Article 12h
Waiver of the minimum requirement for own funds and eligible liabilities applied to entities that are not themselves resolution entities
1.
The Board may waive the application of Article 12g in respect of a subsidiary of a resolution entity established in a participating Member State where:
(a)
both the subsidiary and the resolution entity are established in the same participating Member State and are part of the same resolution group;
(b)
the resolution entity complies with the requirement referred to in Article 12f;
(c)
there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities by the resolution entity to the subsidiary in respect of which a determination has been made in accordance with Article 21(3), in particular where resolution action is taken in respect of the resolution entity.
2.
The Board may waive the application of Article 12g in respect of a subsidiary of a resolution entity established in a participating Member State where:
(a)
both the subsidiary and its parent undertaking are established in the same participating Member State and are part of the same resolution group;
(b)
the parent undertaking complies on a consolidated basis with the requirement referred to in Article 12a(1) in that participating Member State;
(c)
there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities by the parent undertaking to the subsidiary in respect of which a determination has been made in accordance with Article 21(3), in particular where resolution action is taken in respect of the parent undertaking.