Changes from report parliamentary committee draft to plenary report

Removed6. The participating DGS shall provide the board as a minimum on an annual basis and in case of any event that could have a material impact on the trajectory of repayment as described in the repayment plan, updated information on any contributions, recoveries, repayments or income referred to in paragraph 5.

Added(a) any extraordinary contributions raised in accordance with Article 10(8) of Directive 2014/49/EU;

Removed7. Taking into account the phase of the business cycle, the impact pro-cyclical contributions maybe have when setting contributions and the expected speed of recoveries from insolvency proceedings the board may grant an extension of the maturity up to 4 years upon a request including a comprehensive overview of inflows and outflows by the participating DGS.

Added(b) any recoveries on the DGS’s claims pursuant to Article 9(2) of Directive 2014/49/EU and Article 75 of Directive 2014/59/EU;

Removed1. Following the provision of funding in case of a payout event in accordance with Article 41n, the Board shall closely monitor the payout procedure conducted by the participating DGS and in particular its use of the liquidity support.

Added(c) any repayment of or income derived from measures taken in accordance with Article 109 of Directive 2014/59/EU or Article 11(3) and (6) of Directive 2014/49/EU.

Removed2. The participating DGS shall provide, at regular intervals established by the Board, accurate, reliable and complete information on the payout procedure, the exercise of the rights it subrogated into, or any other matter that is relevant for the effective implementation of the Board’s actions provided for in this Regulation or for the exercise of the powers of the participating DGS in the Directive 2014/49/EU or this Regulation. The participating DGS shall inform the Board, on a daily basis, about the total amount repaid to depositors, the use of the liquidity support, and any difficulties it encountered.

Added4b. The participating DGS shall provide the designated authority and the Board as a minimum on an annual basis, and also in the case of any event that could have a material impact on the trajectory of repayment as described in the repayment plan, updated information on any contributions, recoveries, repayments or income referred to in paragraph 4a.

Removed1. Loans by participating DGSs shall be provided on the basis of a request for a loan by the SRB on the basis of the decision under Article 41m(2), containing all relevant information while respecting confidentiality requirements under Union law.

Added4c. Taking into account the phase of the business cycle, the impact that pro-cyclical contributions might have when setting contributions and the expected speed of recoveries from insolvency proceedings, the Board may grant an extension of the maturity of up to 4 years upon request including a comprehensive overview of inflows and outflows by the participating DGS.

Removed2. As long as the DIF has an outstanding loan referred to in Article 41ba, any funds received by the DIF in accordance with Article 41o shall be repaid to participating DGSs before those funds are used to repay alternative funding arrangements as referred to in 74g, or to reach the target level of the DIF referred to in 74b again.

Added1. Following the provision of funding▌, the Board shall closely monitor, in close collaboration with the designated authority, the payout procedure, the alternative measures in accordance with Articles 11(3) or (6) of Directive 2014/49/EU, and in particular the use of the liquidity support.

Removed3. The detailed financial terms and conditions of the mandatory lending facility shall be specified in an agreement between each of the participating DGS and Board.

Added2. The participating DGS shall provide, at regular intervals established by the Board, accurate, reliable and complete information on the payout procedure, alternative measures in accordance with Article 11(3) or (6) of Directive 2014/49/EU, the exercise of the rights it subrogated into, or any other matter that is relevant for the effective implementation of the Board’s actions provided for in this Regulation or for the exercise of the powers of the participating DGS in the Directive 2014/49/EU or this Regulation. In the event of a payout procedure, the participating DGS shall inform the Board, on a daily basis, about the total amount repaid to depositors, the use of the liquidity, and any difficulties it encountered.

RemovedTerms of loans provided by the DIF

Added▌

Added1a. Loans by participating DGSs shall be provided on the basis of a request for a loan by the Board on the basis of a decision under Article 41m(1), containing all relevant information while respecting confidentiality requirements under Union law.

Added▌

Added2a. Where the DIF has received funding through mandatory lending as referred to in Article 41ba, any funds received by the DIF in accordance with Article 41o shall be repaid to the participating DGSs before those funds are used to repay alternative funding arrangements as referred to in Article 74g, provided that those alternative funding arrangements were concluded after the provision of mandatory lending, or before those funds are used to reach again the target level of the DIF referred to in Article 74b.

