
    2. 1. 1. The three levels of fines: low, medium and higher end No access
      2. 2. Aggravating and mitigating factors with the respective coefficients No access
  2. B. Indirect sanctions imposed by national resolution or competent authorities at the SRB’s recommendation No access
52. Art. 39 SRMR Periodic penalty payments Chryssa Papathanassiou No access Pages 946 - 947
53. Art. 40 SRMR Hearing of the persons subject to the proceedings Chryssa Papathanassiou No access Pages 947 - 948
54. 1. A. Publication No access
  2. B. Enforcement No access
  3. C. Administrative and judicial review No access
55. 1. 1. I. Status of agencies No access
    2. II. Meroni jurisprudence No access
    3. III. Specific structure of the Board No access
  2. B. Legal personality of the Board No access
  3. C. Representation of the Board No access
56. 1. A. Composition No access
  2. B. Administrative and Management Structure No access
57. Art. 44 SRMR Compliance with Union law Christoph Ohler No access Pages 955 - 955
58. 1. A. Origin and development No access
  2. 1. I. Accountability of the Single Resolution Board for the implementation of the SRM Regulation (Art. 45(1) SRMR) No access
    2. II. Annual report (Art. 45(2)-(3) SRMR) No access
    3. III. Appearances before the European Parliament (Art. 45(4) SRMR) No access
    4. IV. Appearance before the Council (Art. 45(5) SRMR) No access
    5. V. Questions by the European Parliament and the Council (Art. 45(6) SRMR) No access
    6. VI. Confidential oral discussions with the European Parliament (Art. 45(7) SRMR) No access
    7. VII. Cooperation with European Parliament investigations (Art. 45(8) SRMR) No access
59. 1. A. Origin and development No access
  2. 1. I. Reporting to and questions by national parliaments (Art. 46(1)-(2) SRMR) No access
    2. II. Appearances before national parliaments (Art. 46(3) SRMR) No access
    3. III. Accountability arrangements pursuant to national law (Art. 46(4) SRMR) No access
60. 1. A. Origin and development No access
  2. 1. I. Independence of the Single Resolution Board and of the national resolution authorities (Art. 47(1)-(3) SRMR) No access
    2. II. Duties of the Chair, Vice-Chair and the full-time members of the Single Resolution Board upon leaving the service (Art. 47(4) SRMR) No access
61. 1. A. Determination of the seat as part of the establishment of the Board No access
  2. B. Brussels as the institutional seat of the Board No access
  3. C. Headquarter Agreement (Art. 97 SRMR) No access
62. 1. A. Overview and background No access
  2. 1. I. All members of the Board as listed in Art. 43(1) SRMR No access
    2. II. Vice-Chair No access
    3. III. Permanent and ad hoc observers No access
    4. IV. Experts No access
  3. C. Plenary session substructures No access
  4. D. Good governance requirements No access
63. 1. A. Overview and background No access
  2. 1. 1. 1. Annual work programme and annual activity report (Arts. 50(1)(a), (g) SRMR) No access
      2. 2. Budgetary matters (Arts. 50(1)(b), (h) SRMR) No access
    2. 1. 1. Decisions in relation to the use and management of the Fund (Arts. 50(1)(c)-(e) SRMR) No access
      2. 2. Decisions in relation to the administration of the Fund (Art. 50(1)(f) SRMR) No access
    3. 1. 1. Good governance (Arts. 50(1)(i), (j), and (o) SRMR) No access
      2. 2. Internal structures (Arts. 50(1)(k), (p) SRMR) No access
    4. IV. Staff matters (Arts. 50(1)(l)-(n) SRMR) No access
    5. V. Cooperation within the SRM (Art. 50(1)(q) SRMR) No access
  3. C. Relevant considerations for decision-taking (Art. 50(2)(1) SRMR) No access
  4. D. Legal fiction of adoption (Art. 50(2)(2) SRMR) No access
  5. E. Delegation of appointing authority powers (Art. 50(3) SRMR) No access
64. 1. A. Overview No access
  2. 1. I. Competence to convene and chair the meetings of the plenary session No access
    2. II. Form and process of convening a meeting No access
    3. III. Chairmanship No access
  3. 1. 1. 1. Ordinary meetings No access
      2. 2. Ad hoc meetings No access
      3. 3. Urgent procedures in situations of emergency No access
    2. II. Preparation and documentation of meetings No access
    3. III. Access to information (Art. 7 Rules of Procedure PS) No access
  4. D. Attendance at the meetings (Art. 51(3) SRMR) No access
  5. E. Secretariat (Art. 51(4) SRMR) No access
65. 1. A. Overview No access
  2. 1. I. Voting in meetings; written procedure No access
    2. II. Simple majority of voting members (Art. 52(1) SRMR) No access
  3. C. Qualified majorities (Arts. 52(2), (3) SRMR) No access
