Finance (European Stability Mechanism and Single Resolution Fund) Act 2021

• Permanent Page URL

SCHEDULE 3

PART 1

Text of Intergovernmental Agreement in the Irish Language

COMHAONTÚ

LENA LEASA�TEAR AN COMHAONTÚ MAIDIR LE RANN�OCA�OCHTA� LEIS AN gCISTE RÉITIGH AONAIR A AISTRIÚ AGUS A FHRITHPH�IRTIÚ

IDIR RÃ?OCHT NA BEILGE, POBLACHT NA BULGÃ?IRE, POBLACHT NA SEICE,

R�OCHT NA DANMHAIRGE, POBLACHT CHÓNAIDHME NA GEARM�INE,

POBLACHT NA hEASTÓINE, ÉIRE, AN PHOBLACHT HEILLÉANACH,

R�OCHT NA SP�INNE, POBLACHT NA FRAINCE, POBLACHT NA CRÓITE,

POBLACHT NA hIODÃ?ILE, POBLACHT NA CIPIRE, POBLACHT NA LAITVIA,

POBLACHT NA LIOTU�INE, ARD-DIÚCACHT LUCSAMBURG, AN UNG�IR,

POBLACHT MHÃ?LTA, RÃ?OCHT NA hÃ?SILTÃ?RE, POBLACHT NA hOSTAIRE,

POBLACHT NA POLAINNE, POBLACHT NA PORTAINGÉILE,

POBLACHT NA SLÓIVÉINE, POBLACHT NA SLÓVAICE AGUS

POBLACHT NA FIONLAINNE

BROLLACH

TÃ? NA PÃ?IRTITHE CONARTHACHA, Ríocht na Beilge, Poblacht na Bulgáire, Poblacht na Seice, Ríocht na Danmhairge, Poblacht Chónaidhme na Gearmáine, Poblacht na hEastóine, Éire, an Phoblacht Heilléanach, Ríocht na Spáinne, Poblacht na Fraince, Poblacht na Cróite, Poblacht na hIodáile, Poblacht na Cipire, Poblacht na Laitvia, Poblacht na Liotuáine, Ard-Diúcacht Lucsamburg, an Ungáir, Poblacht Mhálta, Ríocht na hÃ?siltíre, Poblacht na hOstaire, Poblacht na Polainne, Poblacht na Portaingéile, Poblacht na Slóivéine, Poblacht na Slóvaice, Poblacht na Fionlainne (na “Sínitheoirí”);

AG MEABHRÚ DÓIBH an ráiteas ón nGrúpa Euro agus ó Airí ECOFIN an 18 Nollaig 2013 maidir leis an gcúlstop don Sásra Réitigh Aonair a bhaineann le tiomantas go ndéanfar cúlstop coiteann a bheidh go hiomlán oibríochtúil a fhorbairt ar a dhéanaí tar éis deich mbliana;

AG MEABHRÚ DÓIBH INA THEANNTA SIN gur fhormhuinigh Cinn Stáit nó Rialtais na mBallstát a bhfuil an euro mar airgeadra acu, ag Cruinniú Mullaigh Euro an 14 Nollaig 2018, pacáiste cuimsitheach d’fhonn an tAontas Eacnamaíoch agus Airgeadaíochta a neartú, lena n‑áirítear Téarmaí Tagartha an Chúlstop Choitinn don Chiste Réitigh Aonair (“an Ciste”). De bhun na dtéarmaí sin, thabharfaí isteach an cúlstop coiteann trí athruithe teoranta ar an gComhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú roimh dheireadh na hidirthréimhse, ar choinníoll go ndearnadh dul chun cinn leordhóthanach i ndáil le laghdú riosca, tar éis cinneadh polaitiúil bunaithe ar mheasúnú ar laghdú riosca arna dhéanamh ag na hinstitiúidí agus na húdaráis inniúla in 2020. Ina theannta sin, bheadh na ceanglais maidir le laghdú riosca i gcomhréir le leibhéal uaillmhéine an chúlstop choitinn san idirthréimhse i gcomparáid le leibhéal an chúlstop shochair;

