Irrevocable payment commitments are one of the components of the available financial means of the Fund. It is therefore necessary to specify the circumstances in which those payment commitments can be called. In the event that an entity ceases to be subject to the obligation to pay contributions to the Fund following a decision to renounce its authorisation, the irrevocable payment commitment should be cancelled. To ensure that the cancellation of the irrevocable payment commitment does not lead to a situation where the available financial means in the Fund fall below a level that the Board deems adequate, the Board should have the power to determine a contribution that the relevant entity should be required to pay. In its decision, the Board should duly consider the need to maintain a level playing field between all participating entities, including the entity that ceases to be within the scope of Article 2 of Regulation (EU) No 806/2014. The Board is to provide detailed reasons for its decision and disclose that decision, including its reasoning, in its annual report. In addition, to provide more transparency and certainty with respect to the share of irrevocable payment commitments in the total amount of ex ante contributions to be raised, the Board should determine such share on an annual basis, subject to the applicable limits. The ECB, or the relevant national competent authority, should aim to ensure that any procyclical effect of irrevocable payment commitments depending on their accounting treatment is mitigated.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
