Amendment of the law on credit institutions

Amendment of the law on credit institutions’ own funds and on credit institution deposit guarantee funds.

Law 6/2011 of 11 April 2011 (BOE of 12 April 2011) amended Law 13/1985 of 25 May 19851 on investment ratios, own funds and reporting requirements for financial intermediaries, Law 24/1988 of 28 July 19882 on the securities market and Legislative Royal Decree 1298/1986 of 28 June 19863 on the adaptation of current credit institution law to EU legislation.
The purpose of the Law is to commence transposition of Directive 2009/111/EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2006/48/ EC, 2006/49/EC and 2007/64/EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements, and crisis management.

More recently, Royal Decree 771/2011 of 3 June 2011 (BOE of 4 June 2011) amended Royal Decree 216/2008 of 15 February 20084 on financial institutions’ own funds and Royal Decree 2606/1996 of 20 December 19965 on credit institution deposit guarantee funds. This Royal Decree implements Law 2/2011 of 4 March 2011 on sustainable economy and Law 6/2011 of 11 April 2011. It also makes headway in the transposition of Directive 2009/111/EC and of Dire ctive 2010 /76/E U o f the European Parliament and of the Council of 24 November 20106 amending Directives 2006/48/EC and 2006/49/EC as regards capital
requirements for the trading book and for resecuritisations and the supervisory review of remuneration policies.
It also takes the opportunity to introduce a new legal regime governing additional contributions to credit institution deposit guarantee funds based on the remuneration of the deposits, in line with the provisions being adopted in this connection in the EU.
More information:  Management