AG AITHINT DÓIBH, i gcás ina dtugtar isteach an cúlstop coiteann roimh dheireadh na hidirthréimhse, ina ndéantar ranníocaíochtaí ex ante leis an gCiste a leithdháileadh ar urranna éagsúla atá faoi réir frithpháirtiú forchéimnitheach, go n-éascófaí, le frithpháirtiú ranníocaíochtaí urghnácha ex post ar bhealach comhchosúil, aistriú rianúil ó struchtúr urrainne an Chiste den chineál sin chuig struchtúr lán-fhrithpháirtithe;

AG MEABHRÚ DÓIBH INA THEANNTA SIN gur fhormhuinigh na hAirí Airgeadais, ag an gcruinniú den Ghrúpa Euro an 4 Nollaig 2019 i bhformáid chuimsitheach, na módúlachtaí teicniúla d’fhrithpháirtiú ranníocaíochtaí urghnácha ex post leis an gCiste;

AG MEABHRÚ DÓIBH INA THEANNTA SIN nár cheart feidhm a bheith ag an gComhaontú Leasaitheach seo go dtí go dtiocfaidh na Páirtithe Conarthacha uile atá rannpháirteach sa Sásra Maoirseachta Aonair agus sa Sásra Réitigh Aonair ar an tátal go ndearnadh dul chun cinn leordhóthanach i ndáil le laghdú riosca de réir mar a thagraítear dó i dTéarmaí Tagartha an Chúlstop don Chiste Réitigh Aonair, mar a d’fhormhuinigh Ceannairí Stáit nó Rialtais na mBallstát a bhfuil an euro mar airgeadra acu iad ag an gCruinniú Mullaigh Euro an 14 Nollaig 2018 i bhformáid chuimsitheach, agus go dtí go dtiocfaidh rún ó Bhord Gobharnóirí an tSásra Cobhsaíochta Aonair chun an tsaoráid chúlstop a dheonú i bhfeidhm,

TAR ÉIS COMHAONTÚ MAR A LEANAS:

AIRTEAGAL 1

Leasuithe ar an gComhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú

Leasaítear an Comhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú mar a leanas:

(1) in Airteagal 5, leasaítear mír 1 mar a leanas:

(a) cuirtear an méid a leanas in ionad phointe (d) agus phointe (e):

“(d) Uimhir a ceathair, agus gan dochar do chumhachtaí an Bhoird a luaitear i bpointe (e), mura leor na hacmhainní airgeadais dá dtagraítear i bpointe (c) chun costais aon bheart réitigh ar leith a chumhdach, déanfaidh na Páirtithe Conarthacha na ranníocaíochtaí urghnácha ex post a fuarthas ó na hinstitiúidí a údaraítear ina gcríocha faoi seach a aistriú go dtí an Ciste, ar ranníocaíochtaí iad a cruinníodh i gcomhréir leis na critéir a leagtar síos in Airteagal 71 de Rialachán SRA, i gcomhréir leis an méid a leanas:

