S.L. 330.9 Art. 100Requirement to establishresolution financing arrangements.

(1) One or more financing arrangements shall be established for the purpose of ensuring the effective application by the Resolution Committee of the resolution tools and powers:

Provided that the use of the financing arrangements may be triggered by a designated public authority or authority entrusted with public administrative powers:

Provided further that the financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in regulations 31 and 34.

(2) The same administrative structure may be used as the financing arrangements for the purposes of the deposit guarantee scheme.

(3) Financing arrangements shall have adequate financial resources.

(4) For the purpose of sub-regulation (3), financing arrangements shall in particular have the power to:

(a) raise contributions as referred to in regulation ex-ante 103 with a view to reaching the target level specified in regulation 102;

(b) raise extraordinary contributions as referred to ex-post in regulation 104 where the contributions specified in paragraph (a) are insufficient; and

(c) contract borrowings and other forms of support as referred to in regulation 105.

(5) Save where permitted under sub-regulation (6), the financing arrangements shall be established through a fund, the use of which may be triggered by the Resolution Committee for the purposes set out in regulation 101(1).

(6) Notwithstanding sub-regulation (5), for the purpose of fulfilling the obligations under sub-regulation (1), financing arrangements may be established through mandatory contributions from institutions which are authorised in its territory, which contributions are based on the criteria referred to in Article 103(7) of the BRRD and which are not held through a fund controlled by the Resolution Committee provided that all of the following conditions are met:

(a) the amount raised by contributions is at least equal to the amount that is required to be raised under regulation 102;

(b) the Resolution Committee is entitled to an amount that is equal to the amount of such contributions, which shall be made immediately available to the Resolution Committee upon the latter’s request, for use exclusively for the purposes set out in regulation 101;

(c) the Resolution Committee notifies the European Commission of its decision to avail itself of the discretion to structure its financing arrangements in accordance with this sub-regulation;

(d) the Resolution Committee notifies the European Commission of the amount referred to in paragraph (b) at least annually; and

(e) save as laid down in this sub-regulation, the financing arrangements comply with regulations 99 to 102, regulations 103(1) to (4) and (6) and regulations 104 to 109: Provided that for the purposes of this sub-regulation, the available financial means to be taken into account in order to reach the target level specified in regulation 102 may include mandatory contributions from any scheme of mandatory contributions established at any date between 17 June 2010 and 2 July 2014 from institutions licensed in Malta for the purposes of covering the costs relating to systemic risk, failure and resolution of institutions, provided that the Resolution Committee complies with regulations 99 to 109. Contributions to deposit guarantee schemes shall not count towards the target level for resolution financing arrangements set out in regulation 102.