Updated 05/02/2025
In force

Version from: 28/03/2024
Amendments (2)
Search within this legal act
CRD IV ToolImplementing Regulation 650/2014
ANNEX IV

ANNEX IV - Implementing Regulation 650/2014

ANNEX IV

Aggregate Statistical Data

List of templates

Part 1

Consolidated data per Competent Authority

Part 2

Data on credit risk

Part 3

Data on market risk

Part 4

Data on operational risk

Part 5

Data on supervisory measures and administrative penalties

Part 6

Data on waivers

General remarks on filling in templates in Annex IV

— 
Competent authorities shall not disclose supervisory actions or decisions directed at specific institutions. When publishing information on the general criteria and methodologies, competent authorities shall not disclose any supervisory measures directed at specific institutions, whether taken with respect to a single institution or to a group of institutions.
— 
Numerical cells shall include only numbers. There shall be no references to national currencies. The currency used is euros and non-euro area Member States shall convert their national currencies into euros using the ECB exchange rates (at the common reference date, i.e. the last day of the year under review), with one decimal place when disclosing amounts in millions.
— 
Unit of disclosure shall be in millions of euro for the reported monetary amounts (hereafter – MEUR).
— 
Percentages shall be disclosed with two decimals.
— 
If data is not being disclosed, the reason for non-disclosure shall be provided using the EBA nomenclature, i.e. N/A (for not available) or C (for confidential).
— 
The data shall be disclosed on an aggregated basis without identifying individual either credit institutions or investment firms subjected to Regulation (EU) No 575/2013 and Directive 2013/36/EU, if any.
— 
The references to COREP templates pursuant to the Commission implementing regulation (EU) No 451/2021 are provided in Parts 1 to 4, where available.
— 
Competent authorities shall collect data relating to XXXX year onwards on consolidated basis. This will ensure the consistency of the information collected.
— 
The templates of this Annex shall be read in conjunction with the reporting scope of consolidation hereby defined. To ensure efficient data collection and the confidentiality, the information for credit institutions and investment firms (class one minus MiFID firms), if any, shall be reported aggregated and the same level of consolidation shall be applied in both cases.
— 
In order to ensure the coherence and comparability of reported data, the ECB shall publish only aggregate statistical data for supervised entities for which it conducts and exercises direct supervision at the reference date of the disclosure, while national competent authorities shall publish aggregate statistical data only for credit institutions not directly supervised by the ECB.
— 
The competent authorities of Member States non participating in the SSM publish aggregate data of institutions established in their jurisdictions, including the subsidiaries in their jurisdictions of institutions established in SSM participating Member States.
— 
Data shall be compiled only for investment firms subject to Directive 2013/36/EU. Investment firms which are not subject to Directive 2013/36/EU regime are excluded from the data collection exercise.

Part 1

Consolidated data per Competent Authority (year XXXX)



 

Reference to COREP template

Data

 

Number and size of credit institutions

 

 

010

Number of credit institutions

 

[Value]

020

Total assets of the jurisdiction (in MEUR) (1)

 

[Value]

030

Total assets of the jurisdiction (1) as % of GDP (2)

 

[Value]

 

Number and size of foreign credit institutions (3)

 

 

040

From third countries

Number of branches (4)

 

[Value]

050

Total assets of branches (in MEUR)

 

[Value]

060

Number of subsidiaries (5)

 

[Value]

070

Total assets of subsidiaries (in MEUR)

 

[Value]

 

Number of investment firms (6)

 

 

075

Number of investment firms

 

[Value]

 

Total capital and capital requirements of credit institutions and investment firms (6)

 

 

080

Total Common Equity Tier 1 capital as % of total capital (7)

CA1 (row 0020 / row 0010)

[Value]

090

Total Additional Tier 1 capital as % of total capital (8)

CA1 (row 0530 / row 0010)

[Value]

100

Total Tier 2 capital as % of total capital (9)

CA1 (row 0750 / row 0010)

[Value]

110

Total capital requirements (in MEUR) (10)

CA2 (row 0010) * 8%

[Value]

120

Total capital ratio (%) (11)

sum(CA1 (row 0010)) /sum(CA2 (row 0010))

[Value]

(1)   

The total assets figure shall be the total assets value of the country for the national competent authorities, only for rows 020 and 030, and for the ECB the total assets value of Significant Institutions for the whole SSM.

