Changes from report parliamentary committee draft to report parliamentary committee draft

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

Changedon the proposalCouncil forposition at first reading with a view to the adoption of a directive of the European Parliament and of the Council amending Directive 2014/49/EU as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation, and transparency

Changed(COM(2023)0228(15484/1/25 – C90133/2023 – 2023/0115(COD))

Changed(Ordinary legislative procedure: firstsecond reading)

The European Parliament,

Changed– having regard to the CommissionCouncil proposalposition toat Parliamentfirst andreading the(15484/1/25 Council– (COM(2023)0226,C90133/2023),

Removed– having regard to Article 294(2) and Article 53(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C90139/2023,

Removed– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

Removed– having regard to Rule 51 of its Rules of Procedure,

– having regard to the opinion of the European Central Bank of 5 July 2023,

Changed– having regard to theits opinionposition ofat thefirst Europeanreading Economicon andthe SocialCommission Committeeproposal ofto 13Parliament Julyand 2023,the Council (COM(2023)0228),

Changed– having regard to theArticle report294(7) of the CommitteeTreaty on Economicthe andFunctioning Monetaryof Affairsthe (A90000/2023),European Union,

Change 1

Removed1. Adopts its position at first reading hereinafter set out;

Added– having regard to the provisional agreement approved by the committee responsible under Rule 75(4) of its Rules of Procedure,

Removed2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

Added– having regard to Rule 68 of its Rules of Procedure,

Removed3. Instructs its President to forward its position to the Council, the Commission and the national parliaments;

Added– having regard to the recommendation for second reading of the Committee on Economic and Monetary Affairs (A100000/2026),

RemovedRecital 1 a (new): (1a) The ongoing review of the Union crisis management and deposit insurance framework is intended to pave the way towards the long-due completion of the banking union, including the establishment of a European deposit insurance scheme. A first step in that direction is the establishment of an EU credit line provided by a dedicated fund, managed by the Single Resolution Board (SRB), to depleted, or close to being depleted, national DGSs. Where both the requesting DGS and the EU credit line are depleted, other existing DGSs within the Union should step in to provide the depleted DGS with the necessary financial means to perform its functions.

Added1. Approves the Council position at first reading;

RemovedRecital 1 b (new): (1b) To ensure a smooth transition to the completion of the banking union, it is also necessary to harmonise the functions that DGSs can perform. Therefore, a number of discretions under national law included in Directive 2014/49/EU should be removed and all DGSs should be able to finance resolution measures, preventive measures and other alternative measures to the payout of depositors.

Added2. Notes that the act is adopted in accordance with the Council position;

RemovedRecital 1 c (new): (1c) The Union crisis management framework should ensure at all times that losses are not being socialised and taxpayers’ resources are not employed to aid or rescue credit institutions in difficulty.

Added3. Instructs its President to sign the act with the President of the Council, in accordance with Article 297(1) of the Treaty on the Functioning of the European Union;

RemovedRecital 6: (6) Deposits resulting from certain events, including real estate transactions relating to private residential properties or the payout of certain insurance benefits, can temporarily lead to large deposits. For that reason, Article 6(2) of Directive 2014/49/EU currently obliges Member States to ensure that deposits resulting from those events are protected above EUR 100 000 for at least 3 months, but for no longer than 12 months from the moment the amount has been credited or from the moment when such deposits become legally transferable. To harmonise depositor protection in the Union and to reduce the administrative complexity and legal uncertainty related to the scope of protection of such deposits, it is necessary to align their protection to EUR 500 000 for a harmonised duration of 6 months.

Added4. Instructs its Secretary-General to sign the act, once it has been verified that all the procedures have been duly completed, and, in agreement with the Secretary-General of the Council, to arrange for its publication in the Official Journal of the European Union;

RemovedRecital 14: (14) Clients of financial institutions do not always know which credit institution the financial institution has chosen to deposit their funds. DGSs should therefore not aggregate such deposits with a deposit that the same clients might have in the same credit institution where the financial institution has placed their deposits. Credit institutions may not know the clients entitled to the sum held in the client accounts, or be able to check and record individual data of those clients.

Added5. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

RemovedRecital 18: (18) Pursuant to Article 10(2) of Directive 2014/49/EU, Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0,8 % of the amount of the covered deposits of its members. To objectively assess whether DGSs fulfil that requirement, a clear reference period should be set to determine the amount of covered deposits and DGSs’ available financial means. In light of the number of additional tasks and responsibilities entrusted to DGSs, it is necessary to raise their target level to 1% of covered deposits by [18 months after the entry into force of this Directive].