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报告摘要
Ancillary Own Funds (Tier 3) Summary
Core Content
This document outlines the treatment of Ancillary Own Funds (Tier 3), specifically short-term subordinated loan capital, under the Directive 93/6/EEC and Directive 2000/12/EC, for Credit Institutions (CI) and Investment Firms (IF) across various European countries. It provides a comparative analysis of the eligibility, limits, and conditions for Tier 3 capital, including the deduction of illiquid assets.
Main Points
1. Eligibility of Tier 3 Capital
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Net Trading-Book Profits:
- Eligible for CI in Austria, Belgium, Cyprus, Czech Republic, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Eligible for IF in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Greece: Only applies to non-IFRS banks, and interim profits are considered only if verified or reviewed by external auditors.
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Subordinated Loan Capital:
- Eligible for CI in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Eligible for IF in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Greece: Follows the same rules as non-IFRS banks.
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Deduction of Illiquid Assets:
- Applies to CI in Germany, Italy, Luxembourg, Netherlands, Slovenia, and Sweden.
- Applies to IF in Czech Republic, Estonia, Finland, France, Italy, Latvia, Lithuania, Portugal, Slovakia, and Spain.
- Greece: Not applicable for CI, but IF may have some deductions.
- Norway: No Tier 3 capital under Directive 93/6/EEC.
Key Information
2. Limits on Subordinated Loan Capital
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Maximum Limit (150%):
- Applies to CI in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Applies to IF in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Greece: Applies to IF only.
- Spain: The limit is 150% when subordinated loan capital exceeds 150% of original own funds.
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Exceeding the Limit (200% or 250%):
- Permitted for CI in Germany, Ireland, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, and Sweden.
- Permitted for IF in Austria, Belgium, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Italy: 200% limit applies.
- Finland: 250% limit applies, but Tier 3 instruments are not used in practice.
Additional Requirements
3. Conditions for Eligibility
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Initial Maturity:
- Must be at least two years for CI and IF in most countries.
- Spain, Greece, and others have specific conditions or no application.
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Unsecured, No Collateral:
- Allowed for CI in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
- Greece: Applies only to non-IFRS banks.
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No Offsetting:
- Generally applicable for CI and IF in most countries.
- Greece: Applies only to non-IFRS banks.
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Moderate Interest Rate Step-Up:
- Permitted for IF in France, Hungary, and Italy.
- Not applicable in Czech Republic, Estonia, Finland, Germany, Greece, and others.
Regulatory Implementation and Discretion
4. Supervisory Discretion
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Prudential Filters:
- Not applicable for IF in Greece.
- Belgium, France, Germany, Ireland, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom allow prudential discretion for exceeding limits.
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Prior Authorisation:
- Required for CI in Germany, Ireland, and others.
- Required for IF in Austria, Belgium, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Ireland, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
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Explicit Reference to IF:
- Belgium, France, Germany, Ireland, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom have explicit rules for IF.
- Greece, Norway, and others have separate or no explicit reference to IF.
Summary of Key Provisions
| Country | Tier 3 Eligibility (CI) | Tier 3 Eligibility (IF) | 150% Limit | 200% Limit | 250% Limit | Notes |
|---|---|---|---|---|---|---|
| Austria | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Belgium | Y | Y | Y | Y | Y | - |
| Cyprus | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Czech Republic | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Denmark | Y | Y | N | N | N | - |
| Estonia | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Finland | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| France | Y | Y | Y | Y | Y | - |
| Germany | Y | Y | Y | Y | Y | Specific rules for purchase of securitised subordinated liabilities |
| Greece | Y | Y | Y | Y | Y | Applies to non-IFRS banks only |
| Hungary | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Ireland | Y | Y | Y | Y | Y | - |
| Italy | Y | Y | Y | Y | Y | Only for IF which take own risks |
| Latvia | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Lithuania | Y | Y | Y | Y | Y | IF not supervised by Bank of Lithuania |
| Luxembourg | Y | Y | Y | Y | Y | Only for IF exempted from consolidated-basis supervision |
| Malta | Y | Y | Y | Y | Y | - |
| Netherlands | Y | Y | Y | Y | Y | - |
| Norway | Y | Y | N | N | N | No Tier 3 under Directive 93/6/EEC |
| Poland | Y | Y | Y | Y | Y | IF not supervised by the Commission for Banking Supervision |
| Portugal | Y | Y | Y | Y | Y | - |
| Slovakia | Y | Y | Y | Y | Y | Only item foreseen under Directive 93/6/EEC |
| Slovenia | Y | Y | Y | Y | Y | Some adjustments for IF |
| Spain | Y | Y | Y | Y | Y | Applies when subordinated loan capital exceeds 150% of original own funds |
| Sweden | Y | Y | Y | Y | Y | - |
| United Kingdom | Y | Y | Y | Y | Y | - |
Conclusion
The document provides a detailed overview of the eligibility, limits, and conditions for Ancillary Own Funds (Tier 3), particularly short-term subordinated loan capital, across European countries. The rules vary significantly depending on whether the institution is a Credit Institution or Investment Firm, and some countries have specific provisions or discretionary approvals. The deduction of illiquid assets is also a key element, with varying applicability across jurisdictions. Overall, Tier 3 capital is a regulated component of own funds, and its use is subject to prudential and supervisory conditions.
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