  4. D. Rules of Procedure (Art. 52(4) SRMR) No access
66. 1. A. Overview No access
  2. 1. I. The core composition No access
    2. 1. 1. Requirements set by the SRMR; Rules of Procedure ES No access
      2. 2. Competence to initiate a meeting No access
    3. III. Observers No access
  3. 1. I. Single entity or domestic group (Art. 53(3) SRMR) No access
    2. II. Cross-border group (Art. 53(4) SRMR) No access
  4. D. Consistent implementation of the SRMR (Art. 53(5) SRMR) No access
67. 1. A. Overview No access
  2. 1. I. Preparation of all decisions of the plenary session (Art. 54(1)(a) SRMR) No access
    2. II. Responsibility to implement the SRMR (Art. 54(1)(b) SRMR) No access
  3. 1. I. Resolution planning (Arts. 54(2)(a) and (b) SRMR) No access
    2. II. Minimum requirement for own funds and eligible liabilities (MREL) (Art. 54(2)(c) SRMR) No access
    3. III. Resolution scheme (Art. 54(2)(d) SRMR) No access
    4. IV. Decision on part II of the budget on the Fund (Art. 54(2)(e) SRMR) No access
  4. D. Competence in cases of urgency (Art. 54(3) SRMR); delegation No access
  5. E. Reporting to the plenary session (Art. 54(4) SRMR) No access
68. 1. A. Overview No access
  2. B. Decision-making process in the extended executive session No access
  3. C. Decision-making process in the core executive session No access
69. 1. A. Overview No access
  2. B. The Chair of the Board (Art. 56(1) SRMR) No access
  3. C. Tasks of the Chair (Art. 56(2) SRMR) No access
  4. D. The Vice-Chair of the Board (Art. 56(3) SRMR) No access
  5. 1. I. Relevant qualifications and experiences No access
    2. II. Selection procedure and appointment No access
  6. 1. I. General provisions (Arts. 56(5) and (7) sent. 3 SRMR) No access
    2. II. Special provisions in relation to the first Chair (Arts. 56(7) sent. 1 and 2, (8) SRMR) No access
  7. G. Removal from office (Art. 56(9) SRMR) No access
70. 1. A. Function and background of the provision No access
  2. 1. I. Tasks for which resources must be devoted No access
    2. II. Concept of financial and human resources No access
    3. III. Consequences of failure to devote the necessary resources No access
  3. 1. I. Political and legal rationale for the exclusion No access
    2. II. Legal content of the provision No access
    3. III. Budgetary liability of the Union? No access
71. 1. 1. I. Role in the system of the SRMR No access
    2. II. Basic principles of the SRB budget cycle No access
    3. III. Recourse to other sources of budgetary law No access
  2. 1. I. Autonomy of the SRB budget No access
    2. II. Showing estimates of revenue and expenditure in the budget No access
    3. III. Financial year No access
  3. C. Balancing of the budget (Art. 58(2)) No access
  4. D. Division of the budget in two parts (Art. 58(3)) No access
72. 1. A. Function and background of the provision No access
  2. B. Revenues of Part I (Art. 59(1)) No access
  3. C. Expenditures of Part I (Art. 59(2)) No access
  4. 1. I. Purpose and parallel provisions No access
    2. II. Extent of the safeguard No access
    3. III. Constraints on national funding schemes for NRAs outside Art. 59(3) SRMR No access
73. 1. A. Function and background of the provision No access
  2. 1. I. Bank levies (Art. 60(1)(a)) No access
    2. II. Loans received from resolution financing arrangements in non-SRM Member States (Art. 60(1)(b)) No access
    3. III. Loans received from financial institutions or other third parties (Art. 60(1)(c)) No access
    4. IV. Returns on investments (Art. 60(1)(d)) No access
    5. V. Recovered resolution expenditures (Art. 60(1)(e)) No access
  3. 1. I. Expenditures for resolution financing (Art. 60(2)(a)) No access
    2. II. Investments (Art. 60(2)(b)) No access
    3. III. Interest paid on loans from resolution financing arrangements in non-SRM Member States (Art. 60(2)(c)) No access
    4. IV. Interest paid on loans received from financial institutions or other third parties (Art. 60(2)(d)) No access
74. 1. 1. I. Role of Art. 61 SRMR in the SRB budgetary regime No access
    2. II. Legal nature and challengeability of the budget No access
  2. B. Drawing-up and adoption of the budget (Art. 61(1)) No access
  3. C. Adjustments and adoption of final budget (Art. 61(2)) No access
  4. D. Consequences of non-compliance with Art. 61 SRMR No access
  5. E. Possibility to adopt supplementary and amending budgets? No access
75. 1. A. Function and background of the provision No access
  2. 1. I. Institutional position of the internal audit function No access
