(112)

Article 422 is amended as follows: paragraph 4 is replaced by the following: ‘4. Clearing, custody, cash management or other comparable services referred to in points (a) and (d) of paragraph 3 shall only cover those services to the extent that those services are rendered in the context of an established relationship on which the depositor has substantial dependence. Those services shall not merely consist of correspondent banking or prime brokerage services, and institutions shall have evidence that the client is unable to withdraw amounts legally due over a 30-day time horizon without compromising its operational functioning. Pending a uniform definition of an established operational relationship as referred to in point (c) of paragraph 3, institutions shall themselves establish the criteria for identifying an established operational relationship for which they have evidence that the client is unable to withdraw amounts legally due over a 30-day time horizon without compromising its operational functioning and shall report those criteria to the competent authorities. In the absence of a uniform definition, competent authorities may provide general guidance that institutions are to follow in identifying deposits maintained by the depositor in a context of an established operational relationship.’; paragraph 8 is replaced by the following: ‘8. Competent authorities may grant the permission to apply a lower outflow percentage to the liabilities referred to in paragraph 7 on a case-by-case basis, provided that all the following conditions are met: the counterparty is any of the following: a parent or subsidiary institution of the institution or another subsidiary of the same parent institution; the counterparty is linked to the institution by a relationship within the meaning of Article 22(7) of Directive 2013/34/EU; an institution falling within the same institutional protection scheme meeting the requirements of Article 113(7); or the central institution or a member of a network compliant with point (d) of Article 400(2); there are reasons to expect a lower outflow over the next 30 days even under a combined idiosyncratic and market-wide stress scenario; a corresponding symmetric or more conservative inflow is applied by the counterparty by way of derogation from Article 425; the institution and the counterparty are established in the same Member State.’;

← (b) · All articles · (a) →

Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.