in force 2020-12-28 INSERTED+934 −0§
Amended by Regulation (EU) 2019/877 32019R0877
applies from: unknown (an inserted provision states its own application date only in prose)
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.
This is a newly inserted provision that requires the Board to exempt mortgage credit institutions financed by covered bonds and not permitted to accept deposits under national law from the own funds and eligible liabilities requirement, subject to conditions about their wind-up proceedings and loss-bearing by creditors.
It also states that institutions exempted from that requirement are not to be included in the consolidation referred to elsewhere in the text.
Cited: Art. 12b, v2
text before / after
inserted text (02014R0806-20201228)
Article 12b Exemption from the minimum requirement for own funds and eligible liabilities 1. Notwithstanding Article 12a, the Board shall exempt from the requirement laid down in Article 12a(1) mortgage credit institutions financed by covered bonds which are not allowed to receive deposits under national law, provided that all of the following conditions are met: (a) those institutions will be wound up in national insolvency proceeding or in other types of proceedings laid down for those institutions and implemented in accordance with Article 38, 40 or 42 of Directive 2014/59/EU; and (b) the proceedings referred to in point (a) ensure that creditors of those institutions, including holders of covered bonds, where relevant, bear losses in a way that meets the resolution objectives. 2. Institutions exempted from the requirement laid down in Article 12(1) shall not be part of the consolidation referred to in Article 12f(1).