(3)The conditions for the assessment of IPSs for prudential purposes are stipulated in Article 113(7) of Regulation (EU) No 575/2013. This Regulation gives some discretion to competent authorities when developing the supervisory assessment required to determine if the conditions are met. To ensure coherence, effectiveness and transparency, the ECB added a new chapter to the ‘ECB Guide on options and discretions available in Union law’ concerning the approach for the recognition of institutional protection schemes (IPS) for prudential purposes 3 , which specifies how the ECB will assess the compliance of IPSs and their members with the abovementioned conditions.
Recital 3
- 3 This chapter of the Guide was adopted in July 2016. The consolidated version of the ‘ECB Guide on options and discretions available in Union law’ is available on the ECB's banking supervision website at www.bankingsupervision.europa.eu ↩