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Erklärung der am Rande des Wirtschafts- und Finanzausschusses versammelten Vertreter der Unterzeichner des zwischenstaatlichen Übereinkommens über die Übertragung von Beiträgen auf den einheitlichen Abwicklungsfonds und über die gemeinsame Nutzung dieser Beiträge (IGA) betreffend den Artikel 5 Absatz 1 IGA

As Enacted (Bundesgesetzblatt) Cited in Related
Vincent

BUNDESGESETZBLATTFÜR DIE REPUBLIK ÖSTERREICH

Jahrgang 2017 Ausgegeben am 22. Juni 2017 Teil III
96. Erklärung über die Übertragung von Beiträgen auf den einheitlichen Abwicklungsfonds und über die gemeinsame Nutzung dieser Beiträge (IGA) betreffend den Artikel 5 Absatz 1 IGA
96. Erklärung der am Rande des Wirtschafts- und Finanzausschusses versammelten Vertreter der Unterzeichner des zwischenstaatlichen Übereinkommens über die Übertragung von Beiträgen auf den einheitlichen Abwicklungsfonds und über die gemeinsame Nutzung dieser Beiträge1 (IGA) betreffend den Artikel 5 Absatz 1 IGA
Brussels, 31 March 2017
Statement of the representatives of the Signatories of the Intergovernmental Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund (IGA), meeting in the margins of the Economic and Financial Committee, on the interpretation of Article 5(1) of the IGAThe representatives of the Signatories of the Intergovernmental Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund (IGA) endorse the interpretation of Article 5(1) of the IGA set out in the Common Understanding of the Single Resolution Board (SRB) and Commission services of 7 February 2017, as presented in the Annex.Annex ? SRB and Commission services Common Understanding on the interpretation of Article 5(1) of the Intergovernmental Agreement regarding the use of the Single Resolution Fund
Brussels, 7 February 2017
At any point in time a national compartment not concerned by resolution actions in its territory thus far has to remain equal to 100% of all contributions paid-in minus the currently applicable percentage of mutualisation (e.g. 40% in 2017) of all contributions paid-in up to that point.Common understanding on the interpretation of Article 5(1) of the Intergovernmental Agreement regarding the use of the Single Resolution FundThis non-paper summarises the common understanding of the Single Resolution Board (SRB) and the Commission services on the interpretation of Art. 5(1)(b) of the Intergovernmental Agreement (IGA) with regard to the determination of the amount of mutualised means in the national compartments during the transitional period.A. Scene setter and summaryDuring the transitional period the SRF consists of different compartments corresponding to each participating Member State. Based on the required amount in a resolution scheme adopted in accordance with Article 18 SRMR the SRB will have recourse to the mutualised means in the national compartments of the Fund by applying the IGA.In short, recourse shall be had to 60 % of mutualised means in the national compartments in 2017, with a further annual increase of this recourse by 6 2/3 percentage points (spread evenly per quarter) in subsequent years. As a result, the IGA stipulates that at the end of the year 2017 40% of the aggregate paid-in means of the compartments of those Member States that were not concerned by resolution actions in their territory must be preserved and therefore remains in the respective compartments. Following this logic, this aggregate paid-in amount will be adjusted until the compartments cease to exist by a further annual decrease of 6 2/3 percentage points.B. IGA rationaleArticle 5(1)(b) IGA provides for a sequential mutualisation of the national compartments during the transitional period, setting a total cap to possible recourses to all national compartments. This cap is set at a higher level for each year of the transitional period in such a manner that the national compartments will cease to exist at the end of the transitional period (Article 1 IGA).The total cap for recourse to the national compartments provided for in Article 5(1)(b) IGA implies that in practice the SRB needs to ensure that any recourse to the Fund cannot lead to a depletion of Member States? compartments by resolution cases outside of their home banking system at any point in time during the transitional period.C. General methodology of Article 5(1)(b) IGAArticle 5(1)(b) IGA reads as follows:
1. Where in accordance with the relevant provisions of the SRM Regulation recourse to the Fund is decided, the Board shall have the power to dispose of the compartments of the Fund in the following manner: [?]
b) In the second place, if financial means available in the compartments of the Contracting Parties concerned referred to in point (a) are not sufficient to comply with the mission of the Fund as referred to in Article 75 of the SRM Regulation, recourse shall be had to the available financial means in the compartments of the Fund corresponding to all the
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