Article 33 Temporary Waiver from Deduction of Own Funds for the Purposes of Article 79(1) of the CRR
1.
A temporary waiver shall be of a duration that does not exceed the timeframe envisaged under the financial assistance operation plan. That waiver shall not be granted for a period longer than 5 years.
- 01/01/2023
2.
If granted by the PRA, a temporary waiver shall apply only in relation to new holdings of own funds instruments in a financial sector entity subject to the financial assistance operation.
- 01/01/2023
3.
For the purposes of providing a temporary waiver for deduction from own funds, the PRA may deem the holdings referred to in Article 79(1) of the CRR to be held for the purposes of a financial assistance operation designed to reorganise and save a financial sector entity where the operation is carried out under a plan and approved by the PRA, and where the plan clearly states phases, timing and objectives and specifies the interaction between the holdings and the financial assistance operation.
[Note: This rule corresponds to Article 33 of Part 2 of Regulation (EU) No 241/2014 as it applied immediately before revocation by the PRA.]
- 01/01/2023