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DRAFT REPORT (COM(2015)0586 – C80371/2015 – 2015/0270(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme

ECON-PR-758704

Committee on Economic and Monetary Affairs · Rapporteur: Othmar Karas

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This is the rapporteur's draft report on the proposal to amend Regulation (EU) 806/2014 to set up a European Deposit Insurance Scheme. It adopts Parliament's first-reading position, which replaces the Commission's three-stage scheme with a first stage, EDIS I, a liquidity scheme that lends to participating deposit guarantee schemes. EDIS I is run by the Single Resolution Board and backed by a Deposit Insurance Fund, financed by contributions from banks and, if needed, mandatory lending from participating deposit guarantee schemes. The Board decides on liquidity support within 24 hours, sets a repayment plan of up to six years, and can order a scheme to act if it does not comply with a Board decision. The Deposit Insurance Fund must reach a target level of 50% of the target level in Directive 2014/49/EU within five years of entry into force, and the Commission must review EDIS I after one year.

Committee position. The rapporteur proposes that Parliament adopt its first-reading position amending the Commission proposal, replacing the three-stage scheme with EDIS I, a liquidity scheme run by the Board and backed by a Deposit Insurance Fund financed by bank contributions and mandatory lending.

Key points

  1. Parliament adopts its first-reading position on the proposal to amend Regulation (EU) 806/2014 to establish a European Deposit Insurance Scheme.
  2. The amended regulation sets up stage 1 of the scheme, EDIS I, as a liquidity scheme that provides loans to participating deposit guarantee schemes, with loss coverage to follow a later Commission proposal.
  3. EDIS I applies to participating deposit guarantee schemes and to credit institutions affiliated to them, except branches of institutions headquartered outside the Union.
  4. A participating scheme facing a payout event, used in resolution, or financing measures under Directive 2014/49/EU may request a loan from the Deposit Insurance Fund for its liquidity shortfall.
  5. Outstanding cumulative funding from the Deposit Insurance Fund to a scheme may not exceed 10 times that scheme's target level.
  6. If the Deposit Insurance Fund's available means are insufficient, the Board may borrow from other participating schemes, which must lend; after the build-up phase each scheme's mandatory lending is capped at 25% of its target level.
  7. The Board decides within 24 hours in executive session whether conditions are met and the amount of support; the scheme may request a review within 24 hours and the Board decides within another 24 hours.
  8. The Board sets a repayment plan within 3 months requiring full repayment within six years, with a minimum annual repayment of 10% and possible extension of up to 4 years.
  9. The Deposit Insurance Fund is financed by annual contributions from credit institutions, made of a flat contribution based on covered deposits and a risk-adjusted contribution.
  10. The Fund must reach a target level of 50% of the target level in Directive 2014/49/EU within 5 years of entry into force; transfers from schemes take place by 30 June each year and are not reimbursed.
  11. The Board may order a participating scheme that has not applied or complied with a Board decision to take any necessary action, and may instruct a scheme to charge interest on a non-compliant credit institution.
  12. The Commission must review the functioning of EDIS I by 31 December one year after entry into force, covering funding adequacy, the scope of measures and entities, extension to deposit insurance, and a public backstop, and may propose legislation.

Who is affected

  • Participating deposit guarantee schemes: may request liquidity loans, must lend to the Fund on request, and must repay within set plans.
  • Credit institutions affiliated to participating schemes: pay annual flat and risk-adjusted contributions to the Deposit Insurance Fund.
  • The Single Resolution Board: administers EDIS I and the Deposit Insurance Fund, decides on support and borrowing, and can order schemes to act.
  • Non-participating Member States: their deposit guarantee schemes may lend to the Fund and the Board may lend to them.

Figures and deadlines

  • 10 times the target level: cap on outstanding cumulative funding from the Deposit Insurance Fund to a participating scheme.
  • 25% of the target level: cap on mandatory lending by each participating scheme after the build-up phase.
  • 24 hours: deadline for the Board to decide on conditions and amount of support, and for a scheme to request review.
  • 3 months: deadline for the Board to establish a repayment plan.
  • six years: maximum repayment period for liquidity support.
  • 10%: minimum annual repayment by a participating scheme.
  • 4 years: maximum extension of repayment maturity the Board may grant.
  • 50% of the target level in Directive 2014/49/EU: target level the Deposit Insurance Fund must reach within 5 years of entry into force.

Legal basis: Article 114 of the Treaty on the Functioning of the European Union.