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Version date: 1 July 2020 - onwards

7. Examination of the merits - assessment of the structural nature of the positions and of the intention to hedge the ratio

Assessment of the structural nature of a position

27. The following positions should be considered as positions of a structural nature:

(a) where the institution requesting the permission referred to in Article 352(2) of Regulation (EU) No 575/2013 applies the requirements of that Regulation on an individual basis, a position in the relevant currency which corresponds to investments in subsidiaries that are included in the same scope of consolidation as the institution requesting the permission;

(b) where the institution requesting the permission referred to in Article 352(2) of Regulation (EU) No 575/2013 applies the requirements of that Regulation on a consolidated basis, a position for which both of the following conditions are met:

(i) it stems from an investment in a subsidiary that has been included in the consolidation;

(ii) the currency of the position coincides with the reporting currency used by the subsidiary holding the item to which such position corresponds.

28. Other pos

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