FRANKFURT (MNI) – The following is a press release from the
European Central Bank announcing the new timeline for the start of the
loan-level reporting requirements for asset-backed securities as part
of the Eurosystem’s collateral framework:
ECB ANNOUNCES RESCHEDULING OF LOAN-LEVEL DATA REPORTING REQUIREMENTS
On 6 July 2012 the European Central Bank (ECB) announced the future
timeline for the start of the loan-level data reporting requirements for
asset-backed securities as part of the Eurosystems collateral
framework. In order to ensure that all the necessary amendments will
have been made to Guideline ECB/2011/14 at the national level, the
Governing Council of the ECB has decided to adjust this timeline as
follows:
For residential mortgage-backed securities, the reporting
requirements will be mandatory as of 3 January 2013.
For asset-backed securities, where the cash-flow generating assets
comprise loans to small and medium-sized enterprises, the reporting
requirements will be mandatory as of 3 January 2013.
For commercial mortgage-backed securities, the reporting
requirements will be mandatory as of 1 March 2013.
The nine-month transitional phase for each asset class, starting on
the dates indicated above, will also be adjusted accordingly.
These slight postponements will allow for the smooth implementation
of the necessary amendments.
For other asset classes (i.e. auto loans, consumer finance loans
and leasing receivables) the date of entry into force remains as
originally announced, namely 1 January 2014.
[TOPICS: M$$EC$,M$X$$$,M$$CR$,MT$$$$]