-mar chéad chéim, déanfaidh na Páirtithe Conarthacha lena mbaineann dá dtagraítear i bpointe (a) nó, i gcás réiteach ar ghrúpa trasteorann, na Páirtithe Conarthacha lena mbaineann nár sholáthair dóthain acmhainní airgeadais faoi phointe (a) go pointe (c) i ndáil le réiteach na n-eintiteas a údaraítear ar a gcríocha, ranníocaíochtaí urghnácha ex post suas go dtí an méid a ríomhfar mar uasmhéid na ranníocaíochtaí urghnácha ex post a fhéadfar a chruinniú ó institiúidí a údaraítear ina gcríocha i gcomhréir leis an dara fomhír d’Airteagal 71(1) de Rialachán SRA arna iolrú faoin gcéatadán ábhartha (an ‘t-uasmhéid’), a aistriú chuig an gCiste. Chun críche na fleisce seo, cinnfear an céatadán trí thagairt do dháta theacht i bhfeidhm na scéime réitigh. Is ionann é agus 30% amhail ó dháta chur i bhfeidhm na fleisce seo agus le linn na coda eile den ráithe féilire ina bhfuil an dáta sin. Laghdófar an céatadán ar bhonn ráithiúil le méid arb ionann é agus 30 pointe céatadáin arna roinnt ar líon na ráithí féilire atá fágtha den idirthréimhse, lena n‑áirítear an ráithe ina bhfuil dáta chur i bhfeidhm na fleisce seo. Chun críocha na fleisce seo, bainfear ón uasmhéid suim na ranníocaíochtaí urghnácha ex post atá cruinnithe cheana féin sa bhliain chéanna agus atá fós le cruinniú sa bhliain chéanna faoin bhfleasc seo maidir le gníomhaíochtaí réitigh roimhe sin;

-mar dhara céim, mura leor na hacmhainní airgeadais a bheidh ar fáil faoin gcéad fhleasc, aistreoidh na Páirtithe Conarthacha uile chuig an gCiste na ranníocaíochtaí urghnácha ex post is gá chun an chuid atá fágtha de chostais na gníomhaíochta réitigh ar leith a chumhdach suas go dtí an méid a ríomhfar mar uasmhéid na ranníocaíochtaí urghnácha ex post a fhéadfar a chruinniú ó institiúidí a údaraítear ina gcríocha i gcomhréir leis an dara fomhír d’Airteagal 71(1) de Rialachán SRA, arna iolrú faoi chéatadán atá cothrom le 100% lúide an céatadán a chuirfear i bhfeidhm i gcomhréir leis an gcéad fhleasc (an ‘t-uasmhéid frithpháirtithe’). Chun críocha na fleisce seo, bainfear ón uasmhéid frithpháirtithe suim na ranníocaíochtaí urghnácha ex post atá cruinnithe cheana sa bhliain chéanna agus atá fós le cruinniú sa bhliain chéanna faoin bhfleasc seo maidir le gníomhaíochtaí réitigh roimhe sin.

(e) Mura leor na hacmhainní airgeadais dá dtagraítear i bpointe (c) chun costais aon ghníomhaíocht réitigh ar leith a chumhdach, agus a fhad is nach mbeidh rochtain láithreach ar na ranníocaíochtaí urghnácha ex post dá dtagraítear i bpointe (d), lena n-áirítear ar chúiseanna a bhaineann le cobhsaíocht na n‑institiúidí lena mbaineann, féadfaidh an Bord a chuid cumhachta a fheidhmiú chun iasachtaíocht nó cineálacha eile tacaíochta a chonrú le haghaidh an Chiste i gcomhréir le hAirteagail 73 agus 74 de Rialachán SRA, nó a chuid cumhachta chun aistrithe sealadacha a dhéanamh idir urranna i gcomhréir le hAirteagal 7 den Chomhaontú seo.

I gcás ina gcinnfidh an Bord na cumhachtaí a luaitear sa chéad fhomhír den phointe seo a fheidhmiú, aistreoidh na Páirtithe Conarthacha, gan dochar don tríú fomhír den phointe seo, na ranníocaíochtaí urghnácha ex post chuig an gCiste d’fhonn na hiasachtaíochtaí nó an cineál eile tacaíochta nó an t‑aistriú sealadach idir urranna a chúiteamh, i gcomhréir leis an gcéad agus an dara fleasc de phointe (d) le linn na tréimhse aibíochta agus go dtí an t‑aisíoc iomlán. Chun amhras a sheachaint, beidh feidhm ag an gcéatadán ábhartha céanna a chinntear i gcomhréir le pointe (d) le linn na tréimhse aibíochta.

