AI Summary of Article 474 Deductions from Additional Tier 1 items
This text establishes a temporary derogation from Article 56, effective from 1 January 2014 until 31 December 2017. During this period, institutions are mandated to deduct a specified percentage from their Additional Tier 1 items, in accordance with Article 478, relative to the amounts imposed by Article 56.
Furthermore, institutions are required to adhere to the stipulations set forth in Article 475 regarding the residual amounts of the items subject to the deductions outlined in Article 56. This provision aims to ensure compliance while addressing the transitional regulatory framework.
Article 474 Deductions from Additional Tier 1 items
By way of derogation from Article 56, during the period from 1 January 2014 to 31 December 2017, the following shall apply:
(a) institutions shall deduct from Additional Tier 1 items the applicable percentage specified in Article 478 of the amounts required to be deducted pursuant to Article 56;
(b) institutions shall apply the requirements laid down in Article 475 to the residual amounts of the items required to be deducted pursuant to Article 56.