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  1. Home
  2. Single Rulebook Q&A
  3. 2025_7322 Classification as a “specialised debt restructurer” (SDR) pursuant to Article 36(5) of Regulation No 575/2013
Question ID
2025_7322
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Other issues
Article
36
Paragraph
5
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Not applicable
Article/Paragraph
Not applicable
Type of submitter
Credit institution
Subject matter
Classification as a “specialised debt restructurer” (SDR) pursuant to Article 36(5) of Regulation No 575/2013
Question

To be classified as specialised debt restructurer in accordance with Article 36(5) of the Regulation No 575/2013 (CRR), an institution’s sight deposits must not exceed 5% of its total liabilities.

How should the term “sight deposits” be interpreted in the context of the Article 36(5) of the CRR?

Background on the question

There is no definition of “sight deposits” (sometimes also referred to as “overnight deposits”) in the Regulation (EU) No 575/2013 (CRR).

However, there are several ways of understanding the term “sight deposits” available from others European legal or regulatory texts. In particular:

Overnight deposits has been described as “Deposits which are convertible into currency and/or which are transferable on demand by cheque, banker’s order, debit entry or similar means, without significant delay, restriction or penalty.” (cf. Section 5.1 of Annex II of the Regulation (EU) No 1074/2013.)

“Sight deposits are deposits legally redeemable immediately at demand without significant delay, restriction or penalty” (cf. 2023 EU-Wide Stress Test Methodological Note para. 341).

Sight deposits has also been described as “all cash deposits that can be immediately withdrawn without notice” and “sight deposits should be assumed to mature overnight, therefore the related volume and spreads should be reported in the ‘overnight bucket’” (cf. EBA Question ID 2015_1901).

Deposits redeemable at notice has been described as “Non-transferable deposits without any agreed maturity which cannot be converted into currency without a period of prior notice” (cf. Section 5.3 Annex II of the Regulation (EU) No 1074/2013).

The common criterion seems to be that sight deposits requires the deposits to be available for the depositor immediately or without significant delay, thus more similar to so-called transaction accounts which handles day-to-day business and payments for the depositor, as opposed to so-called savings accounts where the intention of the depositor is to earn interest and reach saving goals and where the deposits are available subject to a notice period.

Submission date
27/01/2025
Rejected publishing date
20/03/2025
Rationale for rejection

This question has been rejected because it is considered that the existing regulatory framework is sufficiently clear and unambiguous, or where different practices may be possible but it is not currently necessary to harmonise these further through the Q&A process.

The Single Rule Book Q&A tool has been established to provide explanations and non-binding interpretations on questions relating to the practical application or implementation of the provisions of legislative acts referred to in Article 1(2) of the EBA’s founding Regulation, as well as associated delegated and implementing acts, and guidelines and recommendations, adopted under these legislative acts.

For further information on the purpose of this tool and on how to submit questions, please see “Additional background and guidance for asking questions”.

Status
Rejected question

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