EBA · 2016_3029 Rejected question

Deposits covered by third country deposit guarantee schemes

Regulation
Directive 2014/59/EU (BRRD)
Article
44, para. 2
Topic
Resolution tools and powers
Submitted by
Competent authority
Submitted
2016-12-05
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Question

Are "covered deposits" as defined in Article 2(1)(94) of Directive 2014/59/EU (BRRD) only deposits covered by EEA Deposit Guarantee Schemes?

Background

Article 44(2)(a) of Directive 2014/59/EU (BRRD) does not seem to permit to exclude any amount of deposits covered by third country deposit guarantee schemes, as "covered deposits" is defined in Article 2(1)(94) as "deposits as defined in point (5) of Article 2(1) of Directive 2014/49/EU [DGSD]". This only includes deposits covered by EEA Deposit Guarantee Schemes and cannot be extended to include third country deposits, because the third country resolution regime would not contribute to the resolution.
No answer published yet.

Original source: European Banking Authority, Q&A ID 2016_3029

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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