ECB Implements Loan-Level Reporting for Credit Card ABS
The European Central Bank introduced loan-level data reporting requirements for securities backed by credit card receivables that are used as collateral in monetary polilcy operations.
The requirement will be subject to a nine-month phase-in; securities that do not comply on April 1, 2014 must gradually become compliant over the following nine months.
The central bank said that deals not conforming to any of the loan-level requirements will remain eligible for use as collateral until 31 March 31, 2014.
The latest change to collateral requirements come after the ECB said last week that RMBS and SME ABS that did not comply with its new loan-level reporting requirements might still be accepted as collateral.