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) is added allowing a network member referred to in Article 113(7) to exclude exposures assigned a 0% risk weight under Article 114 that arise from assets equivalent to deposits, in the same currency, of other network members stemming from legal or statutory minimum deposits under Article 422(3)(b), with those other members' corresponding exposures no longer covered by point (c).
A new point (da) is 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)(d) and (e), those assets are accounted for in the shareholders' leverage ratio requirement, and the institution meets a set of listed conditions concerning shareholder control, compliance with paragraph 2 points (a), (b), (c) and (e), location of exposures, oversight, and a pass-through covered-bond business model.
All other points and paragraphs of Article 429a, including the definitions and conditions in paragraphs 2 through 7, remain textually unchanged between the two versions.
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 — 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 as `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
The point (p) list item now ends with a semicolon instead of a full stop, reflecting that an additional item follows it.
A new point (q) has been added to the list of exposures that an institution may exclude from its total exposure measure, covering exposures subject to the treatment set out in the first subparagraph of Article 72e(5).
Cited: Art. 429a, v2
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 — 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 as `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 — 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" without altering the listed words.
In the third subparagraph of paragraph 2, the cross-reference was changed from "points (d) and (e) of the first subparagraph" to "points (d) and (e) of paragraph 1".
Cited: Art. 429a, v2 · Art. 429a, v1
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 provision's heading and entire substance have been replaced: the earlier version dealt with determining the exposure value of derivatives and credit derivatives under Article 274 and related netting, variation margin 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, such as certain deducted items, guaranteed export credits, fiduciary assets, tri-party collateral, securitised exposures, and central bank exposures.
New defined-term and conditionality structures appear in the later version, including definitions of a public development credit institution and of a promotional loan, conditions under which trade exposures to a QCCP or higher-level client may not be excluded, and conditions and an adjusted leverage ratio requirement governing exclusion of central bank exposures, none of which existed in the earlier text.
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 — 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 as `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 →