ECB : loan level reporting requirements
 

The Governing Council of the European Central Bank (ECB) decided in December 2010 to implementloan-level data reporting requirements for asset-backed securities (ABSs) as part of the Eurosystem’scollateral framework. Preparatory work has been concluded and the Governing Council also took noteof the creation of a European DataWarehouse, the single loan-level data repository that could be usedfor the handling of loan-level data reporting. In this context, the mandatory provision of loan-by-loan information for ABSs is to be introduced as follows:

􀁸 for residential mortgage-backed securities, this will be mandatory as of 1 December 2012;
􀁸 for ABSs whose underlying assets include loans to small and medium-sized enterprises, and for
commercial mortgage-backed securities, it will be mandatory as of 1 January 2013;
􀁸 for consumer finance ABSs, leasing ABSs and auto loan ABSs, it will be mandatory as of 1 January
2014. Loan-level data are to be provided in accordance with the templates available on the ECB’s website, at least on a quarterly basis. The Governing Council has also decided on details and modalities of the implementation process, which are outlined below.
Details relating to loan-level data reporting
􀁸 A nine-month phasing-in period, starting on the date indicated above, applies for each asset class. Where loan-level data are incomplete on that date, they must gradually be completed in the course of that transitional period.
􀁸 To monitor compliance with the loan-level template requirements and to check the timeliness,
consistency and level of completeness of loan-level data, the single loan-level data repository will
automatically check ABSs for which loan-level data are submitted and assign them a score. This
score will strictly reflect the specific requirements set out in the provisions governing the
Eurosystem’s collateral framework.
European Central Bank:
Directorate Communications/Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main

Internet: http://www.ecb.europa.eu
Reproduction is permitted provided that the source is acknowledged
􀁸 To enable effective reporting of loan-level data, the cash flow-generating assets backing an ABS must
all belong to the same asset class – i.e. the ABS’s underlying assets must consist of a homogeneous
pool, so loan-level data can be reported in one single template matching the underlying assets.
􀁸 ABSs that are unable to comply with the loan-level data reporting requirements because they
consist of mixed pools of heterogeneous underlying assets and/or do not conform to any of the
loan-level templates will remain eligible until 31 March 2014.
These requirements will be introduced by means of an amendment to the Guideline of the ECB of
20 September 2011 on monetary policy instruments and procedures of the Eurosystem
(recast) (ECB/2011/14).

Bron: politics.be