(2)   

GDP at market price; suggested source – Eurostat/ECB.

(3)   

EEA countries shall not be included.

(4)   

Number of branches as defined in point (17) of Article 4(1) of Regulation (EU) No 575/2013. Any number of places of business set up in the same country by a credit institution with headquarters in a third country should be counted as a single branch.

(5)   

Number of subsidiaries as defined in point (16) of Article 4(1) of Regulation (EU) No 575/2013. Any subsidiary of a subsidiary undertaking shall be regarded as a subsidiary of the parent undertaking, which is at the head of those undertakings.

(6)   

Investment firms subject to Regulation (EU) No 575/2013 and Directive 2013/36/EU

(7)   

Ratio of Common Equity Tier 1 capital as defined in Article 50 of Regulation (EU) No 575/2013 to the own funds as defined in Article 4(1), point (118) and Article 72 of that Regulation, expressed in percentage (%).

(8)   

Ratio of Additional Tier 1 Capital as defined in Article 61 of Regulation (EU) No 575/2013 to the own funds as defined in Article 4(1), point (118) and Article 72 of that Regulation, expressed in percentage (%).

(9)   

Ratio of Tier 2 Capital as defined in Article 71 of Regulation (EU) No 575/2013 to the own funds as defined in Article 4(1), point (118) and Article 72 of that Regulation, expressed in percentage (%).

(10)   

The 8 % of total risk exposure amount as defined in Article 92(3) of Regulation (EU) No 575/2013.

(11)   

The ratio of the own funds to the total risk exposure amount as defined in Article 92(2), point (c) of Regulation (EU) No 575/2013, expressed in percentage (%).

Part 2

Data on credit risk (year XXXX)



 

Credit risk data

Reference to COREP template

data

 

Credit institutions and investment firms (1) : Own funds requirements for credit risk

 

 

010

Own funds requirements for credit risk

% of total own funds requirements (2)

CA2 (row 0040) / (row 0010)

[Value]

020

Breakdown by approach

% based on the total number of credit institutions and investment firms (1) (3)

Standardised Approach (SA)

 

[Value]

030

IRB approach when neither own estimates of Loss Given Default nor conversion factors are used

 

[Value]

040

IRB approach when own estimates of Loss Given Default and/or conversion factors are used

 

[Value]

050

% based on total own funds requirements for credit risk

SA

CA2 (row 0050) / (row 0040)

[Value]

060

IRB approach when neither own estimates of Loss Given Default nor conversion factors are used

CR IRB, Foundation IRB (row 0010, col 0260) / CA2 (row 0040)

[Value]

070

IRB approach when own estimates of Loss Given Default and/or conversion factors are used

CR IRB, Advanced IRB (row 0010, col 0260) / CA2 (row 0040)

[Value]

080

Breakdown by IRB exposure class

% based on total IRB risk weighted exposure amount

IRB approach when neither own estimates of Loss Given Default nor conversion factors are used

CA2 (row 0250 / row 0240)

[Value]

090

Central governments and central banks

CA2 (row 0260 / row 0240)

[Value]

100

Institutions

CA2 (row 0270 / row 0240)

[Value]

110

Corporates - SME

CA2 (row 0280 / row 0240)

[Value]

120

Corporates - Specialised Lending

CA2 (row 0290 / row 0240)

[Value]

130

Corporates - Other

CA2 (row 0300 / row 0240)

[Value]

140

IRB approach when own estimates of Loss Given Default and/or conversion factors are used

CA2 (row 0310 / row 0240)

[Value]

150

Central governments and central banks

CA2 (row 0320 / row 0240)

[Value]

160

Institutions

CA2 (row 0330 / row 0240)

[Value]

170

Corporates - SME

CA2 (row 0340 / row 0240)

[Value]

180

Corporates - Specialised Lending

CA2 (row 0350 / row 0240)

[Value]

190

Corporates - Other

CA2 (row 0360 / row 0240)

[Value]

200

Retail - Secured by real estate SME

CA2 (row 0370 / row 0240)

[Value]

210

Retail - Secured by real estate non-SME

CA2 (row 0380 / row 0240)

[Value]

220

Retail - Qualifying revolving

CA2 (row 0390 / row 0240)

[Value]