I dtaca le scéim réitigh áirithe a tháinig i bhfeidhm le linn na hidirthréimhse, beidh feidhm ag an méid seo a leanas:

-maidir le hiomlán na ranníocaíochtaí urghnácha ex post a bheidh le haistriú i leith an ghnímh réitigh áirithe sin agus iad sin a bheidh fós le haistriú i leith gníomhaíochtaí réitigh áirithe roimhe seo ag na Páirtithe Conarthacha lena mbaineann faoi (i) an chéad fhleasc de phointe (d) agus (ii) faoin bpointe (e) seo arna chur i bhfeidhm i gcomhréir leis an gcéad fhleasc de phointe (d), ní sháróidh sé an t-uasmhéid arna iolrú faoi thrí;

-ina dhiaidh sin, maidir leis an iomlán atá cothrom le méid iomlán na ranníocaíochtaí ex ante a íocadh isteach ar dháta theacht i bhfeidhm na scéime réitigh áirithe sin cé is moite dóibh siúd a cruinníodh i ndáil le heisíocaíochtaí de chuid an Chiste roimhe seo (leibhéal iarbhír an Chiste, gan eisíocaíochtaí a d’fhéadfadh a bheith i gceist a chur san áireamh), ní sháróidh sé sin na ranníocaíochtaí urghnácha ex post a bheidh le haistriú i leith an ghnímh réitigh áirithe seo agus iad sin a bheidh fós le haistriú i leith gníomhaíochtaí réitigh roimhe seo ag na Páirtithe Conarthacha uile lena mbaineann faoi (i) an dara fleasc de phointe (d) agus (ii) faoin bpointe seo (e) i bhfeidhm i gcomhréir leis an dara fleasc de phointe (d).”;

(b) cuirtear isteach an pointe seo:

“(f) Mura leor na hacmhainní airgeadais dá dtagraítear i bpointe (e) chun costais aon bheart réitigh ar leith a chumhdach, aistreoidh na Páirtithe Conarthacha lena mbaineann, le linn na tréimhse aibíochta agus go dtí an t-aisíoc iomlán, na ranníocaíochtaí urghnácha ex post ar féidir a chruinniú go fóill ó na hinstitiúidí a údaraítear ina críocha, laistigh den teorainn ama i gcomhréir leis an dara fomhír a leagtar síos in Airteagal 71(1) de Rialachán SRA, d’fhonn na hiasachtaí nó cineálacha eile tacaíochta a d’fhéadfadh an Bord a chonrú i gcomhréir le hAirteagal 73 agus Airteagal 74 de Rialachán SRA a chúiteamh.”;

(2) in Airteagal 7, cuirtear an méid seo a leanas in ionad mhír 1:

“1. Gan dochar do na hoibleagáidí a leagtar síos faoi phointe (a) go dtí pointe (d) d’Airteagal 5(1), agus le linn na hidirthréimhse, féadfaidh na Páirtithe Conarthacha lena mbaineann a iarraidh ar an mBord Réitigh Aonair úsáid a bhaint, go sealadach, as an gcuid sin de na hacmhainní airgeadais atá ar fáil in urranna an Chiste nach bhfuil i gcumainn fhrithpháirteacha go fóill agus a chomhfhreagraíonn do na Páirtithe Conarthacha eile. Sa chás sin beidh feidhm ag pointe (e) d’Airteagal 5(1).”.

AIRTEAGAL 2

Taisceadh

Déanfar an Comhaontú Leasaitheach seo a thaisceadh le hArdrúnaíocht Chomhairle an Aontais Eorpaigh (“an Taiscí”), agus cuirfidh an Taiscí cóipeanna deimhnithe chuig na Sínitheoirí uile.

