(11)

Article 10 is amended as follows: paragraph 2 is replaced by the following: ‘2. Member States shall ensure that, by 3 July 2024, the available financial means of a DGS shall at least reach a target level of 0,8 % of the amount of the covered deposits of its members. For the calculation of the target level referred to in the first subparagraph, the reference period shall be between 31 December preceding the date by which the target level is to be reached and that date. When determining whether the DGS has reached the target level referred to in the first subparagraph, Member States shall take into account only the available financial means directly contributed by, or recovered from, members to the DGS, net of administrative fees and charges. Those available financial means shall include investment income derived from funds contributed by members to the DGS and funds recovered by the DGS against its claims deriving from its interventions, but shall exclude repayments not claimed by eligible depositors during payout procedures and any debt liabilities due by the DGS. An outstanding loan claim to another DGS under Article 12 or an outstanding loan claim or means otherwise made available under Article 12a shall be included and counted exclusively towards that target level. Where the financing capacity falls short of the target level, the payment of contributions shall resume at least until the target level is reached again. Where the target level referred to in the first subparagraph of this paragraph has been reached for the first time and the available financial means, following either an increase of the amount of covered deposits or a disbursement of DGS funds in accordance with Article 8 or Article 11(2), (3) or (5), have been reduced to less than two-thirds of the target level, a DGS shall set the regular contribution at a level allowing for the target level to be reached within a period that shall not exceed six years. Where the target level referred to in the first subparagraph has been reached for the first time and the available financial means have been reduced by less than one third of the target level, a DGS shall set the regular contribution at a level allowing for the target level to be reached within two years. A DGS may extend that period by one further year to ensure that the amount to be collected reaches an amount that is proportionate to the costs of collecting the contributions. The regular contribution shall take due account of the phase of the business cycle, and the impact procyclical contributions may have when setting annual contributions in the context of this Article. Member States may extend the initial period referred to in the first subparagraph for a maximum of four years if the DGS has made cumulative disbursements in excess of 0,8 % of covered deposits.’ ; paragraph 3 is replaced by the following: ‘3. The available financial means that the DGS takes into account in order to reach the target level referred to in paragraph 2 may include payment commitments payable within two working days of a request of the DGS. The total share of such payment commitments shall not exceed 30 % of the total amount of available financial means raised in accordance with paragraph 2. EBA shall issue guidelines on payment commitments laying down criteria for the admissibility of those commitments.’ ; paragraph 4 is deleted; paragraph 7 is replaced by the following: ‘7. Member States shall ensure that DGSs, designated authorities, or competent authorities set the investment strategy for the available financial means of DGSs, and that that investment strategy complies with the principles of diversification and investment in low-risk assets. DGSs shall use derivatives only for risk management purposes, including managing market risk and liquidity risk.’ ; the following paragraph is inserted: ‘7a. Where DGSs are allowed to place all or part of their available financial means with their national central bank or national treasury, Member States shall ensure that those available financial means are separated from other funds for accounting purposes and that they are readily available for use by those DGSs in accordance with Articles 11 and 12 and Article 14(3).’ ; paragraph 9 is replaced by the following: ‘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. Alternative funding arrangements financed through public funds shall only be used for the repayment under Article 8(1) and for the measures referred to in Article 11(2) as a last resort and shall be provided in the form of loans or guarantees. Alternative funding arrangements from public sources shall only be provided under the condition that the DGS makes the legal commitment to repay alternative funding arrangements financed or guaranteed through public funds and the agreed interest and fees within six years. In extraordinary circumstances, where, in light of disbursements and recoveries during the repayment period, the competent authority assesses that the repayment could overburden the financing capacities of the remaining member institutions, the repayment period may be extended once by up to three years.’ ; paragraph 10 is deleted; the following paragraphs are added: ‘11. In the context of the measures referred to in Article 11(1), (2), (3) and (5), Member States may allow DGSs to use the funds originating from the alternative funding arrangements referred to in Article 10(9) which are not financed or guaranteed through public funds before using the available financial means and before collecting the extraordinary contributions referred to in Article 10(8). 12. EBA shall develop draft regulatory technical standards to specify: EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 11 May 2028. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. 13. By 11 May 2028, EBA shall develop guidelines to assist DGSs with the diversification of their available financial means and on how DGSs can invest in low-risk assets applicable to the available financial means of DGSs.’ ; the methodology for the calculation of available financial means qualifying for the target level referred to in paragraph 2, including the delineation of the available financial means of DGSs and the categories of available financial means that derive from contributed funds; the details of the process to reach the target level referred to in paragraph 2 after a DGS has used available financial means in accordance with Article 11 or when the amount of covered deposits has increased.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-08 · Text as adopted (Official Journal); later amendments are not incorporated in this text.