230

Retail - Other SME

CA2 (row 0400 / row 0240)

[Value]

240

Retail - Other non-SME

CA2 (row 0410 / row 0240)

[Value]

250

Equity IRB

CA2 (row 0420 / row 0240)

[Value]

270

Other non credit-obligation assets

CA2 (row 0450 / row 0240)

[Value]

 

Credit risk data

Reference to COREP template

data

280

Credit institutions and investment firms (1) : Own funds requirements for credit risk

 

 

290

Breakdown by SA exposure class*

% based on total SA risk weighted exposure amount

Central governments or central banks

CA2 (row 0070 / row 0050)

[Value]

300

Regional governments or local authorities

CA2 (row 0080 / row 0050)

[Value]

310

Public sector entities

CA2 (row 0090 / row 0050)

[Value]

320

Multilateral Development Banks

CA2 (row 0100 / row 0050)

[Value]

330

International Organisations

CA2 (row 0110 / row 0050)

[Value]

340

Institutions

CA2 (row 0120 / row 0050)

[Value]

350

Corporates

CA2 (row 0130 / row 0050)

[Value]

360

Retail

CA2 (row 0140 / row 0050)

[Value]

370

Secured by mortgages on immovable property

CA2 (row 0150 / row 0050)

[Value]

380

Exposures in default

CA2 (row 0160 / row 0050)

[Value]

390

Items associated with particular high risk

CA2 (row 0170 / row 0050)

[Value]

400

Covered bonds

CA2 (row 0180 / row 0050)

[Value]

410

Claims on institutions and corporates with a short-term credit assessment

CA2 (row 0190 / row 0050)

[Value]

420

Collective investment undertakings

CA2 (row 0200 / row 0050)

[Value]

430

Equity

CA2 (row 0210 / row 0050)

[Value]

440

Other items

CA2 (row 0211 / row 0050)

[Value]

455

Securitisations

 

Securitisation positions

CA2 (row 0470 / row 0010)

[Value]

460

Breakdown by credit risk mitigation (CRM) approach

% based on the total number of credit institutions and investment firms (1) (4)

Financial collateral simple method

 

[Value]

470

Financial collateral comprehensive method

 

[Value]

 

 

Exposures and losses from lending collateralised by immovable property (MEUR) (5)

Reference to COREP template

data

550

Use of residential property as collateral

Sum of exposures secured by residential property (6)

CR IP Losses (row 0010, col 0050)

[Value]

560

Sum of losses stemming from lending up to the reference percentages (7)

CR IP Losses (row 0010, col 0010)

[Value]

570

Of which: immovable property valued with mortgage lending value (8)

CR IP Losses (row 0010, col 0020)

[Value]

580

Sum of overall losses (9)

CR IP Losses (row 0010, col 0030)

[Value]

590

Of which: immovable property valued with mortgage lending value (8)

CR IP Losses (row 0010, col 0040)

[Value]

600

Use of commercial immovable property as collateral

Sum of exposures secured by immovable commercial property (6)

CR IP Losses (row 0020, col 0050)

[Value]

610

Sum of losses stemming from lending up to the reference percentages (7)

CR IP Losses (row 0020, col 0010)

[Value]

620

Of which: immovable property valued with mortgage lending value (8)

CR IP Losses (row 0020, col 0020)

[Value]

630

Sum of overall losses (9)

CR IP Losses (row 0020, col 0030)

[Value]

640

Of which: immovable property valued with mortgage lending value (8)

CR IP Losses (row 0020, col 0040)

[Value]
(1)   

Investment firms subjected to Regulation (EU) No 575/2013 and Directive 2013/36/EU.

(2)   

Ratio of the own fund requirements for credit risk as defined in Article 92(3), points (a) and (f) of Regulation (EU) No 575/2013 to the total own funds as defined in Article 92(3) of that Regulation.

(3)   

If an institution uses more than one approach, it shall be counted in each of these approaches. Hence, the sum of the percentages reported for the three approaches may be higher than 100 %.

(4)   

In the exceptional cases, where an institution uses more than one approach, it shall be counted in each of these approaches. Hence, the sum of the percentages reported may be higher than 100 %.

(5)   

The amount of the estimated losses shall be reported at the reporting reference date.