AIRTEAGAL 3

Comhdhlúthú

Bunóidh an Taiscí leagan comhdhlúite den Chomhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú agus cuirfidh sé chuig na Sínitheoirí uile é.

AIRTEAGAL 4

Daingniú, formheas nó glacadh

1. Beidh an Comhaontú Leasaitheach seo faoi réir a dhaingnithe, a fhormheasa nó a ghlactha ag na Sínitheoirí. Déanfar ionstraimí daingniúcháin, formheasa nó glactha a thaisceadh leis an Taiscí.

2. Cuirfidh an Taiscí na Sínitheoirí eile ar an eolas faoi gach taisce agus faoin dáta a ndéanfar é.

AIRTEAGAL 5

Teacht i bhfeidhm, cur i bhfeidhm agus aontachas

1. Tiocfaidh an Comhaontú Leasaitheach seo i bhfeidhm ar an dáta a mbeidh na hionstraimí daingniúcháin, formheasa nó glactha taiscthe ag na Sínitheoirí uile atá rannpháirteach sa Sásra Maoirseachta Aonair agus sa Sásra Réitigh Aonair. Gan dochar do mhír 2, beidh feidhm aige ó dháta a theacht i bhfeidhm.

2. Ar choinníoll go bhfuil an Comhaontú Leasaitheach seo tagtha i bhfeidhm i gcomhréir le mír 1 agus murab é go mbeidh na coinníollacha a shainítear thíos comhlíonta sula mbeidh sé tagtha i bhfeidhm, beidh feidhm ag an gComhaontú Leasaitheach seo ón dáta tar éis dáta comhlíonta na gcoinníollacha seo a leanas:

(a) maidir leis na Páirtithe Conarthacha a bheidh rannpháirteach sa Sásra Maoirseachta Aonair agus sa Sásra Réitigh Aonair, bunaithe ar mheasúnú na n-institiúidí agus na n-údarás inniúil in 2020, is é a dtátal siúd gur leor a bhfuil déanta de dhul chun cinn maidir le laghdú riosca dá dtagraítear i dTéarmaí Tagartha an Chúlstop Choitinn don Chiste Réitigh Aonair, mar a d’fhormhuinigh Ceannairí Stáit nó Rialtais na mBallstát a bhfuil an euro mar airgeadra acu ag an gCruinniú Mullaigh den Ghrúpa Euro ar an 14 Nollaig 2018 a tionóladh i bhformáid chuimsitheach; agus

(b) tá rún ó Bhord Gobharnóirí an tSásra Cobhsaíochta Eorpaigh an tsaoráid chúlstop a dheonú faoi Airteagal 18a(1) den Chonradh lena mBunaítear an Sásra Cobhsaíochta Eorpach tagtha i bhfeidhm.

3. Sula dtiocfaidh an Comhaontú Leasaitheach seo i bhfeidhm, beidh sé ar oscailt le haghaidh aontachais do Bhallstáit de chuid an Aontais Eorpaigh a aontaíonn don Chomhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú i gcomhréir le hAirteagal 13 de.

Beidh feidhm freisin ag Airteagal 13 den Chomhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú maidir le haontachas don Chomhaontú Leasaitheach seo.

Beidh de cheangal ar an mBallstát aontach an t-iarratas ar aontachas don Chomhaontú Leasaitheach seo a thíolacadh an tráth céanna a ndéantar an t-iarratas ar aontachas don Chomhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú. Beidh éifeacht ag an aontachas tráth a thaiscfear go comhuaineach na hionstraimí aontachais don Chomhaontú maidir le ranníocaíochtaí leis an gCiste Réitigh Aonair a aistriú agus a fhrithpháirtiú agus don Chomhaontú Leasaitheach seo ar aon.

