What changed between the draft committee report of 3 Oct 2023 and the draft committee report of 10 Mar 2026

Removed:Recital 1 c (new): (1c) The Union crisis management framework should ensure at all times that losses are not being socialised and taxpayers’ resources are not employed to aid or rescue credit institutions in difficulty.

Added:3. Instructs its President to sign the act with the President of the Council, in accordance with Article 297(1) of the Treaty on the Functioning of the European Union;

Removed:Recital 6: (6) Deposits resulting from certain events, including real estate transactions relating to private residential properties or the payout of certain insurance benefits, can temporarily lead to large deposits. For that reason, Article 6(2) of Directive 2014/49/EU currently obliges Member States to ensure that deposits resulting from those events are protected above EUR 100 000 for at least 3 months, but for no longer than 12 months from the moment the amount has been credited or from the moment when such deposits become legally transferable. To harmonise depositor protection in the Union and to reduce the administrative complexity and legal uncertainty related to the scope of protection of such deposits, it is necessary to align their protection to EUR 500 000 for a harmonised duration of 6 months.

Added:4. Instructs its Secretary-General to sign the act, once it has been verified that all the procedures have been duly completed, and, in agreement with the Secretary-General of the Council, to arrange for its publication in the Official Journal of the European Union;

Removed:Recital 14: (14) Clients of financial institutions do not always know which credit institution the financial institution has chosen to deposit their funds. DGSs should therefore not aggregate such deposits with a deposit that the same clients might have in the same credit institution where the financial institution has placed their deposits. Credit institutions may not know the clients entitled to the sum held in the client accounts, or be able to check and record individual data of those clients.

Removed:Recital 18: (18) Pursuant to Article 10(2) of Directive 2014/49/EU, Member States are to ensure that by 3 July 2024, the available financial means of a DGS reach a target level of 0,8 % of the amount of the covered deposits of its members. To objectively assess whether DGSs fulfil that requirement, a clear reference period should be set to determine the amount of covered deposits and DGSs’ available financial means. In light of the number of additional tasks and responsibilities entrusted to DGSs, it is necessary to raise their target level to 1% of covered deposits by [18 months after the entry into force of this Directive].

Added:SHORT JUSTIFICATION

Removed:Recital 22: (22) It is necessary to enhance depositor protection, while avoiding the need for a fire sale of the assets of a DGS and limiting possible negative pro-cyclical effects over the banking industry caused by the collection of extraordinary contributions. DGSs should therefore be allowed to use alternative funding arrangements that enable them to obtain at any time short-term funding from sources other than contributions, including before using their available financial means and funds collected through extraordinary contributions. Because credit institutions should primarily bear the cost and responsibility for financing DGSs, alternative funding arrangements from public funds should not be permitted.

Added:The Council position at first reading reflects the agreement reached between Parliament and the Council in interinstitutional negotiations at early second reading stage, after legal-linguistic verification. Since the Committee on Economic and Monetary Affairs (ECON), in its vote on 5 November 2025, already confirmed the outcome of those interinstitutional negotiations, as your rapporteur, I propose that ECON recommends that the Plenary confirms the position of the Council at first reading without amending it.

Removed:Recital 26: (26) To ensure that preventive measures achieve their objective, credit institutions should be required to prepare a note outlining the measures that they commit to undertake. The preparation of such note should not be too burdensome and time-consuming for the credit institution to ensure the possibility for the DGS to intervene early enough. Therefore, the note accompanying preventive measures should take the form of a sufficiently short explanatory document, which nonetheless provides sufficient details of the measures envisaged to prevent the failure of the credit institution. Such note should contain all elements which aim at preventing the outflow of funds and strengthening the capital and liquidity position of the credit institution, enabling the credit institution to comply with all the relevant prudential and other regulatory requirements on a forward-looking basis. Such note should therefore contain capital raising measures, including rules on the issuance of rights, the voluntary conversion of subordinated debt instruments, liability management exercises, capital generating sales of assets, the securitisation of portfolios, and earnings retention, including dividend bans and bans on the acquisition of stakes in undertakings. Additionally, the note should detail the credit institution’s initial capital shortfall, the capital raising measures implemented and the safeguards put in place to prevent the outflow of funds. No preventive measures should be granted to credit…

Removed:Recital 26 a (new): (26a) The competent authorities should be able to request DGSs to finance preventive measures where the competent authorities consider that those measures would enable the credit institution to restore compliance with the supervisory requirements applicable to the credit institution concerned and that are laid down in Directive 2013/36/EU and Regulation (EU) No 575/2013.

