EU Issues Correction to Rule on Prudential Backstop for Bank NPEs
EU published, in the Official Journal of the European Union, a corrigendum to Regulation 2019/630, which amends the Capital Requirements Regulation or CRR (575/2013), regarding minimum loss coverage for non-performing exposures. The corrigendum involves corrections on page 8, Article 1(2), second subparagraph of the new Article 47a(6), introductory part.
The corrigendum specifies that full and timely repayment may be considered likely where the obligor has executed regular and timely payments of amounts equal to either of the following:
- Amount that was past due before the forbearance measure was granted, where there were amounts past due
- Amount that has been written-off under the forbearance measures granted, where there were no amounts past due
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Keywords: Europe, EU, Banking, NPE, Prudential Backstops, CRR, Regulation 2019/630, Corrigendum, Basel, EC
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