CELEX: 52014PC0710
Language: en
Date: 2014-11-24
Title: Proposal for a COUNCIL IMPLEMENTING REGULATION specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex-ante contributions to the Single Resolution Fund

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		52014PC0710
		
			Proposal for a COUNCIL IMPLEMENTING REGULATION specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex-ante contributions to the Single Resolution Fund /* COM/2014/0710 final - 2014/0336 (NLE) */
			
				
		
		
			
			   	EXPLANATORY MEMORANDUM
1.           CONTEXT OF THE PROPOSAL
Regulation (EU) No 806/2014 establishing
uniform rules and uniform procedures for the resolution of credit institutions
and certain investment firms in the framework of a Single Resolution Mechanism
and a Single Resolution Fund (‘SRM Regulation’) provides for the establishment
of the Single Resolution Fund (‘Fund’) which is owned and administrated by the
Single Resolution Board (‘Board’), also established by the SRM Regulation. The
Fund, as part of the Board’s budget is financed through contributions from the
banking sector of the Member States participating in the SRM.
A sufficiently funded Single Resolution
Fund is essential for the SRM to function properly and protect financial
stability without recourse to taxpayers' money. It is also in the interest of
the banking sector that the Fund has the necessary resources to intervene where
necessary in resolution procedures to ensure the effective application of the
resolution tools.
Pursuant to Articles 58 and 59 of
Regulation (EU) No 806/2014, the Board has an autonomous budget which is not
part of the Union budget, comprising of two parts: Part I for the
administration of the Board and Part II for the Single Resolution Fund ('the
Fund'). This proposal for a Council implementing act refers only to Part II of
the budget of the Board. 
Pursuant to Article 60 of Regulation (EU)
No 806/2014, the revenues of Part II of the budget, the Fund, shall consist, in
particular, of annual contributions from entities within the scope of the SRM
Regulation. Such contributions cover, in particular, the amounts used by the
Board in resolution procedures to ensure the effective application of the
resolution tools.
The Board is required under Article 70(2)
of Regulation (EU) No 806/2014 to calculate each year the individual
contributions of the institutions subject to the SRM to the Fund. The annual
contribution of each entity shall be based on a basic contribution that is pro
rata to the amount of its liabilities (excluding own funds) less covered
deposits, with respect to the aggregate liabilities (excluding own funds) less
covered deposits of all the institutions authorised in the territories of the
participating Member States in the SRM which shall be risk adjusted based on
the criteria listed in Article 103(7) of Directive 2014/59/EU.
Pursuant to Article 70(6) of Regulation
(EU) No 806/2014, for the purpose of determining the annual contributions to
the Fund, the Board shall apply the Commission Delegated Regulation (EU) No
xxxx/2014 supplementing Directive 2014/59/EU of the European Parliament and of
the Council with regard to ex-ante contributions to resolution financing
arrangements which is adopted pursuant to Article 103(7) of Directive
2014/59/EU and specifies the notion of adjusting contributions in proportion to
the risk profile of institutions. When determining the annual contribution of
entities the Board is also required under Article 70(2) of Regulation (EU) No
806/2014 to take into account the principle of proportionality, to avoid
creating distortions between banking sector structures of the participating
Member States in the SRM, and to allow for a balanced distribution of
contributions across different types of banks.
Under Article 70(7)(a) and (b) of the SRM
Regulation, the Council, acting on a proposal from the Commission, is empowered
to adopt implementing acts on the contributions to the Fund in particular in
relation to the application of the methodology for the calculation of
individual contributions and the practical modalities for allocating to
institutions the risk factors specified in the Commission Delegated Regulation
(EU) No xxx/2014 with regard ex-ante contributions to the resolution financing
arrangements.
This proposal from the Commission for a
Council implementing act specifies the manner in which the additional risk
adjustment component of the annual contribution and the methodology for the
application of the risk adjustment to the basic annual contribution provided
for in the Commission delegated Regulation (EU) No xxx/2014 with regard to
ex-ante contributions to the resolution financing arrangements has to be
applied when calculating the annual contributions by the Board in order to
adapt the methodology laid down in that delegated act to the specificities of a
unified system of contributions pooled into a single Fund on the basis of  a
European target level.
