Article 33 Temporary Waiver from Deduction of Own Funds for the Purposes of Article 79(1) of the CRR | Prudential Regulation Authority Handbook & Rulebook
Prudential Regulation Authority Rulebook

Prudential Regulation Authority Rulebook

Part

Own Funds and Eligible Liabilities (CRR)

Article

Article 33 Temporary Waiver from Deduction of Own Funds for the Purposes of Article 79(1) of the CRR

Printed on: 20/06/2025

Rulebook at: 31/10/2023


Article 33 Temporary Waiver from Deduction of Own Funds for the Purposes of Article 79(1) of the CRR

1.

A temporary waiver shall be of a duration that does not exceed the timeframe envisaged under the financial assistance operation plan. That waiver shall not be granted for a period longer than 5 years.

  • 01/01/2023

2.

If granted by the PRA, a temporary waiver shall apply only in relation to new holdings of own funds instruments in a financial sector entity subject to the financial assistance operation.

  • 01/01/2023

3.

For the purposes of providing a temporary waiver for deduction from own funds, the PRA may deem the holdings referred to in Article 79(1) of the CRR to be held for the purposes of a financial assistance operation designed to reorganise and save a financial sector entity where the operation is carried out under a plan and approved by the PRA, and where the plan clearly states phases, timing and objectives and specifies the interaction between the holdings and the financial assistance operation.

[Note: This rule corresponds to Article 33 of Part 2 of Regulation (EU) No 241/2014 as it applied immediately before revocation by the PRA.]

  • 01/01/2023