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20 August 2010

CRD III: ECB Opinion on Trading Book, Re-Securitization and Remuneration


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Die Stellungnahme äußerte sich besorgt über die Verlängerung der Ausnahmeregelung für Forderungen in Form von gedeckten Schuldverschreibungen, abgesichert durch Darlehen, die wiederum durch Wohn- und Gewerbeimmobilien besichert sind.


The opinion expressed concern about the extension of the waiver for exposures in the form of covered bonds, collateralized by loans secured by residential and commercial real estate. The opinion warns that a possible consequence of the proposed directive could be to provide strong incentives for monetary policy counterparties to package asset-backed securities into the cover pool of such covered bonds, thereby obtaining more favorable treatment, to the detriment of the Eurosystem’s risk exposure.
 
 


© ECB - European Central Bank


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