Article 428k
0 % available stable funding factor
1.
Unless otherwise specified in Articles 428l to 428o, all liabilities without a stated maturity, including short positions and open maturity positions, shall be subject to a 0 % available stable funding factor, with the exception of the following:
(a)
deferred tax liabilities, which shall be treated in accordance with the nearest possible date on which such liabilities could be realised;
(b)
minority interests, which shall be treated in accordance with the term of the instrument.
2.
Deferred tax liabilities and minority interests as referred to in paragraph 1 shall be subject to one of the following factors:
(a)
0 %, where the effective residual maturity of the deferred tax liability or minority interest is less than six months;
(b)
50 %, where the effective residual maturity of the deferred tax liability or minority interest is a minimum of six months but less than one year;
(c)
100 %, where the effective residual maturity of the deferred tax liability or minority interest is one year or more.
3.
The following liabilities and capital items or instruments shall be subject to a 0 % available stable funding factor:
(a)
trade date payables arising from purchases of financial instruments, of foreign currencies and of commodities, that are expected to settle within the standard settlement cycle or period that is customary for the relevant exchange or type of transactions, or that have failed to settle but are nonetheless expected to settle;
(b)
liabilities that are categorised as being interdependent with assets in accordance with Article 428f;
(c)
liabilities with a residual maturity of less than six months provided by:
(i)
the ECB or the central bank of a Member State;
(ii)
the central bank of a third country;
(iii)
(d)
any other liabilities and capital items or instruments not referred to in Articles 428l to 428o.
4.
Institutions shall apply a 0 % available stable funding factor to the absolute value of the difference, if negative, between the sum of fair values across all netting sets with positive fair value and the sum of fair values across all netting sets with negative fair value calculated in accordance with Article 428d.
The following rules shall apply to the calculation referred to in the first subparagraph:
(a)
variation margin received by institutions from their counterparties shall be deducted from the fair value of a netting set with positive fair value where the collateral received as variation margin qualifies as a level 1 asset pursuant to the delegated act referred to in Article 460(1), excluding extremely high quality covered bonds specified in that delegated act, and where institutions are legally entitled and operationally able to reuse that collateral;
(b)
all variation margin posted by institutions with their counterparties shall be deducted from the fair value of a netting set with negative fair value.