Commission Delegated Regulation (EU) 2015/61Show full title

TITLE IV FINAL PROVISIONS

Article 35 Grandfathering of Member State-guaranteed bank assets

1. Assets issued by credit institutions which benefit from a guarantee from the central government of a Member State shall qualify as level 1 assets only where the guarantee:

(a) was granted or committed to for a maximum amount prior to 30 June 2014;

(b) is a direct, explicit, irrevocable and unconditional guarantee and covers the failure to pay principal and interest when due.

2. Where the guarantor is a regional government or local authority in a Member State, the guaranteed asset shall qualify as level 1 only where exposures to such regional government or local authority are treated as exposures to their central government in accordance with Article 115(2) of Regulation (EU) No 575/2013 and the guarantee complies with the requirements laid down in paragraph 1.

3. The assets referred to in paragraphs 1 and 2 shall continue to qualify as level 1 assets for as long as the guarantee remains in force in relation to the relevant issuer or its assets, as applicable, as amended or replaced from time to time. Where the amount of a guarantee in favour of an issuer or its assets is increased at any time after 30 June 2014, the assets shall only qualify as liquid assets up to the maximum amount of the guarantee that was committed prior to that date.

4. The assets referred to in this Article shall be subject to the same requirements applicable under this Regulation to level 1 assets representing claims on or guaranteed by the central or regional governments, local authorities or public sector entities referred to in Article 10(1)(c).

5. Where a credit institution or its assets benefit from a guarantee scheme, the scheme as a whole shall be regarded as a guarantee for the purposes of this Article.

Article 36 Transitional provision for Member State-sponsored impaired asset management agencies

1. The senior bonds issued by the following Member State-sponsored impaired assets management agencies shall qualify as level 1 assets until 31 December 2023:

(a) in Ireland, the National Asset Management Agency (NAMA);

(b) in Spain, the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. (SAREB);

(c) in Slovenia, the Bank Asset Management Company as established under the Measures of the Republic of Slovenia to Strengthen the Stability of Banks Act (MSSBA);

2. The assets referred to in paragraph 1 shall be subject to the same requirements applicable under this Regulation to level 1 assets representing claims on or guaranteed by the central or regional governments, local authorities or public sector entities referred to in Article 10(1)(c).

Article 37 Transitional provision for securitisations backed by residential loans

1. By derogation from Article 13, securitisations issued before 1 October 2015, where the underlying exposures are residential loans as referred to in point (g)(i) of Article 13(2), shall qualify as Level 2B assets if they meet all the requirements set out in Article 13 other than the loan-to-value or loan-to-income requirements set out in that point (g)(i) of Article 13(2).

2. By derogation from Article 13, securitisations issued after 1 October 2015, where the underlying exposures are residential loans as referred to in point (g)(i) of Article 13(2) that do not meet the average loan-to-value or the loan-to-income requirements set out in that point, shall qualify as Level 2B assets until 1 October 2025, provided that the underlying exposures include residential loans that were not subject to a national law regulating loan-to-income limits at the time they were granted and such residential loans were granted at any time prior to 1 October 2015.

Article 38 Transitional provision for the introduction of the liquidity coverage ratio

1. In accordance with Article 460(2) of Regulation (EU) No 575/2013, the liquidity coverage ratio laid down in Article 4 shall be introduced as follows:

(a) 60 % of the liquidity coverage requirement as from 1 October 2015;

(b) 70 % as from1 January 2016;

(c) 80 % as from 1 January 2017;

(d) 100 % as from 1 January 2018.

2. In accordance with Article 412(5) of Regulation (EU) No 575/2013, Member States or competent authorities may require domestically authorised credit institutions or a subset of such credit institutions to maintain a higher liquidity coverage requirement up to 100 % until the binding minimum standard is fully introduced at a rate of 100 % in accordance with this Regulation.

Article 39 Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

It shall apply from 1 October 2015.