EBA · 2014_1191 Final Q&A

Incorrect references to the CRR

Regulation
Regulation (EU) No 575/2013 (CRR)
Article
99
Topic
Supervisory reporting - COREP (incl. IP Losses)
Submitted by
Credit institution
Submitted
2014-05-14
Answered
2016-09-09
Answer provided by
ESAs (EBA, ESMA, EIOPA)
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Question

In Annex 1, C 05.02 'Grandfathered instruments: Instruments not constituting State Aid' there are some wrong references to the CRR articles, as follows: - row 020 and row 090 - instead of 'Article 489', it should be 'Article 486'; - row 050, row 060 and row 070 - instead of 'Article 49 of CRR', it should be 'Article 52 of CRR'. Limits for grandfathering of items within CET1, AT1 and T2 are in Article 486 of the CRR. Conditions for AT1 quialification are in Article 52 of the CRR.

Background

references clarification

Answer

{C 05.02, r020} and {C 05.02, r090} of Annex I to Regulation (EU) No 680/2014 (ITS on Supervisory Reporting) refer to Articles 489 and 490 of Regulation (EU) No 575/2013 (CRR) as these articles state the limits applicable to instruments with an incentive to redeem, even if not all instruments included in these cells are instruments with an incentive to redeem. Therefore, there is no need to change the references for both rows. {C 05.02, r050}, {C 05.02, r060} and {C 05.02, r070} shall refer to Article 52 CRR instead of Article 49 CRR. Changes will be made accordingly.

Original source: European Banking Authority, Q&A ID 2014_1191

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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