In accordance with Article 67(4) of the SRM
Regulation, the contributions to the Fund decided by the Board shall be raised
by national resolution authorities and transferred to the Fund in accordance
with the Agreement among the participating Member States in the SRM on the
transfer of contributions the Fund and the progressive mutualisation of such
contributions.
2.           RESULTS OF CONSULTATIONS
WITH THE INTERESTED PARTIES AND IMPACT ASSESSMENTS
No additional formal impact assessment has
been carried out for this delegated Regulation because the impacts have been
assessed in the Impact Assessment conducted for the adoption of the Directive
2014/59/EU.
3.           LEGAL ELEMENTS OF THE
PROPOSAL
This proposal for a Council implementing
Regulation covers in particular the following areas:
Article 1 lays down provisions on the
application by the Board of the methodology for the calculation of individual
contributions and the practical modalities for allocating to institutions the
risk factors specified in the Commission Delegated Regulation (EU) No xxxx/2014
supplementing Directive 2014/59/EU of the European Parliament and of the
Councilwith regard to ex-ante contributions to the resolution financing
arrangements.
Article 2 defines the scope of the Implementing
Regulation. The addressees are all the entities falling within the scope of the
SRM Regulation.
Article 3 lays down the applicable
definitions.
Article 4 provides for the rules on the
determination of the annual contributions to the single resolution fund.
Article 5 sets out communication
requirements to be complied with by the Board.
Article 6 sets out reporting requirements.
Article 7 lays down transitional provisions.
2014/0336 (NLE)
Proposal for a
COUNCIL IMPLEMENTING REGULATION
specifying uniform conditions of
application of Regulation (EU) No 806/2014 of the European Parliament and of
the Council with regard to ex-ante contributions to the Single Resolution Fund
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the
Functioning of the European Union,
Having regard to Regulation (EU) No
806/2014 of the European Parliament and of the Council of 15 July 2014
establishing uniform rules and a uniform procedure for the resolution of credit
institutions and certain investment firms in the framework of a Single
Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU)
No 1093/2010, and in particular Article 70(7) thereof,
Having regard to the proposal from the
European Commission,
Whereas:
(1)       The Single Resolution Fund
(‘the Fund’) was established pursuant to Regulation (EU) No 806/2014 as a
single financing arrangement for all the Member States participating in the
Single Supervisory Mechanism (‘the SSM’) pursuant to Council Regulation (EU) No
1024/2013[1]
and in the Single Resolution Mechanism (‘the SRM’) to replace the resolution
financing arrangements of those Member States, established in accordance with
Article 100(1) of Directive 2014/59/EU of the European Parliament and of the
Council2. The resources that those
financing arrangements have accumulated before the Fund was established should
be transferred to the Fund.
(2)       Under Article 67(2) of
Regulation (EU) No 806/2014, the Single Resolution Board (‘the Board’)
established pursuant to that Regulation is entrusted with the administration of
the Fund.
(3)       In accordance with Article
70 of Regulation (EU) No 806/2014, the Fund should be used in resolution
procedures where the Board considers it necessary to ensure the effective
application of the resolution tools. The Fund should have adequate financial
resources to allow for an effective functioning of the resolution framework by
being able to intervene where necessary for the effective application of the
resolution tools and protect financial stability without recourse to taxpayers'
money.
(4)       The Board is empowered to
calculate ex-ante contributions from all the entities referred to in Article 2
of Regulation (EU) No 806/2014. Those entities are credit institutions
established in the Member States participating in the SRM and parent
undertakings, investment firms and financial institutions established in the
Member States participating in the SRM, where they are subject to consolidated
supervision carried out by the European Central Bank ('ECB') in accordance with
Article 4(1)(g) of Council Regulation (EU) No 1024/2013.
(5)       The Board should calculate
the contributions to the Fund on the basis of a single target established as a
percentage of the amount of covered deposits of all entities authorised in the
participating Member States in the SRM. In accordance with Article 69(1) of
Regulation (EU) No 806/2014, the Board should ensure that, eight years as of 1
January 2016, the available financial means of the Fund reach at least 1 %
of the amount of covered deposits of entities authorized in the participating
Member States in the SRM.
