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Directive 2006/49/EC of the European Parliament and of the Council (repealed)Show full title

Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast) (repealed)

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Article 15

Illiquid assets as referred to in point (d) of the second subparagraph of Article 13(2) shall include the following:

(a)

tangible fixed assets, except to the extent that land and buildings may be allowed to count against the loans which they are securing;

(b)

holdings in, including subordinated claims on, credit or financial institutions which may be included in the own funds of those institutions, unless they have been deducted under points (l) to (p) of Article 57 of Directive 2006/48/EC or under Article 16(d) of this Directive;

(c)

holdings and other investments in undertakings other than credit or financial institutions, which are not readily marketable;

(d)

deficiencies in subsidiaries;

(e)

deposits made, other than those which are available for repayment within 90 days, and also excluding payments in connection with margined futures or options contracts;

(f)

loans and other amounts due, other than those due to be repaid within 90 days; and

(g)

physical stocks, unless they are already subject to capital requirements at least as stringent as those set out in Articles 18 and 20.

For the purposes of point (b), where shares in a credit or financial institution are held temporarily for the purpose of a financial assistance operation designed to reorganise and save that institution, the competent authorities may waive the application of this Article. They may also waive it in respect of those shares which are included in an investment firm's trading book.

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