§1 SCOPE

1. Article 133(5) CRR covers ‘equity exposures incurred under legislative programmes to stimulate specified sectors of the economy’. Legislative programmes are schemes providing public financial support in the form of subsidies and guarantees to undertakings operating in specific sectors on the basis of an act of general and abstract application, such as national statutes, EU regulations, and EU decisions, notably those related to the implementation of the budget. 2. The following measures do not meet the definition of legislative programmes: ad hoc public interventions designed for individual situations or individual beneficiaries, such as for instance the investment by national promotional banks in large listed enterprises; the statutes of national promotional banks and institutions; programmes targeting the whole economy such as labour benefits; purely private initiatives without any direct public intervention such as venture capital schemes set up by banks. 3. The Commission considers that programmes which – besides meeting the requirements of Article 133(5)(a-c) CRR – support one or more specific economic sectors such as those listed in the Competitiveness Compass or in the ReArm Europe Plan/Readiness 2030 plan fall within the notion of legislative programmes for the purposes of Article 133(5) CRR. 4. It is possible that other sectors might be deemed eligible for legislative programmes at the initiative of the EU or national authorities.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07