(6)       Pursuant to Article 70(2)
of Regulation (EU) No 806/2014, the annual contribution to a resolution financing
arrangement should be based on a fixed amount determined on the basis of that
institution's liabilities and a risk adjusted contribution depending on the risk
profile of that institution.
(7)       In accordance with Article
5(1) of Regulation (EU) No 806/2014, the Board is considered, for the
application of that Regulation and of Directive 2014/59/EU, as a national
resolution authority where it performs tasks and exercises powers which are to
be performed or exercised by the national resolution authorities pursuant to
those acts. Therefore the Board should also be considered as the resolution
authority for the purpose of the application of Delegated Regulation (EU) No
xxxx/2014[2].
The provisions set out in that Delegated Regulation apply to the Board when
performing the tasks and exercising powers set out in this Regulation.
(8)       For the purpose of
calculating the annual contribution, the Board applies the methodology set out
in the Delegated Regulation (EU) No xxxx/2014, as required by Article 70(6) of
Regulation (EU) No 806/2014. Therefore, the specific regime applicable to
institutions which are considered as being small under that Delegated
Regulation also applies to the institutions authorised in the participating
Member States which fulfil the criteria set out in that Regulation for being
recognised as being small.
(9)       As the rules laid down in
this Regulation determine conditions for the application of the methodology set
out in the Delegated Regulation adopted under Article 103(7) of Directive 2014/59/EU,
the differences between the calculation of the annual contributions by the
Board for the entities authorised in the participating Member States in the SRM
and the calculation of the annual contributions in the Member States which are
not participating in the SRM should reflect only the specificities of a unified
system in the participating Member States in the SRM. Such specificities arise
in particular from the fact that in the SRM there is a single target level for
all participating Member States. The application, as a general rule, of the
same methodology for the calculation of the annual contributions in all Member
States should preserve a level-playing field among participating Member States and a strong internal market.
(10)     In order to ensure that the
system of annual contributions to the Fund is fair and balanced, the Board
should take into account a balanced distribution of contributions across
different types of banks when deciding the manner in which the basic annual
contribution should be adjusted according to the risk profile of the
institutions.
(11)     Under a single resolution
fund with a European target level the annual contribution of an entity is
dependent on those of all entities subject to the SRM. The key for an effective
functioning of the SRM and a smooth process of building-up of the Fund is that
all entities fully pay their annual contributions to the Fund in a timely
manner. To ensure the effectiveness of the SRM, the Board should have the power
to sanction the entities which would not pay or only partially pay the due
annual contributions.
(12)     In accordance with Article
67(4) of Regulation (EU) No 806/2014, the contributions to the Fund decided by
the Board are raised by national resolution authorities and transferred to the
Fund in accordance with an Agreement on the transfer of those contributions the
Fund and the progressive mutualisation of such contributions.
(13)     Article 70(2)(b) of
Regulation (EU) No 806/2014 requires the Board to calculate the annual
contributions of institutions to the Fund in a way which takes into account the
principle of proportionality, without creating distortions between banking
sector structures of the Member States. During the transitional period until
the Fund is fully built-up and its national compartments fully mutualised,
distortions between banking sector structures of the Member States
participating in the SSM and the SRM may arise where there is an important
variation between the annual contribution of an institution as determined by
the Board in a given year, pursuant to Article 69 and Article 70(1) and (2) of
Regulation (EU) No 806/2014 and the new rules laid down in this Regulation,
compared to the annual contributions that the institution concerned would have
paid pursuant to Article 103 of Directive 2014/59/EU and Delegated Regulation
(EU) No xxx/2014 It is essential to prevent such distortions from arising on
the basis of the switch from a national target level for the resolution
financing arrangements under Directive 2014/59/EU to a single target level for
the Member States participating in the SSM and the SRM, and the manner in which
the target level of the Fund is determined, on the basis of covered deposits.
