Changes from report parliamentary committee draft to plenary report

Added(15) Article 15 is replaced by the following:

Added‘Article 15

AddedBranches of credit institutions that are established in third countries

AddedMember States shall require branches of credit institutions that have their head office outside the Union to join a DGS within their territory before they allow such branches to take eligible deposits in those Member States.

AddedMember States shall ensure that such branches contribute to the DGS, in accordance with Article 13.’;

Added(16) the following Article 15a is inserted:

Added‘Article 15a

AddedMember credit institutions that have branches in third countries

AddedMember States shall ensure that DGSs do not cover depositors at branches that have been set up in third countries by their member credit institutions, except where, subject to the approval of the designated authority, those DGSs raise corresponding contributions from the credit institutions concerned.

AddedEBA shall issue guidelines specifying the circumstances in which designated authorities should approve the coverage of depositors at branches that have been set up in third countries by DGSs’ member credit institutions.’;

Added(17) Article 16 is amended as follows:

Added(a) paragraph 1 is replaced by the following:

Added‘1. Member States shall ensure that credit institutions provide actual and intending depositors with the information those depositors need to identify the DGSs of which the credit institution and its branches are members within the Union. Credit institutions shall provide that information in the form of an information sheet prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX of the European Parliament and of the Council [ESAP Regulation]***.

Added_______________________________________________

Added*** Regulation (EU) XX/XXX of the European Parliament and of the Council of dd mm jj establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability.’;

Added(b) the following paragraph 1a is inserted:

Added‘1a. Member States shall ensure that the information sheet referred to in paragraph 1 contains all of the following:

Added(i) basic information about the protection of deposits;

Added(ii) contact details of the credit institution as a first point of contact for information on the content of the information sheet;

Added(iii) coverage level for deposits as referred to in Article 6(1) and 6(2) in EUR or, where relevant, another currency;

Added(iv) applicable exclusions from DGS protection;

Added(v) limit of protection in relation to joint accounts;

Added(vi) reimbursement period in case of the credit institution’s failure;

Added(vii) currency of reimbursement;

Added(viii) identification of the DGS responsible for protecting a deposit, including a reference to its website.’;

Added(c) paragraph 2 is replaced by the following:

Added‘2. Member States shall ensure that credit institutions provide the information sheet referred to in paragraph 1 before they enter into a contract on deposit-taking and, subsequently, each time there is any change to the information provided. Depositors shall acknowledge the receipt of that information sheet, unless the information is made publicly available.’;

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

Added‘Member States shall ensure that credit institutions confirm on their depositors’ statements of account that the deposits are eligible deposits, including a reference to the information sheet referred to paragraph 1.’;

Added(e) paragraph 4 is replaced by the following:

Added‘4. Member States shall ensure that credit institutions make the information referred to in paragraph 1 available in the language that was agreed by the depositor and the credit institution when the account was opened or in the official language or languages of the Member State in which the branch is established.’;

Added(f) paragraphs 6 and 7 are replaced by the following:

Added‘6. Member States shall ensure that in the case of a merger of credit institutions, conversion of subsidiaries of a credit institution into branches, or similar operations, credit institutions notify their depositors thereof at least 1 month before that operation takes legal effect, unless the competent authority allows for a shorter deadline on the grounds of commercial secrecy or financial stability. That notification shall explain the impact of the operation on the depositor protection.

AddedMember States shall ensure that, where as a result of operations referred to in the first subparagraph, depositors with deposits in those credit institutions will be affected by the reduced deposit protection, the credit institutions concerned notify those depositors that they may withdraw or transfer to another credit institution their eligible deposits, including all accrued interest and benefits, without incurring any penalty up to an amount equal to the lost coverage of their deposits within 3 months following the notification referred to in the first subparagraph.

Added7. Member States shall ensure that credit institutions that cease to be a member of a DGS inform their depositors thereof at least 1 month prior to such cession. That information shall include an explanation of the impact of the cession on depositor protection. Member States shall ensure that depositors of a credit institution that ceased to be a member of the DGS can transfer their deposits to another institution member of the same DGS without bearing any transfer costs.’;’;

Added(g) the following paragraph 7a is inserted:

Added‘7a. Member States shall ensure that designated authorities, DGSs and credit institutions concerned inform depositors, including by a publication on their websites, of the fact that a relevant administrative authority has made a determination as referred to in Article 2(1), point (8)(a), or a judicial authority has made a ruling as referred to in Article 2(1), point (8)(b).’;

Added(h) paragraph 8 is replaced by the following:

Added‘8. Member States shall ensure that where a depositor uses internet banking, credit institutions provide the information they have to provide to their depositors under this Directive by electronic means unless a depositor requests to receive that information on paper.’;

Added(i) the following paragraph 9 is added:

Added‘9. The EBA shall develop draft implementing technical standards to specify:

Added(a) the content and the format of the information sheet, referred to in paragraph 1a;

Added(b) the procedure to be followed for the provision of, and the content of, the information to be provided in the communications from designated authorities, DGSs or credit institutions to depositors, in the situations referred to in Articles 8b and 8c and in paragraphs 6, 7 and 7a of this Article.

AddedThe EBA shall submit those draft implementing technical standards to the Commission by … [OP - please insert date = 12 months after the date of entry into force of this Directive].

AddedPower is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.’;

Added(18) the following Article 16a is inserted:

Added‘Article 16a

AddedInformation exchange between credit institutions and DGS, and reporting by authorities

Added1. Member States shall ensure that DGSs receive at least annually and at any time ▌upon request, ▌from their affiliated credit institutions all information necessary to prepare for a repayment of depositors, in accordance with the identification requirement laid down in Article 5(4), including the information for the purposes of Article 8(5) and Articles 8b and 8c.

Added2. Member States shall ensure that credit institutions provide at least annually and at any time upon request ▌the DGS of which they are a member information about:

Added(a) depositors at branches of those credit institutions;

Added(b) depositors who are recipients of services provided by member institutions on the basis of the freedom to provide services.

AddedThe information referred to in points (a) and (b) shall indicate the Member States in which those branches or depositors are located.

Added3. Member States shall ensure that, by 31 March each year, DGSs inform the EBA of the amount of covered deposits in their Member State on 31 December of the preceding year. By the same date, DGSs shall also report to the EBA the amount of their available financial means, including the share of borrowed resources, payment commitments and the timeline for reaching the target level following a disbursement of DGS’s funds referred to in Article 10(2).

Added4. Member States shall ensure that the designated authorities notify the EBA and the SRB, without undue delay, about all of the following:

Added(a) the determination of unavailable deposits pursuant to circumstances referred to in Article 2(1), point (8);

Added(b) whether any of the measures referred to in Article 11(2), (3) and (5) have been applied and the amount of funds used in accordance with Article 8(1) and Article 11(2), (3) and (5), and, where applicable and once available, the amount of funds recovered, the resulting cost for the DGS and the duration of the recovery process;

Added(c) the availability and the use of alternative funding arrangements as referred to in Article 10(3);

Added(d) any DGSs that have ceased to operate or the establishment of any new DGS, including as a result of a merger or of the fact that a DGS started operating on a cross-border basis.

AddedThe notification referred to in the first subparagraph shall contain a summary describing all of the following: