Derogation from the application of liquidity requirements on an individual basis

Article 8(1) of Regulation (EU) No. 575/2013 (CRR) provides for the possibility that under specific conditions the competent authorities may waive in full or in part the application of Part Six of the CRR to an institution and to all or some of its subsidiaries in the Union on an individual basis, and subject those institutions to a consolidated liquidity requirement, supervising them as a single liquidity sub-group. On this basis, per Article 460(2) of the CRR, the phase-in application of the liquidity coverage requirement referred to in Article 412 would be applicable for liquidity sub-groups. This is without prejudice to the possibility that these liquidity subgroups could be required to maintain a higher liquidity coverage requirement up to 100% until the binding minimum standard is fully introduced at a rate of 100% in accordance with Article 460 of the CRR for domestically authorised institutions, or a subset of those institutions, pursuant to Article 412(5).