What is meant by a "comparable guarantee" as an alternative to professional indemnity insurance, referred to in Article 5(2) of PSD2?
A comparable guarantee, as referred to in Section 5(2) of PSD2, can at any rate be understood to mean:
Explanation
The option of providing a bank guarantee comparable to the insurance is in accordance with the protection requirements pertaining to funds received by a payment institution from payment service users or other payment institutions (Article 40a of the Decree on Prudential Rules for Financial Undertakings (Besluit prudentiële regels Wft – Bpr) and funds received by an electronic money institution in exchange for electronic money (Article 40b of the Bpr).
The option of maintaining an amount of own funds that is equivalent to the insurance, or a combination of an amount of own funds and the insurance, where EUR 1 in own funds may be equated to an insurance amount of EUR 20, is in accordance with the calculation of minimum own funds or a combination with a professional indemnity insurance for investment firms under Articles 48(2) and 48(3) of the Bpr. The amount of own funds is composed as mentioned in Article 26 (1) of the Capital Requirement Regulation.
DNB has reviewed the identification and buffer requirements for systemically important banks and maintains the current requirements.
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On Tuesday 5th November from 3:00-4:45 PM CET DNB will organize a physical information session about fit and proper assessments.
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On 30 September 2024, DNB published the amendments to the two policy rules for the deposit guarantee scheme (DGS). These amendments were publicly consulted in June 2024.
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As at 30 June 2024, Dutch households held some €15 billion in bank deposits in other euro area countries, the latest figures from DNB and the European Central Bank (ECB) show. This means foreign savings keep growing.
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