S.L. 371.17 Art. 11Deductions from Common Equity Tier 1 items. Exemption from Deduction of Equity Holdings in Insurance Companies from Common Equity Tier 1 items.

(1) The applicable percentage for the purposes of Article

469(1)(a) of the CRR as it applies to the items referred to in points

(a)-(b) of Article 36(1) of the CRR shall be:

(a) 100% during the period from 1 January 2014 to 31 December 2014;

(b) 100% during the period from 1 January 2015 to 31 December 2015;

(c) 100% during the period from 1 January 2016 to 31 December 2016; and

(d) 100% for the period from 1 January 2017 to 31 December 2017.

(2) The applicable percentage for the purposes of Article 469(1)(a) of the CRR as it applies to the items referred to in points (c)-(h) of Article 36(1) of the CRR excluding deferred tax assets that rely on future profitability and arise from temporary differences shall be:

(a) 20% during the period from 1 January 2014 to 31 December 2014;

(b) 40% during the period from 1 January 2015 to 31 December 2015;

(c) 60% during the period from 1 January 2016 to 31 December 2016; and

(d) 80% for the period from 1 January 2017 to 31 December 2017.

(3) The applicable percentage for the purposes of Article 469(1)(c) of the CRR shall be:

(a) 20% during the period from 1 January 2014 to 31 December 2014;

(b) 40% during the period from 1 January 2015 to 31 December 2015;

(c) 60% during the period from 1 January 2016 to 31 December 2016; and

(d) 80% for the period from 1 January 2017 to 31 December 2017.

(4) By way of derogation from sub-regulation (3) above, for the items referred to in point (c) of Article 36(1) of the CRR that existed prior to 1 January 2014, the applicable percentage for the purpose of Article 469(1)(c) of the CRR shall be:

(a) 0% during the period from 1 January 2014 to 31 December 2014;

(b) 10% during the period from 1 January 2015 to 31 December 2015;

(c) 20% during the period from 1 January 2016 to 31 December 2016;

(d) 30% during the period from 1 January 2017 to 31 December 2017;

(e) 40% during the period from 1 January 2018 to 31 December 2018;

(f) 50% during the period from 1 January 2019 to 31 December 2019;

(g) 60% during the period from 1 January 2020 to 31 December 2020;

(h) 70% during the period from 1 January 2021 to 31 December 2021;

(i) 80% during the period from 1 January 2022 to 31 December 2022;

(j) 90% during the period from 1 January 2023 to 31 December 2023.

12. Repealed by Legal Notice 132 of 2022.