Removed:Recital 34: (34) Credit institutions may change affiliation to a DGS because they move their headquarters to another Member State or convert their subsidiary into a branch or vice versa. Article 14(3) of Directive 2014/49/EU requires that the contributions of that credit institution paid during the 12 months preceding the transfer are transferred to the other DGS in proportion to the amount of covered deposits transferred. To ensure that the transfer of contributions to the receiving DGS is not dependent on divergent national rules regarding invoicing or actual date of payment of contributions, the DGS of origin should calculate the amount to be transferred on the basis of the potential liabilities borne by the receiving DGS as a result of the transfer.

Removed:Recital 37: (37) The merger of a credit institution or the conversion of subsidiary into branch or vice versa might affect the key features of depositor protection. To avoid adverse impacts on depositors that would have deposits in both merging banks and whose claim to deposit coverage would be reduced because of changes to DGS affiliation, all depositors should be informed about such changes and should have the right to withdraw their funds without incurring any costs up to an amount equal to the total coverage of deposits.

Removed:Recital 45: (45) Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of the functions at the core of their mandate that they perform in addition to the ones covered by this Directive, it is appropriate to provide for the possibility of Member States to allow IPSs to continue to perform such functions. To ensure a level playing field and preserve a high degree of protection of depositors, the functions and tasks performed in addition to the ones covered by this Directive should be financed through additional financial means, on top of the target level. IPSs should build-up a segregated fund for IPS purposes other than the functions covered by this Directive as agreed between the European Central Bank, the national competent authority and the relevant IPSs.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 1 – point a, Article 1 – paragraph 1: 1. This Directive lays down rules and procedures relating to the establishment and the functioning of deposit guarantee schemes (DGSs), the coverage and repayment of deposits, the use of DGS funds for measures that aim to ensure the access of depositors to their deposits, and the rules governing DGSs’ access to, and the exchange of information with, the EU credit line.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 2 – point -a (new), Article 2 – paragraph 1 – point 2 a (new): (-a) the following point is inserted: / ‘(2a) ‘EU credit line’ means the credit line for DGSs to the European fund established by Article X of Regulation (EU) 806/2014;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 2 – point a a (new), Article 2 – paragraph 1 – points 6 a (new), 6 b (new) and 6 c (new): (aa) the following points are inserted : / ‘(6a) ‘retail deposit’ means a deposit that is held by a natural person or a small and medium-sized enterprise as defined in Article 5, point (8) of Regulation (EU) 575/2013; / (6b) ‘corporate deposit for payment and settlement purposes’ means a deposit held by a legal person which has all the following features: / (a) it is payable at par on demand; / (b) it is able to provide payment and settlement services; / (c) it does not bear interest; / (d) it is not a financial instrument as defined in Article 4, point (15), of Directive 2014/65/EU; / (6c) ‘other corporate deposit’ means a deposit held by a legal person which is not a corporate deposit for payment and settlement purposes”.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 3 – point -a (new), Article 4 – paragraph 2: (-a) paragraph 2 is replaced by the following: / "2. A contractual scheme as referred to in point (b) of Article 1(2) of this Directive may be officially recognised as a DGS if it complies with this Directive. / Member States shall ensure that an IPS that is recognised as a DGS pursuant to this paragraph shall segregate its available financial means which are subject to a target level in accordance with Article 10(2) of this Directive from the funding arrangements entered into with a view to fulfilling its purposes as referred to in Article 113(7) of Regulation (EU) No 575/2013."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 3 – point a, Article 4 – paragraph 4: 4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the designated authority and the competent authority of that credit institution thereof. / Member States shall ensure that the designated authority promptly takes all appropriate measures, including, if necessary, the imposition of penalties, to ensure that credit institutions comply with their obligations as members of a DGS. / Member States shall lay down rules on penalties applicable in the event of infringements by credit institutions of the obligations incumbent on them as a member of a DGS. The penalties shall be effective, proportionate and dissuasive.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 3 – point c, Article 4 – paragraph 6: 6. Member States shall ensure that where the competent authority decides to withdraw the authorisation in accordance with Article 18 of Directive 2013/36/EU, the credit institution ceases to be a member of the DGS. Member States shall ensure that deposits held on the date on which a credit institution ceased to be a member of the DGS continue to be covered by that DGS for a maximum period of six months. Member States shall ensure that depositors of a credit institution that ceased to be a member of the DGS are duly informed of the consequences thereof and can, without bearing any costs, transfer their deposits to another institution which is a member of the same DGS.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 3 – point c a (new), Article 4 – paragraph 7 – subparagraph 2 a (new): (ca) in paragraph 7, the following subparagraph is added: / ‘The designated authorities shall have the necessary enforcement powers, including powers to impose penalties or other administrative measures, to remedy infringements of this Directive.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 3 – point e, Article 4 – paragraph 13: 13. EBA shall develop draft regulatory technical standards on the scope, contents and procedures of the stress tests referred to in paragraph 10. / EBA shall submit those draft regulatory technical standards to the Commission by … [24 months after the date of entry into force of this amending Directive]. / Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 4 – point a – point v a (new), Article 5 – paragraph 1 – point k a (new): (va) the following point is added: / "(k a) deposits by persons or legal entities subject to targeted financial sanctions adopted by the Union."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 5 – point a – point i, Article 6 – paragraph 2 – introductory part: ‘In addition to paragraph 1, Member States shall ensure that the following deposits are protected to an amount of EUR 500 000 for 6 months after that amount has been credited or from the moment when such deposits become legally transferable:’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 5 – point b, Article 6 – paragraph 2a: deleted

