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It also supports the Commission's other proposed amendments, which provide added detail and further legal certainty on the necessary conditions for the application of the derogations.
The Commission had delayed its assessment of the EBA's final draft RTS as it was waiting to adopt its Delegated Act on the liquidity coverage ratio (LCR), which does not include a minimum haircut requirement as a condition for allowing the use of credit lines committed by the relevant central bank as liquid assets (the so called derogation B). This has prompted the Commission to propose the removal of such requirement from the RTS.
The EBA has, therefore, amended the RTS on the basis of the Commission's proposed amendments and resubmitted the RTS in the form of a formal Opinion.
The final draft RTS specifying the derogations concerning currencies with constraints on the availability of liquid assets have been developed in accordance with Article 419(5) of the CRR and were submitted to the Commission for endorsement on 27 March 2014. On 10 October 2014, the Commission adopted its Delegated Act on the LCR (Delegated Commission Regulation (EU) 2051/61).
On 21 May 2015, the Commission informed the EBA that it, acting in accordance with the procedure set out in the fifth and sixth subparagraphs of Article 10(1) of Regulation (EU) No 1093/2010, intended to amend the final draft RTS submitted by the EBA.
Opinion on RTS on Derogations for Currencies with Constraints