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Regulation (EU) 2016/445 of the European Central BankShow full title
Regulation (EU) 2016/445 of the European Central Bank of 14 March 2016 on the exercise of options and discretions available in Union law (ECB/2016/4)
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CHAPTER II CAPITAL REQUIREMENTS
Article 4Article 178(1) of Regulation (EU) No 575/2013: Default of an obligor
Irrespective of the national treatment prior to the entry into force of this Regulation, credit institutions shall apply the ‘more than 90 days past due’ standard for the categories of exposures specified in Article 178(1)(b) of Regulation (EU) No 575/2013.
Article 5Article 282(6) of Regulation (EU) No 575/2013: Hedging sets
For the transactions referred to in Article 282(6) of Regulation (EU) No 575/2013, credit institutions shall use the mark-to-market method set out in Article 274 of Regulation (EU) No 575/2013.
Article 6Article 327(2) of Regulation (EU) No 575/2013: Netting
1.Credit institutions may use netting between a convertible and an offsetting position in the instrument underlying it, as referred to in Article 327(2) of Regulation (EU) No 575/2013, provided that either of the following conditions are fulfilled:
(a)prior to 4 November 2014 the national competent authority adopted an approach under which the likelihood of a particular convertible's being converted is taken into account; or
(b)prior to 4 November 2014 the national competent authority required an own funds requirement to cover any loss that conversion may entail.
2.The approaches adopted by national competent authorities referred to in paragraph 1 shall continue to be used pending the adoption by the ECB of its own approach pursuant to Article 327(2) of Regulation (EU) No 575/2013.
Article 7Article 380 of Regulation (EU) No 575/2013: Waiver
In the event of a system-wide failure within the meaning of Article 380 of Regulation (EU) No 575/2013 which the ECB confirms by issuing a public statement, until the ECB issues a public statement that the situation referred to therein is rectified, the following provisions shall apply:
(a)
credit institutions shall not be required to comply with the own funds requirements laid down in Articles 378 and 379 of Regulation (EU) No 575/2013; and
(b)
the failure of a counterparty to settle a trade shall not be deemed a default for purposes of credit risk.
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