RESTREINT

Collecte des données et contributions

au Fonds de Résolution Unique

Autorité de Contrôle Prudentiel et de Résolution

Direction de la Résolution

Novembre 2015

RESTREINT

Sommaire

2

1. Calendrier du transfert des contributions 2015

2. Calendrier de la collecte des données de calcul des

contributions de 2016

3. Reporting des données 2016

4. Calcul des contributions 2016

5. IPC 2015 2016

6. FAQ et Helpdesk

1. Transfers of 2015 contributions

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1. 2015 Transfer processes

Timeline

2015 2016

Oct Nov Dec

16 Oct Send template (T1) - NRA’s Official Contact information

28 Oct Complete template (T1) - NRA’s Official Contact information

31 Dec Complete template (T2) - Payment Amounts : Logic, Methodology and Rules applied for calculation

31 Jan Complete money transfer to SRB + complete template (T4) - IPCs Tracker + IPC & Collateral contracts

16 Nov General communication and sending templates (T2, T3 & T4)

NRAs

SRB

SRB action

NRAs action

All dates are deadlines or due dates

Feb

Jan Send debit notes

Jan Complete template (T3) - Payment Amounts Tracker

Jan

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2. 2016 Data collection

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2. 2016 Data collection process

Timeline

SRB action

NRAs action

Optional action

Mandatory action

All dates are deadlines or due dates

2015 2016

Nov Dec Jan Feb

15 Nov -30 Nov Test Phase

By 3 Feb Sent the initial data as on 1/02 24:00

15 Nov - 30 Nov Test Phase & Clarifications requests on scope of institutions

NRAs

SRB

15 March 12:00 Deadline for the NRAs to sent the

final version of the data

25 Feb Sent the interim data as on 23/02 24:00

Mar

1 Feb 24:00 Deadline for

institutions to provide data

15 February Deadline for the NRAs to sent the EBA aggregate

intrabank loans and deposits

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Checks Principles

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- According to the DR, the data provided by 1/02/2016 (Monday) should be used for calculation of 2016 individual contributions

- In case of missing data the SRB/NRA has an obligation to "use estimates or its own assumptions " – Art. 17 (1); in case of risk indicators the NRA/SRB "may assign the institution concerned to the highest risk adjusting multiplier " - Art. 17(2)

- In case of restatements or revisions provided after 1/02/2016, the resolution authority shall adjust the annual contribution for the following contribution period.

- Delegated Regulation does not stipulate any particular rules or timeframe for checks

- There is a general "good administrative behaviour principle" that in case of "obvious clerical mistakes" an institution should have a possibility of correction

- In order to ensure level playing field such corrections must respect strict rules

Checks Rules applicable to correction of "Obvious clerical mistakes"

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1. The NRA should take the initiative of contacting the institution in writing exclusively. 2. In no case the NRA can correct them on behalf of the institution without its prior

written consent. 3. Requests sent to an institution must be very precise: they must be purely factual

(e.g. request specific missing data by referring to the data request, request confirmation about the correction of a clerical error in wording or calculation).

4. The principle of equal treatment demands that if one Institution is asked to correct obvious clerical errors, the same must apply to all institutions in the same situation

5. Institutions should not be given an opportunity to provide extra information that may restate or revise the data.

6. The time limit for response must not exceed in principle 2 working days, since all data were supposed to be provided earlier in the initial tender and the correction of errors requires only confirmation of an obvious mistake.

7. The request should remind the Institution that the data submitted may not be revised or restated.

8. Each NRA will have to send to the SRB the -initial, -interim and -final versions of data

CHECKS CASE 1 – MISSING DATA necessary for calculation spotted during checks

Is this an "Obvious clerical

mistake"? (*)

NRA contacts the Institution and requests to send correct data within

max. 48 hours

Provided within the

timeframe?

Y

N

For 2016

Y

N BAC

Risk Indicator

Lump Sum NRA proposes to the SRB

estimated value

For 2016

NRA proposes the SRB the estimated the value or

assigns to Max Risk

1/02 15/03 (*)

(*) subject to decision on the delivery of aggregate value of Interbank Loans and Deposits to the EBA 9

CHECKS – Case 2 – DATA PROVIDED (incl. zero figure) BUT potential error spotted during checks

Is this an "Obvious clerical

mistake"? (*)

NRA contacts immediately the Institution and

requests to send new value within max. 48

hours

Provided within the

timeframe?

