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L 302/108

EN

Official Journal of

    • (f)

      exposures to counterparties referred to in para­ graph 7 or paragraph 8 of Article 80 if they would be assigned a 0 % risk weight under Articles 78 to 83; exposures that do not meet those criteria, whether or not exempted from Article 111(1), shall be treated as exposures to a third party.’;

  • (iii)

    point (i) is replaced by the following:

‘(i) exposures arising from undrawn credit facilities that are classified as low-risk off-balance sheet items in Annex II and provided that an agree­ ment has been concluded with the client or group of connected clients under which the facility may be drawn only if it has been ascer­ tained that it will not cause the limit applicable under Article 111(1) to be exceeded.’;

    • (iv)

      points (j) to (t) are deleted;

    • (v)

      the third, fourth and fifth subparagraphs are deleted;

  • (c)

    the following paragraph is added:

‘4.

Member States may fully or partially exempt the

following exposures Article 111(1):

from

the

application

of

  • (a)

    covered bonds falling within the terms of Annex VI, Part 1, points 68, 69 and 70;

  • (b)

    asset items constituting claims on regional govern­ ments or local authorities of Member States where those claims would be assigned a 20 % risk weight under Articles 78 to 83 and other exposures to or guaranteed by those regional governments or local authorities, claims on which would be assigned a 20 % risk weight under Articles 78 to 83;

(c) notwithstanding paragraph 3(f) of this Article, exposures, including participations or other kinds of holdings, incurred by a credit institution to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries, in so far as those undertakings are covered by the super­ vision on a consolidated basis to which the credit institution itself is subject, in accordance with this Directive or with equivalent standards in force in a third country; exposures that do not meet these cri­ teria, whether or not exempted from Article 111(1), shall be treated as exposures to a third party;

(d) asset items constituting claims on and other expo­ sures, including participations or other kinds of holdings, to regional or central credit institutions with which the credit institution is associated in a network in accordance with legal or statutory pro­ visions and which are responsible, under those pro­ visions, for cash-clearing operations within the network;

the European Union

17.11.2009

(e) asset items constituting claims on and other expo­ sures to credit institutions incurred by credit insti­ tutions operating on a non-competitive basis, providing loans under legislative programmes or their statutes, to promote specified sectors of the economy under some form of government over­ sight and restrictions on the use of the loans, pro­ vided that the respective exposures arise from such loans that are passed on to the beneficiaries via other credit institutions;

  • (f)

    asset items constituting claims on and other expo­ sures to institutions, provided that those exposures do not constitute such institutions’ own funds, do not last longer than the following business day and are not denominated in a major trading currency;

  • (g)

    asset items constituting claims on central banks in the form of required minimum reserves held at those central banks which are denominated in their national currencies;

  • (h)

    asset items constituting claims on central govern­ ments in the form of statutory liquidity require­ ments held in government securities which are denominated and funded in their national curren­ cies provided that, at the discretion of the compe­ tent authority, the credit assessment of those central governments assigned by a nominated ECAI is investment grade;

  • (i)

    50 % of medium/low risk off-balance-sheet docu­ mentary credits and of medium/low risk off-balance sheet undrawn credit facilities referred to in Annex II, and subject to the competent authorities’ agreement, 80 % of guarantees other than loan guarantees which have a legal or regulatory basis and are given for their members by mutual guaran­ tee schemes possessing the status of credit institutions;

    • (j)

      legally required guarantees used when a mortgage loan financed by issuing mortgage bonds is paid to the mortgage borrower before the final registration of the mortgage in the land register, provided the guarantee is not used as reducing the risk in calcu­ lating the risk weighted assets.’;

  • 25.

    Article 114 is amended as follows:

(a) paragraph 1 is replaced by the following:

‘1.

Subject to paragraph 3 of this Article, for the pur­

poses of calculating the value of exposures for the pur­ poses of Article 111(1) a credit institution may use the “fully adjusted exposure value” as calculated under Articles 90 to 93, taking into account the credit risk mitigation, volatility adjustments, and any maturity mis­

match (E*).’;

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