Question ID:
Legal Act:
Directive 2014/59/EU (BRRD)
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:
Not applicable
Not applicable
Disclose name of institution / entity:
Type of submitter:
Competent authority
Subject Matter:
Client money

To what extent the deposits linked to securities accounts can be qualified of “client money”?

Background on the question:

In some cases, the deposits allocated to securities accounts are accounted in the banks’ balance sheets. In this case, it is important to understand whether these deposits are in the scope of bail-in.

Date of submission:
Published as Final Q&A:
Final Answer:

The deposits should not fall under the exemption allowed by Article 44(2)(c) BRRD for client's money, unless there is a proof that the investor has already given the order to invest, at the moment of the entry into resolution, and provided that the client is protected by the applicable national insolvency law. In the case the investor has not ordered the investment yet, those deposits would fall under the exemption provided in Article 44(2)(a) BRRD with respect to covered deposits as defined in point (5) of Article 2.1 of Directive 2014/49/EU.


This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.

Final Q&A
Answer prepared by:
Answer prepared by the European Commission because it is a matter of interpretation of Union law.
Note to Q&A:

Update 26.03.2021: This Q&A has been reviewed in the light of the changes introduced to Directive 2014/59/EU (BRRD) and continues to be relevant.