(14)     The basic annual
contribution of institutions also varies according to the amount of covered
deposits held by institutions. As a result, the annual contributions to the
Fund of institutions which hold smaller amounts of covered deposits would be
higher under the single target level of the SRM compared to the national target
level set by Directive 2014/59/EU, and the annual contributions of institutions
which have higher amounts of covered deposits would be lower under the single
target level of the SRM compared to the national target level set by Directive
2014/59/EU. It is therefore necessary to avoid distortions between the banking
sector structures of the Member States by adjusting, during the transitional
period until the Fund is fully built-up and mutualised. During the initial
period of eight years, the adjustment mechanism should be based on a non-linear
phasing-in of the contributions calculated on the basis of a single target
level and phasing-out of the contributions calculated on the basis of national
target levels.
(15)     However, the adjustment
mechanism would not eliminate all the distortions created between banking
sector structures by the single target level introduced in Regulation (EU) No
806/2014 because the annual contributions of some institutions under the
adjustment mechanism could still exceed 100% of the annual contributions
calculated in accordance with Article 103 of Directive 2014/59/EU and Article 4
of Delegated Regulation (EU) No xxx/2014. In order to mitigate the effects of
possible distortions, the Board should be able to allow those institutions to
make use of the irrevocable payment commitments referred to in Article 70(3) of
Regulation (EU) No 806/2014. This would reflect the fact that those
institutions will have to pay contributions which are in excess of their
contributions under Directive 2014/59/EU, and that therefore the relevant
national compartments will comprise more resources than the national resolution
funds that those Member States would have established under the BRRD. However,
in order to ensure sufficient availability of resources in each national
compartment of the Fund, no institution should be able to make use of payment
commitments for more than 50% of its contributions. That adjustment mechanism
should apply only during the transitional period and should be without
prejudice to the full discretion of the Board to allow the use of the
irrevocable payment commitments to any institution after the expiry of the
transitional period. Moreover, the adjustment mechanism should take into
consideration the proportionality principle for institutions which are not
significant. Therefore, the adjustment mechanism should not apply to
institutions subject to the lump-sum system provided for in the Delegated
Regulation (EU) No xxx/2014. Moreover, in order to mitigate possible effects on
certain institutions during the transitional period the lump-sum system should
be partially extended.
(16)     As a system of annual
contributions to a single resolution fund is implemented in the Member States
for the first time, and considering that such a system is based on a target
level to be reached progressively, the Commission will review the manner in
which this Regulation is implemented at the same time as it will review of
Delegated Regulation (EU) No xxx/2014 to allow, if needed, for an adjustment of
the rules provided for in this Regulation.
(17)     Under Article 99(2) of
Regulation (EU) No 806/2014, that Regulation shall apply as of 1 January 2016.
However, from 1 January 2015, the Board shall submit a monthly report approved
in its plenary session to the European Parliament, to the Council and to the
Commission on whether the conditions allowing for the transfer of the
contributions raised at national level have been met. From 1 December 2015,
where those reports show that the conditions for the transfer of the contributions
to the Fund have not been met, the application of Regulation (EU) No 806/2014
relating to the contributions to the Fund shall be postponed by one month each
time. Therefore, this Regulation should also apply as of the date at which
Regulation (EU) No 806/2014 applies,
HAS ADOPTED THIS REGULATION:
Article 1
Subject matter
This Regulation lays down rules specifying:
(a)                   
the conditions of implementation of the
obligation of the Single Resolution Board ('the Board') to calculate the
individual contributions of the entities referred to in Article 2 of Regulation
(EU) No 806/2014 to the Single Resolution Fund ('the Fund');
(b)                   
the application of the methodology for the
calculation of individual contributions referred to in point (a).
Article 2
Scope
This Regulation applies to the entities
referred to in Article 2 of Regulation (EU) No 806/2014. 