Arna dhéanamh i scríbhinn bhunaidh amháin sa Bhéarla, sa Bhulgáiris, sa Chróitis, sa Danmhairgis, san Eastóinis, san Fhionlainnis, sa Fhraincis, sa Ghaeilge, sa Ghearmáinis, sa Ghréigis, san Iodáilis, sa Laitvis, sa Liotuáinis, sa Mháltais, san Ollainnis, sa Pholainnis, sa Phortaingéilis, sa Rómáinis, sa tSeicis, sa tSlóivéinis, sa tSlóvaicis, sa Spáinnis, sa tSualainnis agus san Ungáiris, agus comhúdarás ag gach téacs acu sin.

PART 2

Text of Intergovernmental Agreement in the English Language

AGREEMENT

AMENDING THE AGREEMENT ON THE TRANSFER AND MUTUALISATION

OF CONTRIBUTIONS TO THE SINGLE RESOLUTION FUND

BETWEEN THE KINGDOM OF BELGIUM, THE REPUBLIC OF BULGARIA,

THE CZECH REPUBLIC, THE KINGDOM OF DENMARK,

THE FEDERAL REPUBLIC OF GERMANY, THE REPUBLIC OF ESTONIA,

IRELAND, THE HELLENIC REPUBLIC, THE KINGDOM OF SPAIN,

THE FRENCH REPUBLIC, THE REPUBLIC OF CROATIA,

THE ITALIAN REPUBLIC, THE REPUBLIC OF CYPRUS,

THE REPUBLIC OF LATVIA, THE REPUBLIC OF LITHUANIA,

THE GRAND DUCHY OF LUXEMBOURG, HUNGARY,

THE REPUBLIC OF MALTA, THE KINGDOM OF THE NETHERLANDS,

THE REPUBLIC OF AUSTRIA, THE REPUBLIC OF POLAND,

THE PORTUGUESE REPUBLIC, ROMANIA, THE REPUBLIC OF SLOVENIA,

THE SLOVAK REPUBLIC AND THE REPUBLIC OF FINLAND

PREAMBLE

THE CONTRACTING PARTIES, the Kingdom of Belgium, the Republic of Bulgaria, the Czech Republic, the Kingdom of Denmark, the Federal Republic of Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Republic of Croatia, the Italian Republic, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy of Luxembourg, Hungary, the Republic of Malta, the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Portuguese Republic, Romania, the Republic of Slovenia, the Slovak Republic and the Republic of Finland (the “Signatories”);

RECALLING the statement of the Eurogroup and ECOFIN Ministers of 18 December 2013 on the Single Resolution Mechanism backstop concerning a commitment to develop a fully operational common backstop at the latest after ten years;

FURTHER RECALLING that at the Euro Summit meeting of 14 December 2018 in inclusive format, the Heads of State or Government of the Member States whose currency is the euro endorsed a comprehensive package with a view to strengthening the Economic and Monetary Union, including the Terms of Reference of the Common Backstop to the Single Resolution Fund (the “Fund”). Pursuant to those terms, the common backstop would be introduced through limited changes to the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund before the end of the transition period provided that sufficient progress has been made in risk reduction, following a political decision informed by a risk reduction assessment of the institutions and competent authorities in 2020. Moreover, risk reduction requirements would be commensurate with the level of ambition of the common backstop in the transition period compared to that of the steady state;

RECOGNISING that where the common backstop is introduced before the end of the transitional period, during which ex ante contributions to the Fund are allocated to different compartments subject to progressive mutualisation, a mutualisation of extraordinary ex post contributions in a similar manner would facilitate a smooth transition from such a compartmental structure of the Fund to a fully mutualised one;

FURTHER RECALLING that at the Eurogroup of 4 December 2019 in inclusive format, the Ministers of Finance endorsed the technical modalities for the mutualisation of extraordinary ex post contributions to the Fund;

