Article 45g Waiver for a central body and credit institutions permanently affiliated to a central bodyF1

The resolution authority may partially or fully waive the application of Article 45f in respect of a central body or of a credit institution which is permanently affiliated to a central body, where all of the following conditions are met:

1. (a)

   the credit institution and the central body are subject to supervision by the same competent authority, are established in the same Member State and are part of the same resolution group;

2. (b)

   the commitments of the central body and its permanently affiliated credit institutions are joint and several liabilities, or the commitments of its permanently affiliated credit institutions are entirely guaranteed by the central body;

3. (c)

   the minimum requirement for own funds and eligible liabilities, and the solvency and liquidity of the central body and of all of the permanently affiliated credit institutions, are monitored as a whole on the basis of the consolidated accounts of those institutions;

4. (d)

   in the case of a waiver for a credit institution which is permanently affiliated to a central body, the management of the central body is empowered to issue instructions to the management of the permanently affiliated institutions;

5. (e)

   the relevant resolution group complies with the requirement referred to in Article 45e(3); and

6. (f)

   there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the central body and the permanently affiliated credit institutions in the event of resolution.