5. For the purpose of these guidelines the following definitions apply: i. ‘payment commitments’ …

For the purpose of these guidelines the following definitions apply:

• i. ‘payment commitments’ means payment commitments as defined in point (13) of Article 2(1), of Directive 2014/49/EU;
• ii. ‘low-risk assets’ means low-risk assets as defined in point (14) of Article 2(1) of Directive 2014/49/EU. The low-risk assets for the purpose of collateral in these guidelines may consist of financial instruments or cash;
• iii. ‘payment commitment arrangement’ means the arrangement to be entered into between the DGS and the credit institution, providing for the terms and conditions for the inclusion of payment commitments of a credit institution within the available financial means of a DGS, and in particular (i) the indication by the DGS of the payment commitment amount and (ii) the credit institution’s irrevocable and collateralised obligation towards the DGS to pay the Payment Commitment Amount at the DGS’s request within the deadline set in the arrangement;
• iv. ‘payment commitment amount’ means the share and the monetary amount of the contribution to the DGS as required by the DGS, which the credit institution undertakes to provide by means of the payment commitment under the terms and conditions of the payment commitment arrangement;
• v. ‘security financial collateral arrangement’, in line with the definition set out in Article 2(1)(c) of Directive 2002/47/EC, means an arrangement, governed by the law transposing Directive 2002/47/EC, under which the credit institution secures the obligations undertaken in the payment commitment arrangement by providing collateral made up of low-risk assets by way of security to the DGS, where the full ownership of the low-risk assets provided as collateral remains with the credit institution when the security right is established;
• vi. ‘title Transfer Financial Collateral Arrangement’, in line with the definition set out in Article 2(1)(b) of the Financial Collateral Directive, means an arrangement, governed by the law transposing the Financial Collateral Directive, under which the credit institution secures the obligations undertaken in the payment commitment arrangement by transferring the full ownership of the low-risk assets to the DGS;
• vii. ‘Financial collateral arrangement’ means a security financial collateral arrangement or a title transfer financial collateral arrangement;
• viii. ‘enforcement event’, means an event entailing the acceleration of the obligation to pay the payment commitment amount so that it becomes immediately due. Under the terms of the Financial Collateral Arrangements and in line with Article 2(1)(l) of Directive 2002/47/EC or by operation of law, the occurrence of an enforcement event entitles the DGS to realise the low-risk assets collateral provided by the credit institution by way of sale or of appropriation without the need of prior jurisdictional notice or authorisation;
• ix. ’winding-up proceedings’ means winding-up proceedings as defined in Article 2 of Directive 2001/24/EC on the reorganisation and winding up of credit institutions;
• x. ‘reorganisation measures’ means reorganisation measures as defined in Article 2 of Directive 2001/24/EC on the reorganisation and winding up of credit institutions;
• xi. ‘early intervention measures’ means measures taken by competent authorities pursuant to Articles 27 to 30 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;
• xii. ‘crisis management measures’ means crisis management measures as defined in Article 2(102) of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

1. Forbhreathnú

1.1 Tagairtí

• Article 2 1.
• Article 2 Definitions

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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