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| 9. | Subsidies and guarantees can be considered significant for the purposes of Article 133(5) CRR under different conditions: (a) if the legislative programme involves the co-investment into funds investing in equity, where the public participation is at least 10 % of the total amount of the fund; or (b) if the co-investment by the public sector is at least 10 % of the capital of an entity eligible under the respective legislative programme; and/or (c) if the public intervention achieves a reduction of the exposure value of institutions by at least 20 %. The compliance with such conditions should be assessed at the first round of funding of each legislative programme. During the subsequent stages of each legislative programme, the levels of co-investment by the public sector and/or the reduction of the exposure value of the institutions can vary if they reflect the positive performance of the investment or an enlarged pool of investors.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.