Available financial means

Are all the financial means referred in Article 10 of DGSD available to finance measures to preserve the access of depositors to covered deposits according to Article 11.6 of DGSD?

According to Article 2.1 (12) ‘available financial means’ means cash, deposits and low-risk assets which can be liquidated within a period not exceeding that referred to in Article 8(1) and payment commitments up to the limit set out in Article 10(3). Available financial means seems to refer to financial means which are collected or committed to DGS. According to Article 10.1 (2) DGSs shall raise the available financial means by contributions to be made by their members at least annually. This shall not prevent additional financing from other sources. According to Article 10.9 Member States shall ensure that DGSs have in place adequate alternative funding arrangements to enable them to obtain short-term funding to meet claims against those DGSs. In national legislation there can provisions of the alternative financing sources. The members of DGS can for example have an obligation to lend to DGS if the available financial means of a DGS are insufficient to repay depositors when deposits become unavailable. The use of funds of DGS is provided for in Article 11. According to Article 11.1 the financial means referred to in Article 10 shall be primarily used in order to repay depositors pursuant to this Directive. According to Article 11.2 the financial means of a DGS shall be used in order to finance the resolution of credit institutions in accordance with Article 109 of Directive 2014/59/EU. According to Article 11.6 Member States may decide that the available financial means may also be used to finance measures to preserve the access of depositors to covered deposits. The wording of the funds is slightly different in different paragraphs of Article 11. Article 11.1 provides for “the financial means referred to in Article 10”, Article 11.2 provides for “the financial means of a DGS” and Article 11.6 for “the available financial means”. These different expressions cause confusion about do they all refer to same financial means. Especially it is slightly unclear whether additional financing is available for financing measures to preserve the access of depositors to covered deposits according to Article 11.6. Or is the additional financing available only for repay for depositors and for finance the resolution of credit institutions while only ex-ante contributions and commitments as provided for in Article 2.1 (12) are available when applying Article 11.6.