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 6 – point a a (new), Article 7 – paragraph 6: (aa) paragraph 6 is replaced by the following: / "6. Member States shall ensure that credit institutions report to their DGSs, at least annually, the aggregated amount of eligible deposits. Member States shall ensure that DGSs may at any time request credit institutions to inform them about the aggregated amount of eligible deposits of every depositor."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 8 – point -a (new), Article 8 – paragraph 1: (-a) paragraph 1 is replaced by the following: / "1. DGSs shall ensure that the repayable amount is available as soon as possible and in any case in less than seven working days from the date on which a relevant administrative authority makes a determination as referred to in point (8)(a) of Article 2(1) or a judicial authority makes a ruling as referred to in point (8)(b) of Article 2(1)."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 8 – point -a a (new), Article 8 – paragraph 2: (-aa) paragraph 2 is deleted;

Removed:Article 8(2) of Directive 2014/49/EU lays down a possibility for Member States to establish repayment periods of up to 20 working days until 31 December 2018, 15 working days from 1 January 2019 until 31 December 2020, and 10 working days from 1 January 2021 until 31 December 2023. By the time of the entry into force of the amended Directive Article 8(2) will have ceased to produce legal effects.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 8 – point a, Article 8 – paragraph 3: ‘3. By way of derogation from paragraph 1, Member States shall allow DGSs to apply a longer repayment period for the deposits referred to in Article 6(2), Article 7(3) and Article 8b, which shall not exceed 20 working days from the date on which those DGSs received the complete documentation they requested from a depositor to examine the claims and verify that the conditions for repayment are met. For the deposits referred to in Article 6(2) and Article 7(3), where DGSs are not able to make the repayable amount available in less than seven working days, they shall ensure that depositors have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of making a request for that amount.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 8 – point a a (new), Article 8 – paragraph 4: (aa) paragraph 4 is deleted;

Removed:Article 8(4) of Directive 2014/49/EU lays down rules applicable during a transitional period until 31 December 2023, setting out the obligation of DGSs to ensure that depositors have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request, where DGSs cannot make the repayable amount available within seven working days. By the time of the entry into force of the amended Directive Article 8(4) will have ceased to produce legal effects.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 9, Article 8b – paragraph 1 – point a: (a) such deposits are placed on behalf and exclusively for the account of clients who are eligible for protection in accordance with Article 5(1);

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 9, Article 8b – paragraph 3: 3. Member States shall ensure that DGSs repay covered deposits to the client directly.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 9, Article 8b – paragraph 4 – subparagraph 1 – point b: deleted

