Will the application of the cap on inflows be applicable at the single material currency level

Article 4(5) of the Delegated Regulation (EU) 2015/61 specifies that credit institutions shall calculate and monitor their liquidity coverage ratio in the reporting currency and in each of the currencies subject to separate reporting in accordance with Article 415(2) of Regulation (EU) No 575/2013 as well as for liabilities in the reporting currency. Article 20(3) of this Delegated Regulation mentions that net liquidity outflows have to be calculated in accordance with the formula laid down in Annex II. According to this formula, net liquidity outflows equal total outflows less the reduction for fully exempt inflows less the reduction for inflows subject to the 90% cap less the reduction for inflows subject to the 75% cap. Consequently the LCR in each of the currencies subject to separate reporting in accordance with Article 415(2) of Regulation (EU) No 575/2013, as well as for liabilities in the reporting currency, shall be calculated applying the cap on inflows as defined in Article 33(1) of the Delegated Regulation also taking into account those inflows subject to a 90% cap or exempted from the cap according to Articles 33(3) to 33(5) of the Delegated Regulation, when applicable. The application of caps at a single material level serves only reporting and monitoring purposes as the liquidity coverage requirements imposed by Article 4(2) of the Delegated Regulation (EU) 2015/61 do not apply individually to each of the significant currencies a credit institution reports.