    2. II. Compliance with international standards No access
    3. III. Verification role of the internal audit function No access
  3. C. Advisory role of the internal audit function (Art. 62(2)) No access
  4. D. Responsibilities of the Board (Art. 62(3)) No access
  5. E. External audit No access
76. 1. A. Function and background of the provision No access
  2. B. Authorising officer (Art. 63(1)) No access
  3. 1. I. Overview of documents and deadlines No access
    2. II. Content of the documents that are to be drawn up under Arts. 63(2) and (3) SRMR No access
  4. D. Drawing-up, approval and transmission of the final accounts (Arts. 63(4) to (7)) No access
  5. E. Discharge (Art. 63(8)) No access
  6. F. Provision of information to the Parliament and/or the Council (Art. 63 (9)) No access
77. 1. A. Function and background of the provision No access
  2. 1. I. Procedure for adoption No access
    2. II. Legal nature of the internal financial provisions No access
  3. C. Relationship with the framework financial Regulation (Art. 64(2)) No access
  4. D. Content of the internal financial provisions No access
78. 1. A. Function and background of the provision No access
  2. B. Contributory institutions and overall level of contributions (Arts. 65 (1)–(2)) No access
  3. C. Procedure for raising contributions (Art. 65(3)) No access
  4. D. Commitment of the contributions to a specific purpose (Art. 65(4)) No access
  5. 1. I. Adoption and legal nature of the delegated act No access
    2. II. Content of the delegated act No access
79. 1. A. Function and background of the provision No access
  2. B. Accession of the SRB to the Interinstitutional Agreement (Art. 66(1)) No access
  3. C. Power of audit of the Court of Auditors (Art. 66(2)) No access
  4. D. OLAF investigations (Art. 66(3)) No access
80. 1. No access
  2. No access
  3. No access
  4. No access
  5. No access
  6. 1. 1. 1. General aspects No access
      2. 2. The provisions of international financial law No access
      3. 3. Resolution financing in the EU context No access
    2. II. The structure of Section 1 of the SRMR No access
  7. 1. I. Legal nature, purpose and scope No access
    2. II. Consistency and relationship with EU law No access
    3. III. Ratification, approval or acceptance – entry into force and accession No access
    4. IV. Application No access
    5. 1. 1. Dispute settlement No access
      2. 2. Compensation of non-participating Member States No access
81. 1. A. The provisions of the SRMR No access
  2. 1. I. General rules No access
    2. II. Transfer of additional ex-ante contributions and target level No access
    3. III. Temporary transfer between compartments No access
    4. IV. Contracting Parties whose currency is not the euro No access
    5. 1. 1. Respect of the general principles and objectives of resolution – fundamental change of circumstances No access
      2. 2. Compliance No access
82. Art. 68 SRMR Requirement to establish resolution financing arrangements Christos V. Gortsos No access Pages 1095 - 1097
83. 1. A. The target level during the initial period – spreading out of ex-ante contributions to the SRF (Arts. 69(1)-(2) and 69(5)(a) SRMR) No access
  2. B. Extension of the initial period (Arts. 69(3) and 69(5)(b) SRMR) No access
  3. C. Specific provisions which may apply after the initial period (Arts. 69(4) and 69(5)(c) SRMR) No access
84. 1. A. Key provisions (Art. 70(1)-(4) SRMR) No access
  2. 1. I. The provisions of Art. 70(2)(2)-(4) SRMR No access
    2. 1. 1. General overview No access
      2. 2. In particular: a brief presentation of the methodology for the calculation of risk-adjusted contributions No access
  3. C. Adoption of implementing acts by the Council (Art. 70(7) SRMR) No access
  4. D. The discretion given to the participating Member States (Art. 70(5) SRMR) No access
  5. E. Case law No access
85. 1. A. Payment of extraordinary ex-post contributions (Art. 71(1) SRMR) No access
  2. 1. I. The provisions of Art. 71(2)-(3) SRMR No access
    2. 1. 1. General aspects No access
      2. 2. The conditions for deferral and the assessments by the Board No access
      3. 3. The deferral period No access
86. 1. A. Request by the Board to borrow from resolution financing arrangements in the non-participating Member States No access
  2. B. Board decision to lend to resolution financing arrangements in the non-participating Member States No access
87. 1. A. The provisions of Art. 73 SRMR No access