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 10, Article 9 – paragraph 2: 2. Without prejudice to rights they may have under national law, DGSs that make payments under guarantee within a national framework shall have the right of subrogation to the rights of depositors in winding up or reorganisation proceedings for an amount equal to the DGSs payments made to depositors. DGSs that make a contribution in the context of the resolution tools referred to in Article 37(3), point (a) or (b), of Directive 2014/59/EU, or in the context of measures taken in accordance with Article 11(5) of this Directive, shall have a claim against the residual credit institution for any loss incurred as a result of any contributions made to resolution pursuant to Article 109 of Directive 2014/59/EU or to the transfer made pursuant to Article 11(5) of this Directive for an amount equal to their contribution. That claim shall rank at the same level as deposits under national law governing normal insolvency proceedings.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 11 – point a – point -i (new), Article 10 – paragraph 2 – subparagraph 1: (-i) the first subparagraph is replaced by the following: / "Member States shall ensure that, by ... [18 months after the date of entry into force of this amending Directive], the available financial means of a DGS shall at least reach and maintain a target level of 1 % of the amount of the covered deposits of its members."

Removed:Directive 2014/49/EU

Removed:Aritcle 10 – paragraph 2 – subparagraph 3

Removed:Article 1 – paragraph 1 – point 11 – point a – point ii: ‘Where, after the target level referred to in the first subparagraph has been reached for the first time and the available financial means, following a disbursement of DGS’s funds in accordance with Article 8(1), and Article 11(2), (3), and (5), have been reduced to less than two-thirds of the target level, DGSs shall set the regular contribution at a level allowing for the target level to be reached within four years.; / Where, after the target level referred to in the first subparagraph has been reached for the first time and the available financial means, following a disbursement of DGS’s funds in accordance with Article 8(1), and Article 11(2), (3), and (5), have been reduced by less than one-third of the target level, DGSs shall set the regular contribution at a level allowing for the target level to be reached within two years.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 11 – point a – point ii a (new), Article 10 – paragraph 2 – subparagraph 5: (iia) the fifth subparagraph is replaced by the following: / "Member States may extend the initial period referred to in the first subparagraph for a maximum of four years if, by 1 July 2024, the DGS has made cumulative disbursements in excess of 0,8 % of covered deposits to repay depositors."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 11 – point b, Article 10 – paragraph 3 – subparagraph 1: The available financial means that the DGS takes into account to reach the target level referred to in paragraph 2 may include payment commitments, payable within 48 hours upon the request of the DGS. The total share of such payment commitments shall not exceed 10 % of the total amount of available financial means raised in accordance with paragraph 2.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 11 – point c a (new), Article 10 – paragraph 6: (ca) paragraph 6 is deleted;

Removed:Article 10(6) of Directive 2014/49/EU lays down a possibility for Member States to authorise a minimum target level lower than the target level specified in paragraph 2 of that Article in concentrated markets. That possibility should be eliminated.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 11 – point e a (new), Article 10 – paragraph 9: (ea) paragraph 9 is replaced by the following: / "9. Member States shall ensure that DGSs have in place adequate alternative funding arrangements to enable them to obtain short-term funding to meet claims against those DGSs. Member States shall ensure that the alternative funding arrangements of DGSs are not financed through public funds."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 11 – point g, Article 10 – paragraph 11: 11. Member States shall ensure that in the context of the measures referred to in Article 11(1), (2), (3) and (5), DGSs may use the funds originating from the alternative funding arrangements referred to in Article 10(9) , before using the available financial means and before collecting the extraordinary contributions referred to in Article 10(8).

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 12, Article 11 – paragraph 1: 1. Member States shall ensure that DGSs use the available financial means referred to in Article 10 primarily to repay depositors in accordance with Article 8.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 12, Article 11 – paragraph 3 – introductory part: 3. Member States shall ensure that DGSs can use the available financial means for preventive measures as referred to in Article 11a for the benefit of a credit institution where all of the following applies:

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 12, Article 11 – paragraph 5: 5. Where a credit institution is wound up in accordance with Article 32b of Directive 2014/59/EU in order to exit the market or terminate its banking activity, Member States shall ensure that DGSs can use the available financial means for alternative measures to preserve the access of depositors to their deposits, including the transfer of assets and liabilities and a deposit book transfer, provided that the DGS confirms that the cost of the measure does not exceed the cost of repaying depositors as calculated in accordance with Article 11e of this Directive and that all the conditions laid down in Article 11d of this Directive are met.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 1 – introductory part: 1. Member States shall ensure that the designated authorities, after consulting the competent authorities and the resolution authorities, approve in a timely manner the use of the available financial means of DGSs for the preventive measures referred to in Article 11(3) , provided that all of the following conditions are met:

