2014年-EBA欧洲银行管理局_2014_11_27_EBA_Report_Credit_institutions_91页_1mb

EBA Report Summary: Perimeter of Credit Institutions in the EU

Core Content

This report, published by the European Banking Authority (EBA) on 27 November 2014, addresses the perimeter of credit institutions in the EU, focusing on the definition of 'credit institution', exclusions from the scope of CRD IV/CRR, and entities carrying out bank-like activities without solo prudential requirements.

The EBA was commissioned by the European Commission to examine how Member States interpret the term 'credit institution' under the Capital Requirements Regulation (CRR) and the Capital Requirements Directive IV (CRD IV), particularly in light of the transfer of the definition from Directive 2006/48/EC to Regulation (EU) No 575/2013 (CRR). The report outlines variations in interpretation and proposes potential clarifications to ensure a uniform application of prudential requirements across the EU.

Main Points and Key Information

1. Definition of 'Credit Institution'

• The term is defined in Article 4(1)(1) of the CRR as an undertaking that takes deposits or other repayable funds from the public and grants credits for its own account.
• Key terms such as 'deposits', 'other repayable funds', 'granting credit', and 'the public' are not defined in the CRR, leading to variation in interpretation among Member States.
• The EBA does not recommend changing the scope of the prudential framework but suggests clarifications to ensure consistency in interpretation.

2. Interpretation of 'Deposit' and 'Other Repayable Funds'

• Variation exists in how Member States interpret these terms:
  • No statutory definition: AT, BE, DK, EE, EL, ES, LU, PL, PT, SE
  • Defined 'deposit' only: CY, CZ, FI, HR, IE, LV, NL, RO, SI, SK, UK
  • Defined both terms: BG, DE, LT
• Common elements across definitions:
  • A sum of money.
  • Repayable on demand or at a contractually agreed time.
  • Received from third parties (legal or natural persons).
  • Received as part of business activities.
• Exclusions may include:
  • Funds received in the context of property or service contracts.
  • Security deposits or margin deposits.
• The EBA suggests clarifying the term 'deposit' to avoid overlap with monetary statistical reporting categories.

3. Interpretation of 'Granting Credit'

• Most Member States interpret 'granting credit' broadly as any credit transaction for business purposes.
• Some Member States specify examples of credit activities, such as:
  • Financial leasing
  • Purchase credit
  • Consumer credit
  • Mortgage credit
  • Pledges and guarantees
• The EBA proposes a general definition or an illustrative list of credit activities to ensure clarity.

4. 'The Public'

• Most Member States do not define 'the public' in the context of 'credit institution'.
• The EBA suggests defining 'the public' based on the objective of the activity (i.e., whether it is carried out for business purposes), rather than a minimum number of depositors.
• The term 'the public' only applies to the acceptance of deposits, not to the granting of credit.

5. Connection Between Deposits and Credit

• The EBA recommends clarifying that the entity must use deposits for granting credit.
• This would ensure that the two conditions (accepting deposits and granting credit) are linked and that entities are classified accordingly.

Exclusions from CRD IV/CRR Scope

Article 2(5) of CRD IV

• Excludes entities such as central banks, post office giro institutions, and specific state-controlled entities.
• These entities do not benefit from passporting rights under CRD IV.
• The exclusion in point (6) may be omitted in future reviews, as the referenced law ('Wohnungsgemeinnützigkeitsgesetz') no longer exists.

Article 9(2) of CRD IV

• Prohibits non-credit institutions from taking deposits or other repayable funds from the public.
• Exclusions include:
  • Entities that are public (e.g., national or regional authorities).
  • Entities whose activities are regulated by other EU laws (e.g., AIFMD, UCITS).
• The EBA notes that limited responses were received, indicating the need for further analysis.

Entities Carrying Out Bank-Like Activities Without Prudential Regulation

• The EBA's second survey identified entities that:
  • Carry out bank-like activities (Condition A).
  • Are not subject to solo prudential requirements (Condition B).
• Examples include:
  • Establecimientos Financieros de Crédito (EFCs) in Spain, which do not accept deposits from the public but are still subject to similar prudential requirements under national law.
  • Unregulated entities that carry out bank-like activities but are not classified as credit institutions under EU law.
• These entities may pose systemic risks and require attention from the Commission to ensure appropriate prudential oversight.

Prudential Requirements Under AIFMD and UCITS

• The EBA examines whether prudential requirements under AIFMD (Directive 2011/61/EU) and UCITS (Directive 2009/65/EU) are sufficient to address risks from bank-like activities.
• It is noted that some entities under these directives carry out bank-like activities, and the EBA recommends further review of whether these requirements are adequate.

Recommendations and Next Steps

• The EBA suggests clarifications to the definition of 'credit institution' to ensure uniform interpretation across the EU.
• It recommends considering additional exclusions for 'deposits' and 'other repayable funds' to avoid overlaps with non-bank financial activities.
• The EBA highlights the importance of aligning EU and global standards on prudential scope, particularly through collaboration with the Basel Committee.
• Further work is needed to fully understand the application of exclusions in Article 9(2) of CRD IV and to assess the risks posed by unregulated entities.

Conclusion

This report underscores the need for clarity and consistency in the definition and perimeter of 'credit institutions' in the EU. While the EBA does not advocate for broadening the scope of the prudential framework, it emphasizes the importance of uniform interpretation to ensure financial stability and effective supervision. The findings are intended to inform the European Commission on possible legislative clarifications and enhanced regulatory oversight.