3.

Article 6 shall be amended as follows: In paragraph (2) the following sentence shall be added: 'The portion of unpaid capital subscribed to the European Investment Fund may be weighted at 20 %`. Paragraph (3) shall be replaced by the following: contracts traded on recognised exchanges, foreign-exchange contracts (except contracts concerning gold) with an original maturity of 14 calendar days or less. '3. The methods set out in Annex II shall be applied to the off-balance-sheet items listed in Annex III except for: Until 31 December 2006, the competent authorities of Member States may exempt from the application of the methods set out in Annex II over-the-counter (OTC) contracts cleared by a clearing house where the latter acts as the legal counterparty and all participants fully collateralise on a daily basis the exposure they present to the clearing house, thereby providing a protection covering both the current exposure and the potential future exposure. The competent authorities must be satisfied that the posted collateral gives the same level of protection as collateral which complies with paragraph 1(a)(7) and that the risk of a build-up of the clearing house's exposures beyond the market value of posted collateral is eliminated. Member States shall inform the Commission of the use they make of this option`. In paragraph (4) the following subparagraph shall be added: 'The Member States may apply a 50 % weighting to off-balance-sheet items which are sureties or guarantees having the character of credit substitutes and which are fully guaranteed, to the satisfaction of the competent authorities, by mortgages meeting the conditions set out in paragraph (1)(c)(1), subject to the guarantor having a direct right to such collateral`.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-05 · Text as adopted (Official Journal); later amendments are not incorporated in this text.