Article 1
Open ↗Delegated Regulation (EU) 2015/61 is amended as follows: (1) in Article 3, the following points (13) to (16) are added: ‘(13) “capital market-driven transaction” means a capital market-driven transaction as defined in Article 192, point (3), of Regulation (EU) No 575/2013; (14) “covered bond programme” means a covered bond programme as defined in Article 3, point (2), of Directive (EU) 2019/2162 of the European Parliament and of the Council ( *1 ) ; (15) “cover pool” means a cover pool as defined in Article 3, point (3), of Directive (EU) 2019/2162; (16) “cover pool liquidity buffer” means the liquidity buffer composed of assets considered as liquid and held as part of the cover pool, in accordance with Article 16 of Directive (EU) 2019/2162. ( *1 ) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU ( OJ L 328, 18.12.2019, p. 29 ).’;" (2) Article 7 is amended as follows: (a) the following paragraphs 2a and 2b are inserted: ‘2a. By way of derogation from paragraph 2, liquid assets that are held as part of the cover pool liquidity buffer shall be deemed to be unencumbered during the 30 calendar day stress period, laid down in Article 4, up to the amount of net liquidity outflows as calculated under Title III of this Regulation, which result from the associated covered bond programmes, provided that those assets meet all other requirements laid down in Title II of this Regulation. 2b. Where liquid assets that are held in the cover pool liquidity buffer are not deemed to be unencumbered pursuant to paragraph 2a of this Article, they shall nonetheless be deemed to be unencumbered during the 30 calendar day stress period, laid down in Article 4, where all of the following conditions are met: (a) the covered bond issuer is, by provisions of national law, required to have all its assets attached to covered bonds issuances; (b) the liquid assets are attached as non-mandatory overcollateralisation to a covered bond issuance; (c) the liquid assets meet all other requirements laid down in Title II of this Regulation; (d) the amount of liquid assets deemed to be unencumbered under this paragraph does not exceed the total amount of net liquidity outflows, as calculated under Title III of this Regulation.’; (b) paragraph 4 is amended as follows: (i) point (g) is replaced by the following: ‘(g) any other entity that performs one or more of the activities listed in Annex I to Directive 2013/36/EU as its main business.’; (ii) the following second subparagraph is added: ‘For the purposes of this Article, SSPEs and official export credit agencies in Member States shall be deemed not included within the entities referred to in the first subparagraph, point (g).’; (3) in Article 8(4), the following third subparagraph is added: ‘For liquid assets held in a cover pool liquidity buffer, the requirement laid down in the first subparagraph shall be considered as fulfilled, where the credit institution regularly, and at least once a year, monetises liquid assets that constitute a sufficiently representative sample of its holdings of assets in the cover pool liquidity buffer without having to be part of that buffer.’; (4) in Article 10(1), point (f) is amended as follows: (a) points (i) and (ii) are replaced by the following: ‘(i) they are covered bonds as referred to in Article 3, point 1, of Directive (EU) 2019/2162 or they are issued before 8 July 2022 and meet the requirements set out in Article 52(4) of Directive 2009/65/EC, as applicable on the date of their issue, which makes them eligible for preferential treatment as covered bonds until their maturity; (ii) the exposures to institutions in the cover pool meet the requirements set out in Article 129(1), point (c), and in Article 129(1a) of Regulation (EU) No 575/2013;’; (b) point (iii) is deleted; (5) in Article 11, paragraph 1 is amended as follows: (a) point (c) is amended as follows: (i) points (i) and (ii) are replaced by the following: ‘(i) they are covered bonds as referred to in Article 3, point 1, of Directive (EU) 2019/2162 or they are issued before 8 July 2022 and meet the requirements set out in Article 52(4) of Directive 2009/65/EC, as applicable on the date of their issue, which makes them eligible for preferential treatment as covered bonds until their maturity; (ii) the exposures to institutions in the cover pool meet the requirements set out in Article 129(1), point (c), and in Article 129(1a) of Regulation (EU) No 575/2013;’; (ii) point (iii) is deleted; (b) in point (d), points (iii), (iv) and (v) are replaced by the following: ‘(iii) the covered bonds are backed by a pool of assets of one or more of the types described in Article 129(1), points (b), (d), (f) and (g), of Regulation (EU) No 575/2013. Where the pool comprises loans secured by immovable property, the requirements set out in Article 6(2), Article 6(3), point (a), and in Article 6(5) of Directive (EU) 2019/2162 must be met; (iv) the exposures to institutions in the cover pool meet the requirements set out in Article 129(1), point (c), and in Article 129(1a) of Regulation (EU) No 575/2013; (v) the credit institution investing in the covered bonds and the issuer meet the transparency requirement laid down in Article 14 of Directive (EU) 2019/2162;’; (6) in Article 12(1), point (e) is amended as follows: (a) point (i) is replaced by the following: ‘(i) they are covered bonds as referred to in Article 3(1) of Directive (EU) 2019/2162 or they are issued before 8 July 2022 and meet the requirements set out in Article 52(4) of Directive 2009/65/EC, as applicable on the date of their issue, which makes them eligible for prudential treatment as covered bonds until their maturity;’; (b) points (ii) and (iii) are deleted; (7) in Article 28, paragraph 3 is amended as follows: (a) in the first subparagraph, the introductory wording is replaced by the following: ‘Credit institutions shall multiply liabilities maturing within 30 calendar days and resulting from securities financing transactions or capital market-driven transactions by:’; (b) in the second subparagraph, the first sentence is replaced by the following: ‘By way of derogation from the first subparagraph, where the counterparty to the securities financing transactions or capital market-driven transaction is the domestic central bank of the credit institution, the outflow rate shall be 0 %.’; (c) the third subparagraph is replaced by the following: ‘By way of derogation from the first subparagraph, for securities financing transactions or capital market-driven transactions that would require an outflow rate under that subparagraph higher than 25 %, the outflow rate shall be 25 % where the counterparty to the transaction is an eligible counterparty.’; (8) Article 32 is amended as follows: (a) in paragraph 3, point (b), the introductory wording is replaced by the following: ‘(b) monies due from securities financing transactions and capital market-driven transactions with a residual maturity of no more than 30 calendar days shall be multiplied by:’; (b) in paragraph 4, the first sentence is replaced by the following: ‘Paragraph 3, point (a), shall not apply to monies due from securities financing transactions and capital market-driven transactions that are collateralised by liquid assets in accordance with Title II as referred to in paragraph 3, point (b).’