(6)   

As defined in Article 430a(1), points (c) and (f) of Regulation (EU) No 575/2013, respectively; the market value and mortgage lending value according to Article 4 (1), points (74) and (76) of that Regulation; only for the part of exposure treated as fully and completely secured according to Article 124 (1) of that Regulation.

(7)   

As defined in Article 430a(1), points (a) and (d) of Regulation (EU) No 575/2013, respectively; the market value and mortgage lending value according to Article 4 (1), points (74) and (76) of that Regulation.

(8)   

When the value of the collateral has been calculated as mortgage lending value.

(9)   

As defined in Article 430a(1), points (b) and (e) of Regulation (EU) No 575/2013, respectively; the market value and mortgage lending value according to Article 4 (1), points (74) and (76) of that Regulation.

Part 3

Data on market risk  ()  (year XXXX)



 

Market risk data

Reference to COREP template

data

 

Credit institutions and investment firms (2) : Own funds requirements for market risk

 

 

010

Own funds requirements for market risk

% of total own funds requirements (3)

CA2 (row 0520) / (row 0010)

[Value]

020

Breakdown by approach

% based on the total number of credit institutions and investment firms (2) (4)

Standardised approach

 

[Value]

030

Internal models

 

[Value]

040

% based on total own funds requirements for market risk

Standardised approach

CA2 (row 0530) / (row 0520)

[Value]

050

Internal models

CA2 (row 0580) / (row 0520)

[Value]

(1)   

The template shall include information on all institutions and not only on those with market risk positions.

(2)   

Investment firms subjected to Regulation (EU) No 575/2013 and Directive 2013/36/EU.

(3)   

Ratio of the total risk exposure amount for position, foreign exchange and commodities risks as defined in Articles 92(3), points (b)(i) and (c) of Regulation (EU) No 575/2013 and Article 92(4), point (b) of that Regulation to the total risk exposure amount as defined in Article 92(3) of that Regulation.

(4)   

If an institution uses more than one approach, it shall be counted in each of these approaches. Hence, the sum of the percentages reported may be higher than 100 %, but also lower than 100 % as entities with small trading portfolio are not obliged to determine market risk.

Part 4

Data on operational risk (year XXXX)



 

Operational risk data

Reference to COREP template

data

 

Credit institutions and investment firms (1) : Own funds requirements for operational risk

 

 

010

Own funds requirements for operational risk

% of total own funds requirements (2)

CA2 (row 0590) / (row 0010)

[Value]

020

Breakdown by approach

% based on the total number of credit institutions and investment firms (1) (3)

Basic Indicator Approach (BIA)

 

[Value]

030

Standardised Approach (TSA) /Alternative Standardised Approach (ASA)

 

[Value]

040

Advanced Measurement Approach (AMA)

 

[Value]

050

% based on total own funds requirements for operational risk

BIA

CA2 (row 0600) / (row 0590)

[Value]

060

TSA/ASA

CA2 (row 0610) / (row 0590)

[Value]

070

AMA

CA2 (row 0620) / (row 0590)

[Value]

 

Credit institutions and investment firms (1) : Losses due to operational risk

 

 

080

Total gross loss

Total gross loss as % of total gross income (4)

OPR Details (row 0920, col 0080) / OPR (sum (row 0010 to row 0130), col 0030)

[Value]

(1)   

Investment firms subjected to Regulation (EU) No 575/2013 and Directive 2013/36/EU

(2)   

Ratio of the total risk exposure amount for operational risk as defined in Article 92(3) of Regulation (EU) No 575/2013 to the total risk exposure amount as defined in Article 92(3) of that Regulation (in %).

(3)   

If an institution uses more than one approach, it shall be counted in each of these approaches. Hence, the sum of the percentages reported may be higher than 100 %.

(4)   

Only with respect to entities, which use AMA or TSA/ASA approach; ratio of the total loss amount for all business lines to the sum of the relevant indicator for banking activities subject to TSA/ASA and AMA for the last year (in %).

