Art. 495g · Transitional arrangements for certain public guarantees schemes

Version in force 1 January 2025, Inserted +519 −0§

Amended by Regulation (EU) 2024/1623 32024R1623 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2024/2987 32024R2987 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2024/2795 32024R2795 on EUR-Lex (external, EUR-Lex)

Applies from: not readable (an inserted provision states its own application date only in prose) why

Explanation, written by a model and checked against the cited text

This is a newly inserted provision setting out a transitional arrangement for guarantees that can be cancelled, or whose extent of credit protection can be reduced, in the event of fraud by the obligor.

It states that such a guarantee is treated as meeting the conditions in Article 183(1), point (d), and Article 213(1), point (c), provided the guarantee was given by an entity referred to in Article 214(2), point (a), no later than 31 December 2024.

Cited: Art. 495g, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Article 495g
Transitional arrangements for certain public guarantees schemes
By way of derogation from Articles 183(1) and 213(1), a guarantee that can be cancelled in the event of fraud by the obligor or the extent of credit protection of which can be diminished in such event, shall be considered to meet the requirements referred to in Article 183(1), point (d), and in Article 213(1), point (c), where the guarantee was provided by an entity referred to in Article 214(2), point (a), no later than 31 December 2024.