ECB Delays Data Warehouse
The European Central Bank (ECB) this week said it will delay implementaion of its European DataWarehouse, pushing the timeline for RMBS to Jan. 3, 2013 from Dec. 1.
RMBS issuers looking to get funding from the ECB as well as those already using these securities as collateral in the sale and repurchase agreements, are required to input data on the underlying mortgages into the European DataWarehouse (ED).
RMBS was scheduled to start its nine-month phase in period at the end of this week. Implementation for SME CLOs and CMBS has also been delayed, the former to Jan. 3 to the Jan. 1, bringing implementation in line with RMBS.
CMBS is pushed back to March 1, 2013 from Jan. 1. All other asset classes (auto ABS, credit card ABS, lease, and consumer finance) will keep their loan-level reporting deadline of January 1, 2014.
The ECB said in a press release this week that the delayed implementation timeline will allow for the smooth implementation of the necessary amendments.