Article 3
Definitions
For the purposes of
this Regulation, the definitions contained in Article 3
of Regulation (EU) No 806/2014 shall apply. The following definitions shall
also apply:
(1)                   
‘participating Member States’ means Member
States within the meaning of Article 2 of Regulation (EU) No 1024/2013;
(2)                   
'annual target level' means the total amount of
annual contributions determined each year by the Board in accordance with the
procedure set out in Article 69(2) to reach the target level referred to in
Article 69(1) of Regulation (EU) No 806/2014;
(3)                   
'annual contribution' means the amount referred
to in Article 70(1) of Regulation (EU) No 806/2014 calculated by the Single
Resolution Board and raised by the national resolution authorities during the
contribution period from each of the entities referred to in Article 2;
(4)                   
'contribution period' means a calendar year;
(5)                   
'national resolution authorities' means the
resolution authorities of the Member States participating in the SRM as
referred to in Article 3(1) (3) of Regulation (EU) No 806/2014;
(6)                   
'resolution authority of non-participating
Member States in the Single Resolution Mechanism' means the authority referred
to in Article 2(1)(18) of Directive 2014/59/EU, or any other relevant authority
appointed by the Member States for the purposes of Article 100 (2) and (6) of
Directive 2014/59/EU;
(7)                   
'institutions' means institutions as defined in
Article 2 of Regulation (EU) No 806/2014;
(8)                   
'Agreement' means the agreement on the transfer
and mutualisation of contributions to the Single Resolution Fund SRM as
referred to in Article 3(1) (36) of Regulation (EU) No 806/2014;
(9)                   
‘covered deposits’ means the deposits referred
to in Article 6(1) of Directive 2014/49/EU, excluding temporary high balances
as defined in Article 6(2) of that Directive;
(10)               
‘small institutions’ means institutions whose total liabilities, minus own funds and covered
deposits, are equal to or less than EUR 300 000 000, and whose total assets are
less than EUR 1 000 000 000 as defined in Article 10 of the Delegated
Regulation (EU) No xxxx/2014;
(11)               
'competent authority' means a competent
authority as defined in Article 4(1) (40) of Regulation (EU) No 575/2013, or
the European Central Bank, as appropriate;
(12)               
'additional risk adjusting multiplier' means the
multiplier defined in Article 9 of the Delegated Regulation (EU) No xxxx/2014;
(13)               
'initial period' means an initial period of
eight years from 1 January 2016 or, where appropriate, from the date on which
Article 69(1) of Regulation (EU) No 806/2014 is applicable pursuant to Article
99(6) of that Regulation.
Article 4
Determination of the annual contributions
1.           The Board shall determine
the annual contribution due by each institution for each contribution period on
the basis of the annual target level of the Fund which shall be established
with reference to the target level of the Fund referred to in Article 69(1) of
Regulation (EU) No 806/2014 and in accordance with the methodology set out in
the Delegated Regulation (EU) No xxxx/2014.
2.           The Board shall cooperate
with the ECB and the national competent authorities of the participating Member States to determine the applicable amount of covered deposits of all institutions
authorised in all of the participating Member States for the purpose of
calculating the target level of the Fund. The Board shall review the target
level of the Fund on an annual basis.
Article 5
Communication by the Board
1.           The Board shall
communicate the relevant national resolution authorities its decisions
determining the annual contributions of the institutions authorised in their
respective territories.
2.           After receiving the
communication referred to in paragraph 1, each national resolution authority
shall notify each entity authorised in its territory of the Board decision
determining the annual contribution due by each entity.
Article 6
Reporting
The Board shall amend the data formats and
representations to be used by the institutions to report the information
required for the purpose of calculating the annual contributions where
necessary to enhance the comparability of the reported information and the
effectiveness of processing the information received.
Article 7
Transitional provisions
1.           By way of derogation to
Article 4 of this Regulation, during the initial period referred to in Article
69(1) of Regulation (EU) No 806/2014/EU, the annual contributions of the
institutions referred to in Article 2 shall be calculated in accordance with
the following adjusted methodology:
(a)         
in the first year of the initial period, those
institutions shall contribute 60% of their annual contributions calculated in
accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 40% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No
806/2014/EU and Article 4 of this Regulation.
(b)         
in the second year of the initial period, those
institutions shall contribute 40% of their annual contributions calculated in
accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 60% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No
806/2014/EU and Article 4 of this Regulation.
(c)         
in the third year of the initial period, those
institutions shall contribute 33.33% of their annual contributions calculated
in accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 66.67% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No
806/2014/EU and Article 4 of this Regulation.
(d)        
in the fourth year of the initial period, those
institutions shall contribute 27.67% of their annual contributions calculated
in accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 73.33% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No 806/2014/EU
and Article 4of this Regulation.
(e)         
in the fifth year of the initial period, those
institutions shall contribute 20% of their annual contributions calculated in
accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 80% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No
806/2014/EU and Article 4 of this Regulation.
