EBA欧洲银行-EBA-Opinion-on-the-eligibility-of-deposits-coverage-level-and-cooperation-between-DGSs_115页_1mb

EBA Opinion on Deposit Eligibility, Coverage Level and Cooperation Between Deposit Guarantee Schemes

Introduction and Legal Basis

• The European Banking Authority (EBA) is tasked with supporting the European Commission in fulfilling its obligation under Article 19(6) of the DGSD to submit a report on the implementation progress.
• The EBA's authority to draft this opinion is based on Article 34(1) of Regulation (EU) No 1093/2010, which covers the correct application of the DGSD.
• This opinion is part of a series of three opinions to be submitted to the Commission, focusing on deposit guarantee schemes' eligibility, coverage level, and cooperation. It is addressed to the Commission and is accompanied by an analytical report.

Core Content and Main Proposals

The EBA provides 43 proposals, which are divided into the following key areas:

1. Home-Host Cooperation and Cooperation Agreements

• No changes to the DGSD are necessary for the EBA's role in cooperation agreements.
• Data sharing between DGSs is already covered under the Directive and bilateral agreements.
• Temporary high balances in cross-border payouts do not require amendments at this time.

2. Transfer of Contributions

• Amendments are needed to Article 14(3) of the DGSD to align the contribution transfer amount with the 12-month period prior to the change in DGS affiliation.
• A new methodology for calculating contributions should be developed, with the EBA being best suited to lead this process.
• The EBA proposes that the Commission should consider granting it a mandate to develop such standards.
• No changes are needed for third country branches' contribution transfer provisions.

3. Cooperation with Various Stakeholders

• No changes to the DGSD are necessary for cooperation with affiliated credit institutions, competent authorities, resolution authorities, and other DGSs.
• The lack of engagement with AML authorities should be addressed in the EBA Opinion on DGS payouts.

4. Coverage Level

• The current coverage level of EUR 100,000 is considered adequate.
• The currency of repayment provisions are sufficient and do not require amendment.

5. Exclusions from Eligibility

• No change is needed for financial institutions and investment firms, except in relation to absolute entitlement.
• An amendment may be appropriate to extend DGS coverage to public authorities without differentiating based on budget.
• Amendments are necessary for deposits with unidentified holders, allowing DGSs to make funds available with appropriate checks.
• Coverage of deposits at EU credit institutions’ branches in third countries should be excluded from DGS protection.

6. Current Provisions on Eligibility

• The term 'normal' in the definition of deposit should be removed.
• Structured deposits should be clarified, including cases where they yield negative returns.
• Joint accounts do not require changes at this time.
• Absolute entitlement to the sums held in an account does not need harmonisation.
• The DGSD should clarify the application of the see-through approach for excluded account holders.
• Dormant accounts should retain the possibility of deferred repayment.
• The administrative cost threshold should be set low and communicated in advance to depositors, with the right to request repayment.

7. Depositor Information

• The information sheet should be made more flexible and include essential elements only.
• The EBA recommends amendments to the information sheet, including contact details of the credit institution, removal of the requirement for acknowledgment, and clear highlighting of the purpose.
• Additional information on temporary high balances and set-off should be included.
• The frequency of information updates should remain annual.
• In cases of mergers or changes in DGS affiliation, all depositors should be informed, but only those affected by coverage loss should be informed of the right to withdraw without penalty.

8. Third Country Branches' DGS Membership

• Article 15 of the DGSD should be amended to require third country branches licensed in the EU to join a DGS in the relevant Member State.
• Member States may be allowed flexibility to exempt branches if they meet certain equivalence standards.

9. Cooperation Between EBA and ESRB

• No changes to the DGSD or related guidance are needed. The EBA and ESRB can agree bilaterally on cooperation regarding systemic risk analysis.

10. Implications of EBA Review and Amendments to Other EU Regulations

• The term 'peer reviews' should be replaced with more appropriate wording in the EBA's mandate.
• Cross-references to other EU regulations and directives should be updated to avoid misinterpretation.

Conclusions

• The EBA's opinion includes 43 proposals, 28 of which suggest amendments or further study, while 15 propose no changes.
• The EBA invites the Commission to consider these proposals when preparing a report or a revised DGSD.
• The opinion is part of a trilogy, with the other two opinions covering DGS payouts and funding.
• The EBA recommends that the Commission should consider the three opinions and their corresponding reports together when reviewing the DGSD.

Key Information

• Eligibility: Proposals include changes to the definition of deposit, joint accounts, and exclusions for unidentified depositors.
• Coverage Level: EUR 100,000 is deemed adequate, with no need for amendment.
• Cooperation: No changes are needed for home-host cooperation or EBA-ESRB cooperation, but data sharing and AML cooperation require further attention.
• Third Country Branches: Should be required to join a DGS in the EU Member State where they operate, with possible exceptions for equivalence.
• Depositor Information: The information sheet should be updated for clarity, flexibility, and completeness.
• Administrative Cost Threshold: Should be lowered and communicated in advance to depositors.