SRMR Art. 12i: every consolidated version and what changed

Version in force 28 December 2020, Inserted +1,622 −0§

Amended by Regulation (EU) 2019/877 32019R0877 on EUR-Lex (external, EUR-Lex)

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

Found in the text, but not every source lists it — 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. Only the text comparison found it. All are shown; none is overruled.

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

This is a new article giving the Board the possibility to partially or fully waive the application of Article 12g for a central body or a credit institution permanently affiliated to a central body, subject to a set of conditions covering common supervision, joint liability or guarantee arrangements, consolidated monitoring of own funds and liquidity, the central body's power to instruct affiliated institutions, compliance with the requirement in Article 12f(3), and the absence of impediments to prompt transfer of funds within the resolution group.

Cited: Art. 12i, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Text from EUR-Lex

Inserted in this version 02014R0806-20201228

Article 12i
Waiver for a central body and credit institutions permanently affiliated to a central body
The Board may partially or fully waive the application of Article 12g in respect of a central body or of a credit institution which is permanently affiliated to a central body, where all of the following conditions are met:
(a) the credit institution and the central body are subject to supervision by the same competent authority, are established in the same participating Member State and are part of the same resolution group;
(b) the commitments of the central body and its permanently affiliated credit institutions are joint and several liabilities, or the commitments of its permanently affiliated credit institutions are entirely guaranteed by the central body;
(c) the minimum requirement for own funds and eligible liabilities, and the solvency and liquidity of the central body and of all of the permanently affiliated credit institutions, are monitored as a whole on the basis of the consolidated accounts of those institutions;
(d) in the case of a waiver for a credit institution which is permanently affiliated to a central body, the management of the central body is empowered to issue instructions to the management of the permanently affiliated institutions;
(e) the relevant resolution group complies with the requirement referred to in Article 12f(3); and,
(f) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the central body and the permanently affiliated credit institutions in the event of resolution.