  2. B. In particular: resort to this Article for the provision of liquidity after resolution No access
88. 1. A. The provisions of Art. 74 SRMR and the loan facility agreements (LFAs) No access
  2. 1. I. The political agenda No access
    2. II. The proposal to establish an EMF tasked to provide the common backstop No access
    3. III. Current developments No access
    4. IV. In particular: the potential contribution of the common backstop for the provision of liquidity after resolution and related proposals and actions No access
89. 1. A. Competence to administer the Fund No access
  2. B. Proceeds of the Fund No access
  3. C. Investment strategy of the Fund No access
  4. D. Delegated rule-making by the Commission and Board discretion No access
90. 1. A. Introduction No access
  2. B. Potential uses of the Fund in the sale of business, bridge institution and asset separation tools No access
  3. C. Potential use of the Fund in the bail-in tool No access
  4. D. Comparative and general remarks No access
91. Art. 77 SRMR Use of the Fund Georgios Psaroudakis No access Pages 1136 - 1140
92. Art. 78 SRMR Mutualisation of national financing arrangements in the case of group resolution involving institutions in non-participating Member States Georgios PsaroudakisMutualisation of national fi... No access Pages 1140 - 1141
93. 1. A. Conceptual remarks No access
  2. B. Liability of the deposit guarantee scheme No access
  3. C. Limitations of the burden on the deposit guarantee scheme No access
94. 1. A. On Protocol (No 7)The author wishes to thank Eleftheria Diamanti for her very valuable comments and suggestions on the analysis of → Arts. 80-84 and 88-92 below. The usual disclaimer applies. No access
  2. B. Application to the Board No access
  3. C. Application to the Board’s staff No access
  4. D. Application to representatives of the Member States and missions of third countries No access
95. 1. A. On Council Regulation No 1 (Art. 81(1) SRMR) No access
  2. B. The provisions of Art. 81(2)-(5) SRMR No access
96. 1. A. Application of the Council’s Regulation on Staff Regulations and Conditions of Employment of other servants and exception (Art. 82(1) SRMR) No access
  2. B. Adoption of necessary implementing measures in accordance with Art. 110 of the Staff Regulations (Art. 82(2) SRMR) No access
  3. C. Powers exercised by the Board (Art. 82(3) SRMR) No access
97. 1. 1. I. The provisions of Art. 83(1)-(2) SRMR No access
    2. 1. 1. General provisions – cost-free SNEs No access
      2. 2. Selection procedure – duration and place of secondment No access
      3. 3. Tasks No access
  2. 1. I. The provisions of Art. 83(3)-(4) SRMR No access
    2. 1. 1. Establishment and scope of activities No access
      2. 2. In particular: tasks No access
      3. 3. Staffing No access
      4. 4. IRT coordinator and sub-coordinators No access
98. Art. 84 SRMR Internal committees Christos V. Gortsos No access Pages 1162 - 1163
99. 1. A. General remarks No access
  2. B. Art. 85(1) SRMR: Duty to establish an Appeal Panel No access
  3. C. Art. 85(2) SRMR: Composition of the Appeal Panel No access
  4. 1. I. Appealable decisions No access
    2. 1. 1. Directly concerned No access
      2. 2. Individually concerned No access
    3. III. Time limit for appeal, statement of reasons, form requirement No access
  5. E. Art. 85(4) SRMR: Time limit and quorum for the decisions of Appeal Panel No access
  6. F. Art. 85(5) SRMR: Independence of the members of the Appeal Panel No access
  7. G. Art. 85(6) SRMR: Interim legal protection of the appellant No access
  8. H. Art. 85(7) SRMR: Appeal proceedings and examination of the merits of the appeal No access
  9. I. Art. 85(8) SRMR: Operative part and binding effect of decisions of the Appeal Panel No access
  10. J. Art. 85(9) SRMR: Duty to motivate and to notify No access
  11. K. Art. 85(10) SRMR: Rules of procedure of Appeal Panel No access
100. 1. 1. I. Practical significance of judicial remedies against measures of resolution authorities No access
    2. II. Declaratory and independent effects of the Art. 86 SRMR No access
    3. III. Competent Court No access
  2. 1. I. Double-staged judicial review No access
    2. II. In particular: Action for annulment against a resolution decision of the SRB No access
  3. C. Art. 86(2) SRMR: Possible claimants against decisions of the Board No access
  4. D. Art. 86(3) SRMR: Action for failure to act against the Board No access
  5. E. Art. 86(4) SRMR No access
101. 1. A. General remarks No access
  2. B. Art. 87(1) SRMR: Contractual liability of the Board No access
