Art. 429a
Capital Requirements Regulation · 32013R0575 · every event for this act · on EUR-Lex
Exposures excluded from the total exposure measure
8 changes recorded across 8 events, newest first.
in force 2025-01-01 MODIFIED+1,442 −0§
Amended by Regulation (EU) 2024/1623 32024R1623 · Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2024/2795 32024R2795
applies from: unchanged
A new point (ca) has been added allowing an institution that is a member of the network referred to in Article 113(7) to exclude exposures assigned a 0% risk weight under Article 114 arising from assets equivalent to deposits in the same currency held by other network members under legal or statutory minimum deposit arrangements referred to in Article 422(3), point (b), while stating that such other members' equivalent exposures are not covered by point (c).
A new point (da) has been added permitting exclusion of an institution's exposures to its shareholders where those exposures are collateralised to at least 125% by assets referred to in Article 129(1), points (d) and (e), and are accounted for in the shareholders' leverage ratio requirement, subject to conditions concerning shareholder identity and control, compliance with certain sub-points of paragraph 2, location of exposures, oversight by a Member State's central government, and a business model limited to passing through covered bond issuance proceeds.
The corresponding before text of Article 429a contains neither point (ca) nor point (da).
Cited: Art. 429a, v2 · Art. 429a, v1
text before / after
02013R0575-20240709 → 02013R0575-20250101
Article 429a
Exposures excluded from the total exposure measure
1. By way of derogation from Article 429(4), an institution may exclude any of the following exposures from its total exposure measure:
(a) the amounts deducted from Common Equity Tier 1 items in accordance with point (d) of Article 36(1);
(b) the assets deducted in the calculation of the capital measure referred to in Article 429(3);
(c) exposures that are assigned a risk weight of 0 % in accordance with Article 113(6) or (7);
(ca) where the institution is a member of the network referred to in Article 113(7), the exposures that are assigned a risk weight of 0 % in accordance with Article 114 and arising from assets being an equivalent of deposits in the same currency of other members of that network stemming from legal or statutory minimum deposit in accordance with Article 422(3), point (b); in such a case exposures of other members of that network being legal or statutory minimum deposit are not subject to point (c) of this paragraph;
(d) where the institution is a public development credit institution, the exposures arising from assets that constitute claims on central governments, regional governments, local authorities or public sector entities in relation to public sector investments, and promotional loans;
(da) the institution’s exposures to its shareholders, provided that such exposures are collateralised to the level of at least 125 % by assets referred to in Article 129(1), points (d) and (e), and those assets are accounted for in the shareholders’ leverage ratio requirement, where the institution is not a public development credit institution but it meets the following conditions:
(i) its shareholders are credit institutions and do not exercise control over the institution;
(ii) it complies with paragraph 2, points (a), (b), (c) and (e), of this Article;
(iii) its exposures are located in the same Member State;
(iv) it is subject to some form of oversight by a Member State’s central government on an ongoing basis;
(v) its business model is limited to the pass-through of the amount corresponding to the proceeds raised through the issuance of covered bonds to its shareholders, in the form of debt instruments;
(e) where the institution is not a public development credit institution, the parts of exposures arising from passing-through promotional loans to other credit institutions;
(f) the guaranteed parts of exposures arising from export credits that meet both of the following conditions:
(i) … 1,314 unchanged words … its central bank, calculated over the full reserve maintenance period of the central bank immediately preceding the date referred to in point (c) of paragraph 5, that are eligible to be excluded in accordance with point (n) of paragraph 1.
in force 2024-07-09 MODIFIED§
Amended by Regulation (EU) 2024/1623 32024R1623
applies from: unknown
Sources disagree, and there is no text on either side — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships marked disputed.
text before / after, on the event page →
in force 2024-01-09 MODIFIED§
Amended by Regulation (EU) 2022/2036 32022R2036 · Regulation (EU) 2023/2869 32023R2869
applies from: unchanged
Point (p) of Article 429a(1) now ends with a semicolon instead of a full stop, and a new point (q) has been added listing exposures that are subject to the treatment set out in Article 72e(5), first subparagraph, as an additional category that may be excluded from the total exposure measure.
Cited: Art. 429a, v2 · Art. 429a, v1
text before / after, on the event page →
in force 2022-11-14 MODIFIED§
Amended by Regulation (EU) 2022/2036 32022R2036
applies from: unknown
Sources disagree, and there is no text on either side — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships marked disputed.
text before / after, on the event page →
in force 2021-09-30 MODIFIED§
Amended by Regulation (EU) 2021/424 32021R0424
applies from: unchanged
Sources disagree about what is listed, not about the text — the text comparison found this change; the EU's own amendment metadata does not list it and the amending act's instructions do not mention it. All are shown; none is overruled.
In point (d) of paragraph 1, a comma was inserted after "public sector investments", separating it from "and promotional loans" with punctuation rather than changing the listed exposures.
In the third subparagraph of paragraph 2, the cross-reference was changed from "the first subparagraph" to "paragraph 1" as the anchor for points (d) and (e).
Cited: Art. 429a, v1 · Art. 429a, v2
text before / after, on the event page →
in force 2021-06-28 MODIFIED§
Amended by Regulation (EU) 2019/2033 32019R2033 · Regulation (EU) 2019/876 32019R0876 · Regulation (EU) 2021/558 32021R0558 · Regulation (EU) 2020/873 32020R0873
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2008-04-23
The heading and entire substance of Article 429a were replaced: the earlier version dealt with determining the exposure value of derivatives and credit derivatives, including netting, variation margin deduction and written/purchased credit derivative rules, while the later version instead lists categories of exposures that an institution may exclude from its total exposure measure.
The new text introduces a lettered list of excluded exposures such as certain deducted Common Equity Tier 1 amounts, zero-risk-weighted exposures, promotional and export-credit related exposures, fiduciary assets, central bank exposures and central securities depository related exposures, together with definitions of public development credit institution and promotional loan, and conditions and an adjusted leverage ratio requirement tied to excluding central bank exposures.
None of the derivative exposure-value computation content, including the treatment of variation margin, novation netting, and written or purchased credit derivatives that appeared in the earlier version, is present in the later version.
Cited: Art. 429a, v1 · Art. 429a, v2
text before / after, on the event page →
in force 2020-06-27 MODIFIED§
Amended by Regulation (EU) 2020/873 32020R0873
applies from: unknown
Sources disagree, and there is no text on either side — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships marked disputed.
text before / after, on the event page →
in force 2015-01-18 INSERTED§
Amended by Regulation (EU) 2015/62 32015R0062 · Regulation (EU) 2018/405 32018R0405
applies from: unknown (an inserted provision states its own application date only in prose)
Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED and the EU's own amendment metadata called it MODIFIED. Both are shown; neither is overruled.
This is a newly inserted provision setting out how institutions determine the exposure value of derivative contracts and credit derivatives, including rules on netting, variation margin treatment, and written and purchased credit derivatives.
It also permits, as a derogation, use of an alternative method for certain contracts under specified conditions, and specifies related limits on reducing the exposure measure by cash variation margin received.
Cited: Art. 429a, v2
text before / after, on the event page →