EBA欧洲银行-EBA-RTS-2013-02-draft-RTS-on-Own-funds-part-2-Mutuals-cooperatives_29页_761kb

报告摘要

Summary of EBA FINAL Draft Regulatory Technical Standards on Own Funds [Part Two] under Article 27(2) of Regulation (EU) No 575/2013 (CRR)

Core Content

The EBA has issued Final Draft Regulatory Technical Standards (RTS) on Own Funds under Article 27(2) of Regulation (EU) No 575/2013 (CRR), specifically targeting mutuals, cooperative societies, savings institutions, or similar institutions. These standards are part of the single rulebook initiative to enhance regulatory harmonization across the EU and are designed to ensure that capital requirements are applied appropriately to the European cooperative banking sector.

The document aims to specify conditions under which competent authorities may classify an institution as a mutual, cooperative society, savings institution, or similar institution, in order to apply specific own funds requirements. It is intended to prevent misclassification of institutions that do not possess the common features of the cooperative banking sector.

Main Features of the RTS

Focus on own funds: The RTS focus on elements relevant to own funds, such as capital, reserves, and redemption rules.
Classification criteria: The standards define specific conditions under which an institution may be classified as a mutual, cooperative society, savings institution, or similar institution.
Applicability: The RTS apply to institutions created after the entry into force of the CRR.
Complementary to Part One: These standards are complementary to the EBA Final Draft RTS on Own Funds – Part One, forming Part Two of the overall regulatory framework.

Key Points of the RTS

1. Legal Status and Recognition

Competent authorities may classify an institution as a mutual, cooperative society, savings institution, or similar institution if it meets specific national legal criteria.
The legal status of the institution must fall under recognized categories in the respective Member States, such as:
- Cooperative societies in various countries (e.g., Austria, Belgium, Cyprus, etc.).
- Savings institutions (e.g., Sparkasse in Germany, Sparbank in Sweden).
- Mutuals (e.g., building societies in Ireland and the UK, and savings banks in Denmark).

2. Common Equity Tier 1 (CET1) Instruments

Institutions must issue only CET1 instruments as defined in Article 29 of the CRR.
Redemption rules are specified, allowing competent authorities to limit or defer redemption of CET1 instruments, especially in cases where members have the right to resign and request redemption.
The right to put instruments back to the institution is subject to national law, company statutes, and CRR requirements.
Institutions may issue CET1 instruments to non-members that do not grant the right to redemption.

3. Capital and Reserves Distribution

The sum of capital, reserves, and profits is not allowed to be distributed to CET1 holders under national law.
This rule applies even if CET1 instruments grant rights to profits and reserves on a going concern basis, provided such rights are proportionate to the members' contribution.
In liquidation or insolvency, CET1 holders may have rights to reserves, which do not need to be proportionate to their contribution, as long as they meet Article 29(4) and (5) of the CRR.

4. Special Features of Cooperative Banking

Cooperatives are predominant in the cooperative banking sector, and they are defined by democratic principles, member control, and equitable distribution of profits.
Members generally cannot exercise rights over the assets of the cooperative, and the "one man one vote" principle is in place.
Savings institutions are structured as foundations, with no capital owner, and are not allowed to distribute profits to CET1 holders.
Mutuals typically do not contribute to the capital and do not benefit directly from reserves, but they may issue CET1 instruments to members or non-members who can benefit to some extent in going concern or liquidation.

5. Existing Institutions

Institutions already recognized as mutuals, cooperative societies, savings institutions, or similar institutions under national law before 31 December 2012 continue to be classified accordingly without regard to their legal form, as long as they meet the recognition criteria.

Key Information

Purpose: To ensure appropriate application of own funds requirements to cooperative banking institutions.
Scope: Applies to newly created institutions after the CRR's entry into force.
Legal Basis: Based on Article 27(2) of the CRR, which mandates the EBA to develop draft technical standards for the classification of these institutions.
Compliance: The RTS are complementary to Part One and are intended to mitigate the risk of misclassification.
Redemption Rules: Allow limitation or deferral of CET1 redemption, especially for members who may resign.
Proportionality: In going concern, CET1 rights to profits and reserves are proportionate to members' contributions; in liquidation, they may be non-proportionate under specific conditions.

Conclusion

These draft RTS are essential for harmonizing the capital requirements for cooperative banking institutions across the EU. They provide clear conditions for classification, ensure appropriate treatment of CET1 instruments, and mitigate the risk of misapplication of capital rules. The standards are complementary to the EBA Final Draft RTS on Own Funds – Part One, forming a comprehensive framework for own funds in the cooperative banking sector.