Part 5

Data on supervisory measures and administrative penalties  ()  (year XXXX)



 

Supervisory measures

data

 

Credit institutions and investment firms (2)

 

010

Supervisory measures taken in accordance with Article 102(1)(a)

Total number of supervisory measures taken in accordance with Article 104(1) of Directive 2013/36/EU:

[Value]

011

to hold own funds in excess of the minimum capital requirements [Article 104(1)(a)]

[Value]

012

to reinforce governance arrangements and internal capital management [Article 104(1)(b)]

[Value]

013

to present a plan to restore compliance with supervisory requirements [Article 104(1)(c)]

[Value]

014

to apply a specific provisioning policy or treatment of assets [Article 104(1)(d)]

[Value]

015

to restrict/limit business or activities [Article 104(1)(e)]

[Value]

016

to reduce the risk inherent in the activities, products and systems [Article 104(1)(f)]

[Value]

017

to limit variable remuneration [Article 104(1)(g)]

[Value]

018

to strengthen own funds by using net profits [Article 104(1)(h)]

[Value]

019

to restrict/prohibit distributions or interest payments [Article 104(1)(i)]

[Value]

020

to impose additional or more frequent reporting requirements [Article 104(1)(j)]

[Value]

021

to impose specific liquidity requirements [Article 104(1)(k)]

[Value]

022

to impose additional disclosure requirements [Article 104(1)(l)]

[Value]

023

Number and nature of other supervisory measures taken (not listed in Article 104(1) of Directive 2013/36/EU)

[Value]

024

Supervisory measures taken in accordance with Article 102(1)(b) and other provisions of Directive 2013/36/EU or Regulation (EU) No 575/2013

Total number of supervisory measures taken in accordance with Article 104(1) of Directive 2013/36/EU:

[Value]

025

to hold own funds in excess of the minimum capital requirements [Article 104(1)(a)]

[Value]

026

to reinforce governance arrangements and internal capital management [Article 104(1)(b)]

[Value]

027

to present a plan to restore compliance with supervisory requirements [Article 104(1)(c)]

[Value]

028

to apply a specific provisioning policy or treatment of assets [Article 104(1)(d)]

[Value]

029

to restrict/limit business or activities [Article 104(1)(e)]

[Value]

030

to reduce the risk inherent in the activities, products and systems [Article 104(1)(f)]

[Value]

031

to limit variable remuneration [Article 104(1)(g)]

[Value]

032

to strengthen own funds by using net profits [Article 104(1)(h)]

[Value]

033

to restrict/prohibit distributions or interest payments [Article 104(1)(i)]

[Value]

034

to impose additional or more frequent reporting requirements [Article 104(1)(j)]

[Value]

035

to impose specific liquidity requirements [Article 104(1)(k)]

[Value]

036

to impose additional disclosure requirements [Article 104(1)(l)]

[Value]

037

Number and nature of other supervisory measures taken (not listed in Article 104(1) of Directive 2013/36/EU)

[Value]

 

 

Administrative penalties (3)

data

 

Credit institutions and investment firms (2)

 

065

Administrative penalties

(for breaches of authorisation/ acquisitions of qualifying holding requirements)

Total number of administrative penalties from Article 66(2) of Directive 2013/36/EU applied:

[Value]

066

public statements identifying the natural/legal person responsible and the nature of the breach [Article 66(2)(a)]

[Value]

067

orders requiring the natural/legal person responsible to cease the conduct and to desist from a repetition of that conduct [Article 66(2)(b)]

[Value]

068

administrative pecuniary penalties imposed on legal/natural person [points (c) to (e) of Article 66(2)]

[Value]

069

suspensions of the voting rights of shareholders [Article 66(2)(f)]

[Value]

070

Number and nature of other administrative penalties applied (not specified in Article 66(2) of Directive 2013/36/EU)

[free text]

071

Administrative penalties (for other breaches of requirements imposed by Directive 2013/36/EU or Regulation (EU) No 575/2013)

Total number of administrative penalties from Article 67(2) of Directive 2013/36/EU applied:

[Value]

072

public statements identifying the natural/legal person responsible and the nature of the breach [Article 67(2), point (a)]

[Value]

073

orders requiring the natural/legal person responsible to cease the conduct and to desist from a repetition of that conduct [Article 67(2), point (b)]

[Value]

074

withdrawals of authorisation of credit institution and investment firm [Article 67(2), point (c)]

[Value]

075

temporary bans against natural person from exercising functions in credit institutions and investment firms [Article 67(2), point (d)]

[Value]

076

administrative pecuniary penalties imposed on legal/natural person [Article 67(2), point (e) to (g)]

[Value]

077

Number and nature of other administrative penalties applied (not specified in Article 67(2) of Directive 2013/36/EU)

[free text]

(1)   

Information shall be reported based on the date of decision.


