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VIII
Section D:
Arrangements for the financing of DGSs
1. General overview
....................................................................................................75
2. DGSs’ funds: the ‘available financial means’
......................................................76
2.1 Main aspects
......................................................................................................76
2.1.1 The rule.......................................................................................................76
2.1.2 Definition of the term ‘available financial means’.....................................76
2.1.3 The ex ante ‘target level’ ............................................................................78
2.1.3.1 The rule
................................................................................................ 78
2.1.3.2 Deviating provisions
............................................................................ 79
2.1.4 Investment policy .......................................................................................81
2.1.5 Information requirements ..........................................................................82
2.2 The use of available financial means
..............................................................82
2.2.1 General overview........................................................................................82
2.2.2 Depositors’ repayment ...............................................................................82
2.2.3 Contribution to resolution financing .........................................................83
2.2.3.1 The provisions of Article 11 of Directive 2014/49/EU
............................. 83
2.2.3.2 The provisions of Article 109 of the BRRD
............................................. 84
2.2.3.2.1 Introductory remarks
.............................................................................. 84
2.2.3.2.2 The specific conditions
............................................................................ 84
2.2.3.3 The provisions of Article 79 of the SRM Regulation
.............................. 89
2.2.3.3.1 The rules
.............................................................................................. 89
2.2.3.3.2 The exemption
...................................................................................... 90
2.2.4 Adoption of ‘alternative measures’ to prevent credit institutions’
failure.........................................................................................................91
2.2.4.1 The rationale
....................................................................................... 91
2.2.4.2 The conditions
..................................................................................... 91
2.2.4.3 Other provisions
................................................................................... 93
2.2.5 Financing of measures to preserve the access of depositors to covered
deposits in the context of national insolvency proceedings .....................94
3. Sources of DGSs’ financing
....................................................................................94
3.1 Categories of sources
........................................................................................94
3.1.1 Ex ante funding: regular credit institutions’ contributions........................94
3.1.2 Ex post funding...........................................................................................95
3.1.2.1 General overview
................................................................................. 95
3.1.2.2 Ex post extraordinary contributions
...................................................... 95
3.1.2.3 Borrowing between DGSs
..................................................................... 96