Treatment of Sovereign Wealth Funds as non-financial customers or financial customers

For liquidity coverage and stable funding purposes, in the absence of a specific provision on unsecured deposits from a Sovereign Wealth Fund under Regulation (EU) No 575/2013 (CRR) or the Delegated Regulation (EU) 2015/61, unsecured deposits from a Sovereign Wealth Fund should be considered as deposits from financial customers under Article 422(5) of the CRR  31a(1) of the Delegated Regulation (EU) 2015/61   unless the Sovereign Wealth Fund is 100% owned by the sovereign and managed by a public sector entity as per Article 4(1)(8) of the CRR, in which case they should be considered as deposits from a public sector entity, or is managed by a central bank as per Article 4 (1)(46) of the CRR, in which case they should be considered as deposits from a central bank.