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 Eurosystem’s 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.