Due to differences in national regulations as well as in supervisory practices and approaches across the competent authorities the figures provided in this table might not allow for a meaningful comparison between jurisdictions. Any conclusions without carefully considering these differences can be misleading.

(2)   

Investment firms subjected to Regulation (EU) No 575/2013 and Directive 2013/36/EU.

(3)   

The administrative penalties imposed by competent authorities. Competent authorities shall report all administrative penalties against which there is no appeal available in their jurisdiction by the reference date of the disclosure. Competent authorities of Member States where it is permitted to publish administrative penalties subject to an appeal, shall also report those administrative penalties unless the appeal annulling the administrative penalty is issued.

Competent authorities shall not disclose supervisory actions or decisions directed at specific institutions. When publishing information on the general criteria and methodologies, competent authorities shall not disclose any supervisory measures directed at specific institutions, whether taken with respect to a single institution or to a group of institutions.

Part 6

Data on waivers  ()  (year XXXX)



 

Exemption from the application on an individual basis of prudential requirements set out in Parts Two, Three, Four, Seven, Seven A and Eight of Regulation (EU) No 575/2013 and in Chapter 2 of Regulation (EU) 2017/2402

 

Legal reference in Regulation (EU) No 575/2013

Article 7(1) and (2)

(waivers for subsidiaries) (2)

Article 7(3)

(waivers for parent institutions)

010

Total number of waivers granted

[Value]

[Value]

011

Number of waivers granted to parent institutions which have or hold participations in subsidiaries established in third countries

N/A

[Value]

012

Total amount of consolidated own funds held in the subsidiaries established in third countries (in MEUR)

N/A

[Value]

013

Percentage of the total consolidated own funds held in subsidiaries established in third countries (%)

N/A

[Value]

014

Percentage of the consolidated own funds requirements allocated to subsidiaries established in third countries (%)

N/A

[Value]

 

Permission granted to parent institutions to incorporate subsidiaries in the calculation of their prudential requirements set out in Parts Two, Three, Four, Seven, Seven A and Eight of Regulation (EU) No 575/2013 and in Chapter 2 of Regulation (EU) 2017/2402

 

Legal reference in Regulation (EU) No 575/2013

Article 9(1)

(Individual consolidation method)

015

Total number of permissions granted

[Value]

016

Number of permissions granted to parent institutions to incorporarte subsidiaries established in third countries in the calculation of their requirement

[Value]

017

Total amount of consolidated own funds held in the subsidiaries established in third countries (in MEUR)

[Value]

018

Percentage of the total consolidated own funds held in subsidiaries established in third countries (%)

[Value]

019

Percentage of the consolidated own funds requirements allocated to subsidiaries established in third countries (%)

[Value]

 

Exemption from the application on an individual basis of liquidity requirements set out in Part Six of Regulation (EU) No 575/2013

 

Legal reference in Regulation (EU) No 575/2013

Article 8

(Liquidity waivers for subsidiaries)

020

Total number of waivers granted

[Value]

021

Number of waivers granted pursuant to Article 8(2) where all institutions within a single liquidity sub-group are authorised in the same Member State

[Value]

022

Number of waivers granted pursuant to Article 8(3) where all institutions within a single liquidity sub-group are authorised in several Member States

[Value]

023

Number of waivers granted pursuant to Article 8(4) to institutions which are members of the same Institutional Protection Scheme

[Value]

 

Exemption from the application on an individual basis of prudential requirements set out in Parts Two to Eight of Regulation (EU) No 575/2013 and Chapter 2 of Regulation (EU) 2017/2402

 

Legal reference in Regulation (EU) No 575/2013

Article 10

(Credit institutions permanently affiliated to a central body)

024

Total number of waivers granted

[Value]

025

Number of waivers granted to credit institutions permanently affiliated to a central body

[Value]

026

Number of waivers granted to central bodies

[Value]

(1)   

Competent authorities shall report Information on waiver practices based on the total number of waivers by the competent authority, which are still effective or in force. The information to be reported is limited to those entities granted a waiver. Where the information is not available, i.e. not part of the regular reporting, it shall be reported as ‘N/A’.

(2)   

The number of institutions which have been granted the waiver shall be used as a basis for counting the waivers.