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 1 – point a: deleted

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 1 – point a a (new): (aa) the preventive measures contained in the note referred to in Article 11b are credible and feasible;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 1 – point b: deleted

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 1 – point b a (new): (ba) the competent authority is satisfied that the conditions under Article 11b are met;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 1 – point c: (c) the use of preventive measures by the DGS is linked to conditions imposed on the supported credit institution, involving at least more stringent risk monitoring of the credit institution, accompanied by governance arrangements that facilitate such monitoring, greater verification rights for the DGS and more frequent reporting to the competent authorities;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 4: 4. Member States shall ensure that the DGS uses its available financial means for capital support measures, including recapitalisations, asset impairment measures and asset guarantees, only where the conditions under Article 11b are met. / Member States shall ensure that the DGS transfers its holdings of shares or other capital instruments in the supported credit institution to the private sector as soon as commercial and financial circumstances allow.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11a – paragraph 4a (new): 4a. EBA shall develop draft regulatory technical standards to specify the following: / (a) the methodology for assessing the credibility and feasibility of preventive measures under paragraph 1, point (a); / (b) the conditions referred to under paragraph 1, point (c); / (c) the monitoring systems and decision making systems that DGSs are to have in place in accordance with paragraph 2; / (d) the modalities of cooperation between the resolution authorities, the designated authorities and the competent authorities under paragraphs 1 and 3 of this Article considering the requirements Article 11b. / EBA shall submit those draft regulatory technical standards to the Commission by ... [one year after the date of entry into force of this amending Directive]. / Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – title: Requirements for financing preventive measures

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 1: 1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority a note with measures that those credit institutions commit to undertake to ensure and maintain compliance with the applicable supervisory requirements laid down in Directive 2013/36/EU and Regulation (EU) No 575/2013. / Member States shall ensure that, upon the request of the competent authority, a DGS can finance preventive measures in accordance with Article 11(3) where the competent authority considers that those measures would enable the credit institution to maintain or restore compliance with the supervisory requirements applicable to the credit institution concerned and that are laid down in Directive 2013/36/EU and Regulation (EU) No 575/2013. In that case, the credit institution shall present the note referred to in the first subparagraph to the competent authority.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 2a (new): 2a. Where the financial means of a DGS are used for preventive measures in accordance with paragraph 3, the competent authority shall require the beneficiary credit institution to update the recovery plan referred to in Article 5 or 7 of Directive 2014/59/EU, as applicable. The competent authority shall direct the supported credit institution to implement the measures referred to in Article 6(6), third subparagraph, of Directive 2014/59/EU.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 3: 3. Member States shall ensure that in the event of a capital support measure under paragraph 1, first subparagraph, the available financial means of a DGS covers only the capital shortfall as determined by the competent authority. Member States shall ensure that the competent authority determines the capital shortfall on the basis of paragraph 3a, point (i), minus the contributions under paragraph 3b of this Article. The competent authority may also take into account any forward- looking capital adequacy assessment. including the capital conservation plan referred to in Article 142 of Directive 2013/36/EU.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 3 a (new): 3a. Member States shall ensure that, in the event of a capital support measure, the note referred to in paragraph 1 provides details of the following: / (a) the capital shortfall as identified in a Union stress test, asset quality review or equivalent exercise, or during the supervisory review and evaluation process, as confirmed by the competent authority; / (b) capital raising measures to be implemented within six months of submission of that note; / (c) safeguards preventing outflows of funds.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 3b (new): 3b. In the event of a capital support measure, Member States shall ensure that shareholders and debt holders of the supported credit institution have contributed to reducing the capital shortfall to the maximum extent. Such contributions shall take the form of the writing down and converting of capital instruments and eligible liabilities in accordance with Articles 59 to 62 of Directive 2014/59/EU by the competent authorities or the resolution authorities. / Member States shall ensure that no preventive measures financed by DGSs are undertaken before the requirements set out in the first subparagraph are met.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 4 – subparagraph 1 a (new): Where the available financial means of a DGS have been used for preventive measures under this paragraph, Member States shall ensure that capital support measures are not taken until at least 18 months have elapsed since the date on which measures under this paragraph were implemented.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 5: 5. Member States shall ensure that the competent authorities establish that no dividends, share buy-backs or variable remuneration are paid out and that no irrevocable commitment to pay out dividends, share buy-backs or variable remuneration is undertaken by the supported credit institution. Member States shall ensure that the restrictions under this paragraph remain in place until the supported credit institutions provides the DGS with the means used for such measures.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 5 a (new): 5a. Member States shall ensure that where the competent authority is not satisfied that the measures included in the note referred to in paragraph 1 are credible and feasible or that the requirements under paragraphs 3 to 5 are met, the DGS does not grant any preventive measures to the credit institution concerned.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11b – paragraph 6: 6. Member States shall ensure that the measures envisaged in the note referred to in paragraph 1 are aligned with the restructuring plan that the credit institution is required to submit to the Commission under that framework, in accordance with the Union State aid framework.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11d – title: Alternative measures

