A series of decisions made by the European Central Bank's Governing Council during Summer 2013 amending the collateral eligibility requirements for asset-backed securities, have been incorporated into the General Documentation with effect from 1 October 2013. New provisions implementing the requirement for ABS currently subject to the ECB's loan-level reporting requirements to have two 'Single A' ratings at issuance, the introduction of reduced valuation haircuts for certain securities, and new rules allowing certain RMBS and SME ABS to remain eligible after 16 October 2013 despite non-compliance with the mandatory loan-level reporting requirements, have been added to the eligibility criteria along with several other, previously unannounced changes, that have necessitated a more detailed set of amendments than previously expected. For further information on these amendments, please read our Feature piece on this topic in this Edition of the SCM Briefing.

Useful links

ECB Decision ECB/2013/35

ECB Decision ECB/2013/36