As announced in late 2010, the European Central Bank (ECB) is introducing mandatory loan-level reporting requirements for asset-backed securities (ABS) submitted as collateral to its repo facility.  The provision of loan-level information as an eligibility requirement is being phased-in on different timescales for different asset classes, with RMBS transactions the first to be required to provide loan-level information using a standardised Reporting Template and Taxonomy (which provides guidance on completion of the Template), from 1 December 2012.  The ECB has now announced that mandatory reporting for RMBS will now begin just over one month later than planned, on 3 January 2013.  SME ABS will be required to meet the same deadline.  Reporting for CMBS transactions is required from 1 March 2013.  Consumer finance ABS, leasing ABS and auto loan ABS will also need to comply with these reporting requirements, but not until 1 January 2014.  Each of these dates is subject to a nine-month phasing-in period allowing securities that do not fully meet all of the loan-level reporting requirements at the compliance date to be/remain eligible (with a view to becoming fully compliant within those nine months). 

The new reporting requirements have now been incorporated into the eligibility requirements for ABS as set out in the ECB's General Documentation (see in particular the new Appendix 8).  Guideline ECB/2012/25 makes the relevant amendments, and incorporates a series of other adjustments into the General Documentation, all of which apply from 3 January 2013. 

Useful links

ECB Press Release

ECB Loan-Level Data page

ECB General Documentation, Guideline ECB/2012/25