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11d – paragraph 1 – introductory part: 1. Member States shall enable the use of DGS funds for the alternative measures referred to in Article 11(5). Member States shall ensure that when DGSs finance such measures the credit institutions market, or make arrangements for the marketing of, the assets, rights and liabilities those credit institutions intend to transfer. Without prejudice to the Union State aid framework, such marketing shall comply with all of the following:

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13, Article 11d – paragraph 1 a (new): 1a. Member States shall ensure that no alternative measures financed by DGSs are undertaken before the requirements set out in Article 11b(3b) are met.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13 a (new), Article 12 – title: (13a) the title of Article 12 is amended as follows: / "DGSs facing a liquidity shortfall"

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13 b (new), Article 12 – paragraph 1: (13b) in Article 12, paragraph 1 is replaced by the following: / "1. Member States shall ensure that where a DGS faces a liquidity shortfall, it can access the EU credit line . The requesting DGS shall inform EBA and the SRB without delay and state the reasons why and the amount of money requested to address its liquidity shortfall. Member States shall ensure that the DGS informs the SRB as soon as it anticipates a risk of a liquidity shortfall. / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / 1a. Where a DGS has exhausted its recourse to the EU credit line , Member States shall ensure that DGSs located in other Member States provide the DGS with the liquidity shortfall with the necessary financial means to perform its functions in accordance with Article 11. / 1b. The liquidity shortfall referred to in paragraph 1 shall be calculated as the total amount of covered deposits that is held by the credit institution at the time of the payout event or the amount of the available financial means used by the DGS to finance preventive or alternative measures as referred to in Article 11(3) and (5), minus the following: / (a) the amount of available financial means the DGS has raised in accordance with Article 10 (1); / (b) the amount of extraordinary contributions within the meaning of Article 10(8) that the DGS can raise within three days of the payout event or the amount of alternative funding arrangements and ex-post contributions that the DGS …

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13 c (new), Article 12 – paragraph 2: (13c) Article 12(2) is replaced by the following: / "2. The loan referred to in paragraph 1a shall be subject to the following conditions: / (c) the lending DGS must inform EBA and the SRB of the initial interest rate and the duration of the loan."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13 d (new), Article 12 – paragraph 3: (13d) Article 12(3) is replaced by the following: / "3. Member States shall ensure that the contributions levied by the borrowing DGS are sufficient to reimburse the lending DGSs and the EU credit line with the amount borrowed and to re-establish the target level as soon as possible and in any event in less than six years."

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13 e (new), Article 13 – paragraph 1 – subparagraph 3: (13e) in Article 13(1), the third subparagraph is deleted.

