Timeline

December 2009 – April 2010: Study phase

The Eurosystem investigated with a number of market participants the usefulness of having ABS loan-by-loan information in its collateral framework.
The ECB launched a public consultation on the matter on 23 December 2009.
The consultation period ended on 26 February 2010 and revealed strong support for the initiative (public consultation)
In the light of that support, the Governing Council decided in April 2010 that preparations for the establishment of loan-level information requirements for ABSs in the Eurosystem collateral framework should commence.

The project team worked to develop loan-level data templates and to define the key elements of the initiative. Rapid progress was made thanks to the close collaboration of several senior market participants via Technical Working Group.
The preparatory phase ended with the announcement of the establishment of loan-by-loan information requirements on 16 December 2010.

The Eurosystem will continue to accept securities not meeting the criteria until the obligation to submit loan-level data comes into force.
In 2011 the Eurosystem will actively encourage market participants to establish a data handling infrastructure to facilitate the transmission of loan-level data.
When the necessary data-handling infrastructure has been established, the provision of loan-by-loan information will become an eligibility requirement for the instruments concerned. The Eurosystem will continue to accept securities which do not meet the criteria so long as the provision of that information remains voluntary.