The consultation includes the use of standardised loan-level reporting templates for European ABS transactions and for each asset class. However, loan-by-loan information would not be required for all asset classes.
The consultation on the establishment of loan-by-loan information requirements for asset-backed securities includes the use of standardised loan-level reporting templates for all European ABS transactions and for each asset class.
To provide the ABS loan-by-loan information, a data-handling infrastructure (data portals) will be needed to collect and store the information. The number and organisation of the data portals are still discussed.
Purpose of the consultation is to increase the disclosure standards for the securitisation markets. However, loan-by-loan information would not be required for all asset classes because for some of the more granular and well-diversified ABSs, such as consumer loan ABSs, pool or summarised loan-level information may suffice.
The implementation date is expected to be in the spring of 2011 and will depend on the data-handling infrastructure finally selected.
The Eurosystem will consider the results of this public consultation before taking any further steps in the assessment of the loan-level data as an eligibility criterion in the Eurosystem collateral framework.
The deadline for comments is 26 February 2010.
Full consultation document
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