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DRAFT REPORT (COM(2023)0226 – C90139/2023 – 2023/0111(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 806/2014 as regards early intervention measures, conditions for resolution and funding of resolution action

ECON-PR-753695

Committee on Economic and Monetary Affairs · Rapporteur: Pedro Marques

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This draft report proposes amendments to the Commission's proposal amending Regulation (EU) No 806/2014 on the Single Resolution Mechanism, covering early intervention, resolution conditions, and funding. It aims to strengthen depositor protection, clarify the public interest assessment, adjust resolution planning, and introduce new rules on deposit guarantee scheme funding and Board governance.

Committee position. The rapporteur proposes to amend the Commission's proposal to strengthen depositor protection, clarify the public interest assessment, and introduce new funding mechanisms for deposit guarantee schemes.

Key points

  1. Calls for completing the banking union with a European deposit insurance scheme to mitigate the bank-sovereign 'doom loop'.
  2. Regrets that taxpayer money is still used instead of industry-funded safety nets, and seeks to improve incentives for using resolution financing arrangements.
  3. Allows the Single Resolution Board to apply a simplified approach for non-resolution entity subsidiaries after consulting national authorities, without lowering standards.
  4. Requires the Board not to consider deposit guarantee scheme contributions when calibrating MREL, to reduce moral hazard.
  5. Specifies that the public interest assessment should consider depositor protection and prefer industry-funded safety nets over taxpayer money.
  6. Extends the term of Board members to a maximum of two years, with Council decision after Parliament approval.
  7. Allows the Single Resolution Fund to provide guarantees to deposit guarantee schemes for alternative funding, without delaying a European deposit insurance scheme.
  8. Adds a definition of 'critical functions' and requires management to draw up voluntary wind-down plans.
  9. Clarifies conditions for early intervention and precautionary public support, including solvency assessments and remediation plans.
  10. Sets a 24-hour deadline for Commission decisions on State aid or Fund aid, with deemed authorisation if no decision is made.
  11. Reduces the limit for irrevocable payment commitments to 30% of total contributions to the Single Resolution Fund.

Who is affected

  • Banks and financial institutions in the banking union, especially those in resolution or at risk of failure.
  • Deposit guarantee schemes, which may receive support from the Single Resolution Fund.
  • The Single Resolution Board, whose powers and governance are adjusted.
  • The European Central Bank and national competent authorities, which cooperate on early intervention and solvency assessments.

Figures and deadlines

  • 30% maximum share of irrevocable payment commitments in total contributions to the Single Resolution Fund.
  • 24 hours for Commission decision on State aid or Fund aid compatibility, after which the resolution scheme is deemed authorised.
  • 12 months from entry into force for application of the amending regulation.
  • Two years maximum extension for the term of Board members.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union