(f)          
in the sixth year of the initial period, those
institutions shall contribute 13.33% of their annual contributions calculated
in accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 86.67% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No
806/2014/EU and Article 4 of this Regulation.
(g)         
in the seventh year of the initial period, those
institutions shall contribute 6.67% of their annual contributions calculated in
accordance with Article 103 of Directive 2014/59/EU and Article 4 of the
Delegated Regulation (EU) No xxx/2014, and 93.33% of their annual contributions
calculated in accordance with Articles 69 and 70 of Regulation (EU) No
806/2014/EU and Article 4of this Regulation.
(h)         
in the eight year of the initial period, those
institutions shall contribute 100% of their annual contributions calculated in
accordance with Articles 69 and 70 of Regulation (EU) No 806/2014/EU and
Article 4 of this Regulation.
2.           By way of derogation to
Article 13(3) of Delegated Regulation (EU) No xxx/2014, where, during the
initial period referred to in Article 69(1) of Regulation (EU) No 806/2014/EU,
the annual contributions of an institution referred to in paragraph 1 exceeds
100% of the annual contributions calculated in accordance with Article 103 of
Directive 2014/59/EU and Article 4 of the Delegated Regulation (EU) No
xxx/2014, the Board shall allow, safe in exceptional circumstances, those
institutions to make use of the irrevocable payment commitments referred to in
Article 70(3) of Regulation (EU) No 806/2014/EU to pay the part exceeding 100%
of the annual contributions calculated in accordance with Article 103 of
Directive 2014/59/EU and Article 4 of the Delegated Regulation (EU) No
xxx/2014. The Board shall allocate evenly among all institutions concerned,
pro-rata to their respective total annual contributions, the possibility to use
irrevocable payment commitments. When calculating the annual contributions of
each institution, the Board shall ensure that, in any given year, the sum of
those irrevocable payment commitments does not exceed 30% of the total amount
of annual contributions calculated in accordance with Article 4 of this
Regulation and that each institution does not pay more than 50% of its total
annual contribution in irrevocable payment commitments.
3.           For the purposes of
paragraphs 1 and 2, the annual contributions calculated in accordance with
Article 103 of Directive 2014/59/EU and Article 4 of the Delegated Regulation
(EU) No xxx/2014 shall be determined on the basis of a target level defined
over a period of time corresponding to the initial period referred to in
Article 69(1) of Regulation (EU) No 806/2014.
4.           Article 10 of the
Delegated Regulation (EU) No xxx/2014 shall continue to apply to small
institutions.
5.           During the initial period
referred to in Article 69(1) of Regulation (EU) No 806/2014, institutions whose
total liabilities, less own funds and covered deposits, are above EUR 300 000
000, and whose total assets are equal or less than EUR 3 000 000 000, shall pay
a lump-sum of EUR 50 000 for the first EUR 300 000 000 of total liabilities,
less own funds and covered deposits. For the total liabilities less own funds
and covered deposits above EUR 300 000 000, those institutions shall contribute
in accordance with Articles 4 to 9 of Delegated Regulation (EU) No xxx/2014.
Any decrease in the amount of contributions due to the application of this
paragraph shall be borne by the other institutions contributing to the national
compartment concerned.
Article 8
Entry into force
This Regulation shall enter into force on
the day following that of its publication in the Official Journal of the
European Union.
This Regulation shall apply either from 1
January 2016 or as from the date at which Regulation (EU) No 806/2014 becomes
applicable.
Article 9
Addressees
This Regulation shall be binding in its
entirety and directly applicable in the participating Member States within the
meaning of Article 2 of Regulation (EU) No 1024/2013.
Done at Brussels,
                                                                       For
the Council
                                                                       The
President
[1]               Council Regulation (EU) No 1024/2013 of 15 October
2013 conferring specific tasks on the European Central Bank concerning policies
relating to the prudential supervision of credit institutions (OJ L 287,
29.10.2013, p. 63).
[2]               Commission Delegated Regulation (EU) No xxx/2014 supplementing
Directive 2014/59/EU of the European Parliament and the Council with regard to
ex-ante contributions to the national financial arrangements (OJ…).