FURTHER RECALLING that this Amending Agreement should not apply until all the Contracting Parties participating in the Single Supervisory Mechanism and in the Single Resolution Mechanism have concluded that sufficient progress has been made in risk reduction as referred to in the Terms of Reference for the Common Backstop to the Single Resolution Fund, as endorsed by the Heads of State or Government of the Member States whose currency is the euro at the Euro Summit of 14 December 2018 in inclusive format, and until a resolution by the Board of Governors of the European Stability Mechanism to grant the backstop facility has entered into force,

HAVE AGREED AS FOLLOWS:

ARTICLE 1

Amendments to the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund

The Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund is amended as follows:

(1) in Article 5, paragraph 1 is amended as follows:

(a) points (d) and (e) are replaced by the following:

“(d) In the fourth place, and without prejudice to the powers of the Board referred to in point (e), if the financial means referred to in point (c) are not sufficient to cover the costs of a particular resolution action, the Contracting Parties shall transfer to the Fund the extraordinary ex post contributions from the institutions authorised in their respective territories, raised in accordance with the criteria laid down in Article 71 of the SRM Regulation, in accordance with the following:

-as a first step, the Contracting Parties concerned referred to in point (a) or, in the case of cross-border group resolution, the Contracting Parties concerned that have not provided enough financial means under points (a) to (c) in relation to the resolution of entities authorised in their territories, shall transfer to the Fund extraordinary ex post contributions up to the amount calculated as the maximum amount ofextraordinary ex post contributions that may be raised from institutions authorised in their territories in accordance with the second subparagraph of Article 71(1) of the SRM Regulation multiplied by the relevant percentage (‘the maximum amount’). For the purpose of this indent, the percentage shall be determined by reference to the date of entry into force of the resolution scheme. It shall amount to 30% as of the date of application of this indent and during the remainder of the calendar quarter in which that date occurs. The percentage shall decrease on a quarterly basis by an amount equal to 30 percentage points divided by the number of remaining calendar quarters of the transitional period, including the quarter in which the date of application of this indent occurs. For the purposes of this indent, the sum of extraordinary ex post contributions already raised in the same year and still to be raised in the same year under this indent in respect of previous resolution actions shall be deducted from the maximum amount;

-as a second step, if the financial means available under the first indent are not sufficient, all the Contracting Parties shall transfer to the Fund extraordinary ex post contributions needed to cover the remaining part of the costs of the particular resolution action up to the amount calculated as the maximum amount of extraordinary ex post contributions that may be raised from institutions authorised in their territories in accordance with the second subparagraph of Article 71(1) of the SRM Regulation multiplied by a percentage equal to 100% minus the percentage applied in accordance with the first indent (‘the mutualised maximum amount’). For the purposes of this indent, the sum of extraordinary ex post contributions already raised in the same year and still to be raised in the same year under this indent in respect of previous resolution actions shall be deducted from the mutualised maximum amount.

(e) If the financial means referred to in point (c) are not sufficient to cover the costs of a particular resolution action, and as long as extraordinary ex post contributions referred to in point (d) are not immediately accessible, including for reasons relating to the stability of the institutions concerned, the Board may exercise its power to contract for the Fund borrowings or other forms of support in accordance with Articles 73 and 74 of the SRM Regulation, or its power to make temporary transfers between compartments in accordance with Article 7 of this Agreement.

Where the Board decides to exercise the powers referred to in the first subparagraph of this point, the Contracting Parties shall, without prejudice to the third subparagraph of this point, transfer to the Fund the extraordinary ex post contributions in order to reimburse the borrowings or other form of support, or the temporary transfer between compartments, in accordance with the first and second indents of point (d) during the maturity period and until full reimbursement. For the avoidance of doubt, the same relevant percentage determined in accordance with point (d) shall apply throughout the maturity period.