AddedThe detailed financial terms and conditions of the mandatory lending facility shall be specified in an agreement between each of the participating DGS and the Board.

AddedTerms of liquidity provided by the DIF

1. The Board shall determine the key financial terms and conditions of the liquidity facility in a standardised agreement.

Change 55

Changed2. The Board and the participating DGS that has requested liquidity support in accordance with Article 41a shall enter into an agreeeementagreement based on the standardizedstandardised agreement as referred to in paragraph 1.

Change 56

Changed3. The interest rate on loansliquidity provided by the DIF shall be equal to the ECB marginal facility rate increased by 1% every third year of the remaining time to maturity of the loan.be:

Change 57

Added(a) 0% for the amount of liquidity support up to the total amount of contributions transferred to the DIF by the relevant DGS in accordance with Article 74c(1);

Added(b) equal to the ECB marginal facility rate for any amount of liquidity support exceeding the amount referred to in point (a), up to double the total amount of contributions transferred to the DIF by the relevant DGS in accordance with Article 74c(1); and

Added(c) equal to the ECB marginal facility rate increased by 0,25% for every year of the remaining time until maturity of the provided liquidity, for any amount of liquidity support exceeding the sum of the amounts referred to in points (a) and (b).

▸11 unchanged paragraphs

11. Article 43 is amended as follows:

(a) in paragraph 1, the full stop at the end of point (c) is replaced by a semicolon and the following point (d) is added:

"(d) a member appointed by each participating Member State, representing their designated authority.";

(b) paragraph 2 is replaced by the following:

"2. Each member, including the Chair, shall have one vote except where the Board meets in the joint plenary session in accordance with Article 49b in which case the members appointed by a participating Member State under paragraph 1(c) and (d) shall together have one vote.";

(c) in paragraph 3, the first subparagraph is replaced by the following:

"The Commission and the ECB shall each designate a representative entitled to participate in the meetings of executive sessions, plenary sessions and joint plenary sessions as a permanent observer.";

(d) paragraphs 4 and 5 are replaced by the following:

"4. In the event of more than one national resolution authority or respectively more than one national designated authority in a participating Member State, a second representative shall be allowed to participate as observer without voting rights.

5. The Board's administrative and management structure shall comprise:

(a) a joint plenary session which shall perform the tasks referred to in Article 49b;

Change 58

Changed(b) ▌plenaryplenary sessions of the Board in accordance with Article 49 or 49a, which shall perform the tasks referred to in Article 50 and respectively Article 50a;

▸4 unchanged paragraphs

(c) an executive session of the Board, which shall perform the tasks referred to in Article 54;

(d) a Chair, which shall perform the tasks referred to in Article 56;

(e) a Secretariat, which shall provide the necessary administrative and technical support on the performing of all the tasks assigned to the Board.";

12. Article 45 is amended as follows:

Change 59

Changed(a) in paragraphs 4 and 5, the words "the resolutions tasks" are replaced by "the resolution and the depositDGS insuranceliquidity support tasks", making such grammar changes as necessary;

▌

Change 60

Changed13. in Article 46(4), the words "national“national resolution authorities"authorities” are replaced by "national“national resolution authorities or of national DGS or designated authorities",authorities, making such grammar changes as necessary;

14. in Article 47, paragraph 1 is replaced by the following:

Change 61

Changed"1.“1. When performing the tasks conferred on them by this Regulation, the Board, the national resolution authorities, the national DGS or designated authorities shall act independently and in the general interest.";interest.;

Change 62

Changed15. in Part III, the heading of Title II "Plenary“Plenary session of the Board"Board” is replaced by "Joint“Joint plenary session and plenary sessions of the Board";Board;

16. the following Article 48a is inserted:

Change 63

Removed"Article 48a

Participation in joint plenary sessions

Change 64

ChangedAll members of the Board referred to in Article 43(1) shall participate in its joint plenary sessions.";sessions.;

17. Article 49 is replaced by the following:

Change 65

Removed"Article 49

Participation in plenary sessions relating to the Single Resolution Mechanism

Change 66

ChangedThe members of the Board referred to in points (a), (b) and (c) of Article 43(1) shall participate in its plenary sessions relating to the Single Resolution Mechanism (SRM plenary session).";session).”;

18. the following Articles 49a and 49b are inserted:

Change 67

Removed"Article 49a

Participation in plenary sessions relating to the European Deposit Insurance Scheme