Treatment of "E-money" in Liquidity Reporting

Electronic money and funds received in exchange for electronic money should not, in accordance with Directive 2009/110/EC (The E-Money Directive, recital 13), be considered as a deposit taking activity for the purposes of the definition of credit institutions and therefore will not fall within the scope of a Deposit Guarantee Scheme (Recital 29 Directive 2014/49/EU on Deposit Guarantee Schemes). For the purposes of the LCR, electronic money issued should be treated as liabilities to the respective clients (retail, non-financial customer etc.) and their corresponding outflows in accordance with Article 22 of the Commission Delegated Regulation (EU) 2015/61. In particular, as per Article 411(2) of Regulation (EU) No 575/2013 (CRR) 3 of the Commission Delegated Regulation (EU) 2015/61 , liabilities to a natural person or to an SME, under the conditions set out therein in its paragraph 8 , should follow the treatment of ‘other retail deposits’, for the purposes Article 25 of the LCR. Article 427(1)(b) for the purpose of reporting items providing stable funding, and, 428m and 428n CRR for the purpose s of the calculation of the net stable funding ratio (NSFR) reporting items providing stable funding considers as retail deposits those which are treated as such in the LCR. The same approach is followed in the instructions of the templates reporting on Additional Liquidity Monitoring Metrics (Commission Implementing Regulation (EU) 201 6 7 / 313 2114 ).