Recital 5

(5)Pursuant to Article 4(1)(b) and (d) of Regulation (EU) No 1024/2013 in conjunction with Article 34(1)(d) of Directive 2013/36/EU of the European Parliament and of the Council ⁴ , the ECB is exclusively competent to carry out the task, which the competent authority of the home Member State has under relevant Union law, of granting consent to a (significant) credit institution that has declared its intention to jointly and severally guarantee the commitments entered into by its subsidiary financial institution, which intends to carry out activities listed in Annex I of Directive 2013/36/EU in a participating Member State or in another Member State, either by establishing a branch or by providing services.