Removed:The current text of Article 13(1), third subparagraph of Directive 2014/49/EU reads as follows: “Member States may decide that members of an IPS pay lower contributions to the DGS.”. This possibility should be eliminated.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 13 f (new), Article 13 – paragraph 3: (13f) Article 13(3) is replaced by the following: / "3. In order to ensure consistent application of this Directive, EBA shall, develop draft regulatory technical standards to specify methods for calculating the contributions to DGSs in accordance with paragraphs 1 and 2 of this Article. / EBA shall submit those draft regulatory technical standards to the Commission by … [12 months after the date of entry into force of this amending Directive]. / Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010." / (deleted)

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 14 – point b, Article 14 – paragraph 2 – subparagraph 3 – point ii a (new): (iia) the repayment is made in the same currency as it would have been if the reimbursement had been conducted in accordance with the first subparagraph.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 14 – point d, Article 14 – paragraph 3: 3. Member States shall ensure that where a credit institution ceases to be member of a DGS and joins a DGS of another Member State, or if some of the credit institution’s activities are transferred to a DGS of another Member State, the DGS of origin shall transfer to the receiving DGS an amount that reflects the additional potential liabilities borne by the receiving DGS as a result of the transfer, taking into account the impact of the transfer on the financial situation of both DGSs relative to the risks they cover. / EBA shall develop draft regulatory technical standards to specify the methodology for the calculation of the amount to be transferred to ensure a neutral impact of the transfer on the financial situation of both DGSs relative to the risks they cover. / EBA shall submit those draft regulatory technical standards to the Commission by ... [12 months after the date of entry into force of this amending Directive]. / Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 14 – point f, Article 14 – paragraph 9: ‘9. By ... [24 months after the date of entry into force of this amending Directive], the EBA shall issue guidelines on the respective roles of home and host DGSs as referred to in paragraph 2, including a list of circumstances and conditions under which a DGS of the home Member State to reimburse depositors at branches located in another Member State as laid down paragraph 2, third subparagraph.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 15, Article 15 – paraghraph 1 a (new): Member States shall ensure that such branches contribute to the DGS, in accordance with Article 13.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 17 – point f, Article 16 – paragraph 6 – subparagraph 2: Member States shall ensure that, where as a result of operations referred to in the first subparagraph, depositors with deposits in those credit institutions will be affected by the reduced deposit protection, the credit institutions concerned notify those depositors that they may withdraw or transfer to another credit institution their eligible deposits, including all accrued interest and benefits, without incurring any cost up to an amount equal to the total coverage of their deposits within 3 months following the notification referred to in the first subparagraph.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 17 – point f, Article 16 – paragraph 7: 7. Member States shall ensure that credit institutions that cease to be a member of a DGS inform their depositors thereof at least 1 month prior to such cession. That information shall include an explanation of the impact on depositor protection. Member States shall ensure that depositors of a credit institution that ceased to be a member of the DGS can transfer their deposits to another institution member of the same DGS without bearing any transfer costs.’;

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 18, Article 16a – paragraph 1: 1. Member States shall ensure that DGSs receive at least annually and at any time upon request, from their affiliated credit institutions all information necessary to prepare for a repayment of depositors, in accordance with the identification requirement laid down in Article 5(4), including the information for the purposes of Article 8(5) and Articles 8b and 8c.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 18, Article 16a – paragraph 2 – subparagraph 1 – introductory part: Member States shall ensure that credit institutions provide at least annually and at any time upon request, the DGS of which they are a member information about:

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 18, Article 16a – paragraph 3: 3. Member States shall ensure that, by 31 March each year, DGSs inform the EBA and the SRB of the amount of covered deposits in their Member State on 31 December of the preceding year. By the same date, DGSs shall also report to the EBA and the SRB the amount of their available financial means, including the share of borrowed resources, payment commitments and the timeline for reaching the target level in case of use of DGS funds.

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 18, Article 16a – paragraph 4 – subparagraph 1 – introductory part: Member States shall ensure that the designated authorities notify the EBA and the SRB, without undue delay, about all of the following:

Removed:Directive 2014/49/EU

Removed:Article 1 – paragraph 1 – point 18, Article 16a – paragraph 4 – subparagraph 2 – point b: (b) the measures for which the DGS funds have been used, including the specific instruments that have been used for the measures referred to in Article 11(2), (3) and (5).

Removed:Article 2 – paragraph 2: deleted

Removed:Article 3 – paragraph 1 – subparagraph 2: They shall apply those provisions from … [OP – please insert the date = 24 months after the date of entry into force of this Directive]. However, they shall apply the provisions necessary to comply with Article 11(3), as amended by this Directive, and Articles 11a, 11b, 11c and 11e in relation to preventive measures from … [PO – please insert the date = 36 months after the date of entry into force of this Directive].