For a particular resolution scheme that entered into force during the transitional period, the following shall apply:

-the sum of extraordinary ex post contributions to be transferred in respect of that particular resolution action and those still to be transferred in respect of previous resolution actions by the Contracting Parties concerned under (i) the first indent of point (d) and (ii) under this point (e) applied in accordance with the first indent of point (d) shall not exceed the maximum amount multiplied by three;

-subsequently, the sum of extraordinary ex post contributions to be transferred in respect of that particular resolution action and those still to be transferred in respect of previous resolution actions by all the Contracting Parties under (i) the second indent of point (d) and (ii) under this point (e) applied in accordance with the second indent of point (d) shall not exceed the amount equal to the sum of all ex ante contributions paid in on the date of entry into force of that particular resolution scheme excluding those raised in connection with previous disbursements of the Fund (the actual level of the Fund, not taking into account possible disbursements).”;

(b) the following point is inserted:

“(f) If the financial means referred to in point (e) are not sufficient to cover the costs of a particular resolution action, the Contracting Parties concerned shall, during the maturity period and until full reimbursement, transfer extraordinary ex post contributions that may still be raised from institutions authorised in their territories within the limit set out in accordance with the second subparagraph of Article 71(1) of the SRM Regulation, in order to reimburse the borrowings or other forms of support that the Board may contract in accordance with Articles 73 and 74 of the SRM Regulation.”;

(2) in Article 7, paragraph 1 is replaced by the following:

“1. Without prejudice to the obligations laid down under points (a) to (d) of Article 5(1), the Contracting Parties concerned by resolution may, during the transitional period, request the Board to temporarily make use of the part of the financial means available in the compartments of the Fund not yet mutualised corresponding to the other Contracting Parties. In such a case, point (e) of Article 5(1) shall apply.”.

ARTICLE 2

Deposit

This Amending Agreement shall be deposited with the General Secretariat of the Council of the European Union (“the Depositary”), which shall communicate certified copies to all the Signatories.

ARTICLE 3

Consolidation

The Depositary shall establish a consolidated version of the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund and communicate it to all the Signatories.

ARTICLE 4

Ratification, approval or acceptance

1. This Amending Agreement shall be subject to ratification, approval or acceptance by the Signatories. Instruments of ratification, approval, or acceptance shall be deposited with the Depositary.

2. The Depositary shall notify the other Signatories of each deposit and the date thereof.

ARTICLE 1

Entry into force, application and accession

1. This Amending Agreement shall enter into force on the date when the instruments of ratification, approval or acceptance have been deposited by all the Signatories participating in the Single Supervisory Mechanism and in the Single Resolution Mechanism. Without prejudice to paragraph 2, it shall apply from the date of its entry into force.

2. Provided that this Amending Agreement has entered into force in accordance with paragraph 1 and unless the conditions defined below have been complied with before that entry into force, this Amending Agreement shall apply from the date following the date when the following conditions have been complied with:

(a) the Contracting Parties participating in the Single Supervisory Mechanism and in the Single Resolution Mechanism, informed by the assessment of the institutions and competent authorities in 2020, have concluded that sufficient progress has been made in risk reduction as referred to in the Terms of Reference for the Common Backstop to the Single Resolution Fund, as endorsed by the Heads of State or Government of the Member States whose currency is the euro at the Euro Summit of 14 December 2018 in inclusive format; and

(b) a resolution by the Board of Governors of the European Stability Mechanism to grant the backstop facility under Article 18a(1) of the Treaty Establishing the European Stability Mechanism has entered into force.

3. Before its entry into force, this Amending Agreement shall be open for accession by Member States of the European Union acceding to the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund in accordance with Article 13 thereof.

Article 13 of the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund shall also apply to the accession to this Amending Agreement.

The acceding Member State shall be required to submit the application for accession to this Amending Agreement simultaneously with the application for accession to the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund. The accession shall be effective upon simultaneous deposit of the instruments of accession both to the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund and to this Amending Agreement.

Done in a single original, whose Bulgarian, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hungarian, Irish, Italian, Latvian, Lithuanian, Maltese, Polish, Portuguese, Romanian, Slovak, Slovenian, Spanish and Swedish texts are equally authentic.