  3. C. Art. 87(2) SRMR: Jurisdiction for contractual liability claims No access
  4. 1. I. Replication of Art. 340(2) TFEU and Art. 41(3) CFREU No access
    2. 1. a) Rule of law infringed is intended to confer rights on individuals No access
        b) Qualified unlawfulness No access
      2. 2. Actual and certain damage No access
      3. 3. Direct causal link No access
  5. 1. 1. 1. “Act or omission” committed by a national resolution authority “in the course of a resolution” No access
      2. 2. Damages “ordered to pay” or “undertaken to pay pursuant to an amicable settlement” No access
      3. 3. Duty to pay damages is the “consequence” of the act or omission No access
    2. II. Exemption No access
  6. F. Art. 87(5) SRMR: Jurisdiction for non-contractual liability and compensation claims, limitation period No access
  7. G. Art. 87(6) SRMR: Personal liability of SRB staff No access
102. 1. A. Field of application of the requirements of professional secrecy (Art. 88(1)-(3) SRMR)The general aspects relating to professional secrecy and exchange of information have been covered in depth (al... No access
  2. B. Procedural aspects (Art. 88(4)-(5) SRMR) No access
  3. C. Exceptions (Art. 88(6) SRMR) No access
103. 1. A. Overview No access
  2. 1. I. Subject matter and scope No access
    2. II. Safeguards and specification of the controller No access
    3. III. Restrictions to rights – communication of a personal data breach to the data subject No access
    4. IV. The Data Protection Officer (DPO) – provision of information to the data subject No access
    5. V. Right of access by the data subject – the right of rectification, erasure and restriction of processing No access
104. 1. A. On Regulation (EC) No 1049/2001 (Art. 90(1) SRMR) No access
  2. B. The Board’s “Public Access Decision” and “Public Register of Documents” (Art. 90(2) SRMR) No access
  3. C. Processing of confirmatory applications (Art. 90(3) SRMR) No access
  4. D. Right of access to files (Art. 90(4) SRMR) No access
105. 1. A. Obligations imposed on the Board No access
  2. B. Key aspects of Commission Decision 2015/444 No access
  3. C. Sensitive non-classified information under Commission Decision 2015/443 No access
106. 1. A. Overview No access
  2. B. The ECA’s Reports and the power of the European Parliament and the Council to request additional examinations – ECA powers (Art. 92(1)-(5) and (8) SRMR) No access
  3. C. Recipients of the ECA’s Reports – disclosure requirements (Art. 92(6)-(7) SRMR) No access
107. 1. A. The power conferred on the Commission to adopt delegated acts (Art. 93(1) SRMR) No access
  2. B. The conditions (Arts. 93(2)-93(7) SRMR) No access
108. 1. A. Introductory remarks No access
  2. 1. I. IntroductionReport (2019), Section I, pp. 1-2. No access
    2. II. Overview of the state of play in the application and completion of the resolution framework No access
    3. 1. a) Precautionary recapitalisationReport (2019), Section III, p. 5 (A. Precautionary recapitalisation). No access
        b) Early intervention measuresReport (2019), Section III, p. 6 (A. Early intervention measures). No access
        c) Common backstop to the Board for the SRF and the SRF Intergovernmental AgreementReport (2019), Section III, pp. 6-7 (A. Common backstop to the SRF and the Intergovernmental Agreement). No access
        d) Liquidity after resolutionReport (2019), Section III, pp. 7-8 (A. Liquidity in resolution). No access
        e) Further issuesReport (2019), Section III, p. 8 (A. Other issues). No access
      2. 2. Interaction between resolution and insolvency and reflection on possible further harmonisation of insolvencyReport (2019), Section III, pp. 8-9 (B). No access
      3. 3. Functioning of the SRM and the BoardReport (2019), Section III, pp. 10-12 (C). No access
    4. IV. Conclusion No access
109. 1. A. The EBAR No access
  2. B. The amendments introduced to the EBAR by Art. 95 SRMR No access
110. Art. 96 SRMR Replacement of national resolution financing arrangements Christos V. Gortsos No access Pages 1222 - 1223
111. Art. 97 SRMR Headquarters Agreement and operating conditions Christos V. Gortsos No access Pages 1223 - 1224
112. 1. A. The provisions of Art. 98 SRMR No access
  2. B. The application of the provisions of Art. 98 SRMR No access
113. 1. Α. Entry into force and principal date of application (Art. 99((1)-(2) SRMR) No access
  2. B. Derogations in respect to earlier application (Art. 99(3)-(5) SRMR) No access
  3. C. Derogation in respect to later application (Art. 99(6) SRMR) No access