residential immovable property and are not covered by the Consumer Credit Directive’s scope. ► Requirements for creditors and credit intermediaries – Creditors and credit intermediaries must act “honestly [...] financial viability of a credit, the professional requirements as to the credit intermediaries should not be too high. Otherwise this would make intermediation, and therefore credits, more expensive. The [...] commission does not indicate whether or not a certain product suits a consumer. In fact, the proposed credit refusal obligation in the event of a negative creditworthiness assessment is not necessary. Firstly
Dateityp: application/pdf
the underlying exposures do not include exposures to credit-impaired obligors (or where applicable, credit-impaired guarantors), where a credit-impaired obligor (or credit-impaired guarantor) is a borrower [...] will not be classified as liquidity facilities, but as credit facilities. 2. Credit institutions shall calculate outflows for credit and liquidity facilities by multiplying the amount of the credit and [...] obtain additional funding under committed but not yet funded credit lines available to the credit institution. This shall include assets placed by a credit institution with the central institution in a
Dateityp: application/pdf
with that credit assessment may be used. If the protection is not eligible under Articles 90 to 93, the credit assessment shall not be recognised. In the situation where the credit protection is not provided [...] (31) ‘funded credit protection’ means a technique of credit risk miti- gation where the reduction of the credit risk on the exposure of a credit institution derives from the right of the credit institution [...] of a claim on the credit institution; (32) ‘unfunded credit protection’ means a technique of credit risk miti- gation where the reduction of the credit risk on the exposure of a credit institution derives
Dateityp: application/pdf
competent national authorities may impose fines on credit institutions if they use credit ratings for regulatory purposes provided by credit rating agencies not registered pursuant to the Regulation (Art. 4 [...] structures proposed for ESMA; this also applies to credit rating agencies. (2) It is controversial whether or not a centralised supervision of credit rating agencies is in line with EU law. (3) The [...] requirements as to credit rating agencies see CEP Policy Brief]. Therefore, it is still to be criticised that the Regulation is also to apply to credit rating agencies whose ratings are not intended for
Dateityp: application/pdf
compliance with the credit obligations over the life of the credit agreement. Such databases comprise databases operated by private credit bureaux or credit reference agencies and public credit registers. [...] and of the Council of 23 April 2008 on credit agreements for consumers (the Consumer Credit Directive)11 to mortgage credit. That Directive covers consumer credit loans from EUR 200 to EUR 75 000 and [...] up and pursuit of the business of credit institutions12. No such requirements exist at EU level for non-credit institutions providing mortgage credit or for credit intermediaries. Consistency with
Dateityp: application/pdf
SECTION 4 CALCULATING THE EFFECTS OF CREDIT RISK MITIGATION SUB-SECTION 1 FUNDED CREDIT PROTECTION Article 213 Credit linked notes Investments in credit linked notes issued by the lending institution [...] associated with that credit assessment may be used. Where the protection is not eligible under Chapter 4, the credit assessment shall not be recognised. Where the credit protection is not provided to the [...] SUB-SECTION 2 UNFUNDED CREDIT PROTECTION AND CREDIT LINKED NOTES Article 208 Requirements common to guarantees and credit derivatives 1. Subject to Article 209(1), credit protection deriving from
Dateityp: application/pdf
– The Directive does not apply to credit servicers or credit purchasers that are banks [Art. 1 (a) and (b), Art. 3 No. 7 and 8]. ► EU-framework for credit servicers – Credit servicers must obtain [...] regard to consumer credit agreements, credit purchasers also have to designate a bank or credit servicer established within the EU to fulfil credit services. [Art. 15 (1), Art. 17] – Credit purchasers and [...] other credit granting undertakings or credit purchasers [Art. 3 No. 2]. – “Borrowers” are legal or natural persons who have concluded credit agreements with creditors [Art. 3 No. 4]. – “Credit purchasers”
Dateityp: application/pdf
this Chapter the core credit institution shall not incur an intra-group exposure that exceeds 25 per cent of the core credit institution's eligible capital to an entity that does not belong to the same [...] measures of the proposal to all credit institutions would be disproportionate and could lead to non-justified costs, in particular for smaller credit institutions. Credit institutions falling below the [...] these funds do not endanger the viability and financial soundness of the credit institutions that invest in them, it is essential that closed-ended and unleveraged AIFs in which credit institutions can
Dateityp: application/pdf
who either are not mentioned as holders of an account or are not the sole holders; whereas the limit must therefore be applied to each identifiable depositor. T; whereas that should not apply to collective [...] TWhereas the cost to credit institutions of participating in a guarantee scheme bears no relation to the cost that would result from a massive withdrawal of bank deposits not only from a credit institution in [...] transfer of deposits to another credit institution, provided that the costs borne by the Deposit Guarantee Scheme do not exceed the amount of covered deposits at the credit institution concerned. They could
Dateityp: application/pdf
those applicable to credit institutions is to be welcomed. The already restricted op- tion to issue credits does not constitute a systemic risk, since e-money institutions must not use money re- ceived [...] that do not infringe either EU law or national law (Art. 8 (1) in connec- tion with the Annex of the Directive 2007/64/EC). – E-Money institutions may grant credits solely if: - they are not granted [...] out of funds received for issuing e-money - granting credits is not the main business field of an e-money institution - the repayment period does not exceed 12 months MAIN ISSUES Objectives of the
Dateityp: application/pdf