Article 45 › 20

The report in paragraph 19 shall cover at least the period from 2 July 2014 until 30 June 2016 and shall take account of at least the following: (a) the impact of the minimum requirement, and any proposed harmonised levels of the minimum requirement on: (i) financial markets in general and markets for unsecured debt and derivatives in particular; (ii) business models and balance sheet structures of institutions, in particular the funding profile and funding strategy of institutions, and the legal and operational structure of groups; (iii) the profitability of institutions, in particular their cost of funding; (iv) the migration of exposures to entities which are not subject to prudential supervision; (v) financial innovation; (vi) the prevalence of contractual bail-in instruments, and the nature and marketability of such instruments; (vii) the risk-taking behaviour of institutions; (viii) the level of asset encumbrance of institutions; (ix) the actions taken by institutions to comply with minimum requirements, and in particular the extent to which minimum requirements have been met by asset deleveraging, long-term debt issuance and capital raising; and (x) the level of lending by credit institutions, with a particular focus on lending to micro, small and medium-sized enterprises, local authorities, regional governments and public sector entities and on trade financing, including lending under official export credit insurance schemes; (b) the interaction of the minimum requirements with the own funds requirements, leverage ratio and the liquidity requirements laid down in Regulation (EU) No 575/2013 and in Directive 2013/36/EU; (c) the capacity of institutions to independently raise capital or funding from markets in order to meet any proposed harmonised minimum requirements; (d) consistency with the minimum requirements relating to any international standards developed by international fora.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04