Y

N

New Value for

2016

Y

N

Old value for

2016

NRA informs the Institution of the

possibility of revision of restatement until

31/01/2017

Provided within the

timeframe?

New value for

2017 Y

N NO

action

1/02 15/03 (*)

(*) subject to decision on the delivery of aggregate value of Interbank Loans and Deposits to the EBA 10

CHECKS

– Case 3 – DATA REVISED/RESTATED by institution after 1/02/2015

In that case, the revised or restated data are recorded and will be used for adjustment of 2017 contribution

1/02/2015 31/01/2017

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Audit certificates/agreed upon procedure

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• The SRB does not have a legal right to impose audit certificates nor agreed upon procedure arrangements which bear costs for institutions

• Each NRA may decide to apply additional certificates/arrangements during the data collection process

3. 2016 Data reporting

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Information flow between the SRB and the ECB

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According to the Art. 19(3) of Delegated Regulation 2015/63, the competent authorities shall provide the resolution authorities any information enabling the resolution authorities to calculate the annual contributions

• ECB holds and maintains a list of : all the credit institutions (at legal entity level) EU consolidation groups (within SSM perimeter) all the IPS (collected during a one-off special data collection in Sep2015)

• The SSM does not have information on investment firms.

• There are differences between the scope of data required by the SRB and the scope of supervisory reporting data available in the SSM

• Information available at the SSM about credit institutions is also available for central bodies

• ECB/SSM informing the SRB about the setup of a central coordination hub at the Crisis Management Division

• Covered deposits as defined in DGSD at the reference date (31 December 2014) and on 31 December 2015 should be provided by institutions at individual level

• The DGS Directive - (EU) 2014/49- was not transposed in all the Member States yet.

• The DGSD continues to be transposed, so in 2015 more MSs will be able to report Covered Deposits

• Frequency, the regulation 2015/63 requires a yearly average of quarterly amounts, however since the last quarter of 2015 could not yet be available, we could work with the average of the current data available

Total Liabilities Own funds Covered Deposits - -

Covered deposits (Art 4(2),16, 20(4) of the DR 2015/63)

Covered deposits

Basic Annual Contribution

Annual Target

Frequency

Jul'15 Sep'15 Dec'15

Average 2015

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4. 2016 Calculation of contributions

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Calculation of contributions

Data from credit institutions and investment firms (SRB templates or alternatives)

Aggregation at country-level by NRAs

Aggregation of 19 NRAs input in 1 SRB file

Calculation of contributions

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Calculation of contributions

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5. 2015 and 2016 IPCs

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Indicative timetable

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Contemplated process for the delivery of collateral

SRB decides on IPC (%,

collateral)

NRAs notifie institutions

(annual amount of the contribution, max % for

IPCs)

Institutions inform NRAs about their decisions on

IPCs

NRAs issue a final notification to

institutions

Institutions transfer the cash to a bank account opened in the name of

the SRB

Matching between the amount of collateral

collected and the amount expected by the NCB that

holds SRB account

Dunning process performed by NRAs

The SRB decides to

invest or not to invest the cash received as

collateral

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Contemplated process for the payment of interest

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Negative interest rate Positive interest rate

How to invest the cash received:

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Term deposits in period of positive interest rates

Term deposits in period of negative interest rates

General considerations

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• Only cash is accepted as collateral for 2015 • Cash collected by NRAs will be transferred to SRB in January 2016,

under a contract between the SRB and the NRAs concerned.

• The SRB is still to decide whether it will allow or not securities as collateral in the coming years o It may be challenging for the very first years.

• In any case, we need to know the prerequisites o To be ready on time. o 18 months may be needed depending on the approach chosen.

6. FAQ and Helpdesk (incl. promotional loans)

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FAQ and Helpdesk

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Key principles for the FAQ: NRAs are the first point of contact for the institutions; NRAs will verify if the question can be answered by referring to the existing

FAQs prepared by the SRB. In case the FAQ is not sufficient, they will escalate to the SRB;

NRAs should have the same level of information. Therefore, the SRB will centrally consolidate all FAQs in order to ensure consistency of answers.

It is imperative that the European Commission and the European Banking Authority are involved in this process to ensure compliance with the regulations and harmonised implementation throughout the European Union

Please note that the SRB Helpdesk process is under review with all the stakeholders