The National Bank of Belgium (NBB) Board renewed the other systemically important institution (O-SII) designation of eight Belgian banks that were designated as O-SIIs in 2020. These banks are BNP Paribas Fortis, KBC Group, Belfius Bank, ING Belgium, Euroclear, The Bank of New York Mellon, Argenta, and Axa Bank Belgium. For each O-SII, the NBB Board has decided to maintain the capital surcharges announced in 2015. The level of the surcharge for BNP Paribas Fortis, KBC Group, Belfius Bank, and ING Belgium has been set at 1.5% and while the surcharge level for Euroclear, The Bank of New York Mellon, Argenta, and Axa Bank Belgium has been set at 0.75%.
In addition, NBB published a circular setting out that the European Banking Authority (EBA) guidelines on the establishment of an intermediate European Union parent undertakings are being integrated into the control practice of NBB and that these guidelines are applicable to the less significant institutions. In July 2021, EBA had published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union, as laid down in the Capital Requirements Directive (CRD). The guidelines specify how third-country groups should calculate and monitor the total value of their assets in the European Union to ensure timely application of the requirements for intermediate parent undertakings.
Related Links (in French and English)
- Press Release on O-SII Surcharges
- News on Application of EBA Guidelines
- Circular on Application of EBA Guidelines (PDF)
- EBA Guidelines on Parent Undertakings, July 2021 (PDF)
Keywords: Europe, Belgium, Banking, Systemic Risk, O-SII, Regulatory Capital, Basel, Intermediate Parent Undertakings, CRD, Guideline, EBA, NBB
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