Exemption from deduction of Equity Holdings in an insurance company from CET1

F For the purpose of Article 471(1)(c) of Regulation (EU) No. 575/2013 (CRR), the equity holdings of the institution in the insurance company shall not exceed 15% of the CET1 instruments issued by that insurance company as at 31 December 2012 and during the period from 1 January 2013 and 31 December 2022 2024 . If this condition is not met then the equity holding of the institution in the insurance company shall be deducted. For the purpose of Article 471(1)(d) of the CRR, the amount of the equity holdings not deducted shall not exceed the amount held in CET1 instruments in the insurance company as at 31 December 2012. These two conditions apply together and shall be met in order for equity holdings not to be deducted. In the case submitted, as of 31 December 2014, the equity holding of the institution in the insurance company (13%) remains below the threshold of 15%. The condition of Article 471(1)(c) of the CRR is thus met. However, the amount of the equity holding in the insurance company at that date ( EUR ac 2.3bn) is above the cap of EUR ac 2bn, which results from the application of Article 471(1)(d). Therefore, in the situation described, the amount of the equity holding that could be risk-weighted would be EUR 2bn. EUR 0.3bn would have to be deducted from own funds.