Frequently asked questions

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href="/mopo/html/index.en.html">Prezentare generală a politicii monetare și a piețelor</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Ce este politica monetară?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Evaluarea strategiei</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Programele de achiziționare de active</a></li> </ul> </div><a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Cea mai recentă conferință de presă privind politica monetară</div> <div class="image-date">30 ianuarie 2025</div></a></div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.ro.html">Introducere</a><a href="#" class="subpages" title="toggle subpages for Introducere"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.ro.html">Avantajele stabilității prețurilor</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.ro.html">Sfera de aplicare a politicii monetare</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.ro.html">Mecanismul de transmisie</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.ro.html">Decizii, declarații și dări de seamă</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.ro.html">Strategia de politică monetară</a><a href="#" class="subpages" title="toggle subpages for Strategia de politică monetară"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.ro.html">Evaluarea strategiei</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.ro.html">Orientarea pe termen mediu</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.ro.html">Ținta 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href="/mopo/coll/standards/marketable/html/index.ro.html">Active tranzacționabile</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.ro.html">Active netranzacționabile</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.ro.html">Lista activelor tranzacționabile eligible</a><a href="#" class="subpages" title="toggle subpages for Lista activelor tranzacționabile eligible"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.ro.html">Ghid de utilizare</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.ro.html">Mobilizarea garanțiilor</a><a href="#" class="subpages" title="toggle subpages for Mobilizarea garanțiilor"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.ro.html">Modelul băncilor centrale corespondente</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.ro.html">Sisteme eligibile de decontare a instrumentelor financiare</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.ro.html">Conexiuni eligibile</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.ro.html">Agenți tripartiți eligibili</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.ro.html">Reducerea riscurilor</a><a href="#" class="subpages" title="toggle subpages for Reducerea riscurilor"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.ro.html">Cadrul Eurosistemului de evaluare a creditelor</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.ro.html">Controlul riscurilor</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.ro.html">Categorii de marje de ajustare a valorii</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.ro.html">Evaluare</a></li></ul></li><li class="has-subpages -section"><a href="/mopo/coll/loanlevel/html/index.ro.html">Inițiativa privind informațiile la nivel de credit</a><a href="#" class="subpages" title="toggle subpages for Inițiativa privind informațiile la nivel de credit"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.ro.html">Modele de date</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.ro.html">Cerințe de eligibilitate</a></li><li class="clearfix -current"><a href="/mopo/coll/loanlevel/faq/html/index.ro.html">Întrebări frecvente</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.ro.html">Contacte</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.ro.html">Structura economiei zonei euro</a><a href="#" class="subpages" title="toggle subpages for Structura economiei zonei euro"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.ro.html">Politica economică</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.ro.html">Politicile fiscale</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.ro.html">Schimburile comerciale internaționale</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.ro.html">Cursurile de schimb efective</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.ro.html">Structura financiară</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.ro.html">Piețele financiare</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.ro.html">Intermediarii financiari</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.ro.html">Diversitatea economică</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.ro.html">Piața forței de muncă</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.ro.html">Grupuri de contact pentru piețe</a><a href="#" class="subpages" title="toggle subpages for Grupuri de contact pentru piețe"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.ro.html">Grupul de contact pentru piața obligațiunilor</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.ro.html">Grupul de contact pentru piața monetară</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.ro.html">Grupul de contact pentru piețele emisiunilor de instrumente de natura datoriei</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.ro.html">Grupul BCE pentru managerii de operațiuni</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.ro.html">Grupul de contact pentru schimb valutar</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.ro.html">Dialogul cu investitorii instituționali</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.ro.html">Plăți și stabilitate financiară</a><a href="#" class="subpages" title="toggle 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loading="lazy" style="object-fit:cover"><div class="image-caption">Cea mai recentă ediție a &bdquo;Financial Stability Review<i>”</i></div> <div class="image-date">16 mai 2024</div></a></div></div><ul><li class="clearfix"><span>Plăți</span></li><li class="has-subpages"><a href="/paym/target/html/index.ro.html">Servicii TARGET</a><a href="#" class="subpages" title="toggle subpages for Servicii TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.ro.html">Elemente comune</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.ro.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.ro.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.ro.html">Guvernanță</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.ro.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.ro.html">Guvernanță</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.ro.html">Date și cifre</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.ro.html">Stabilirea prețurilor</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.ro.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.ro.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.ro.html">Guvernanță</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.ro.html">Date și cifre</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.ro.html">Integrare</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.ro.html">Sistemul de gestionare a colateralului din cadrul Eurosistemului (ECMS)</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.ro.html">Documente și linkuri destinate utilizării profesionale în cadrul TARGET</a><a href="#" class="subpages" title="toggle subpages for Documente și linkuri destinate utilizării profesionale în cadrul TARGET"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.ro.html">Pentru uz profesional</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.ro.html">Documente și linkuri aferente T2</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.ro.html">Documente și linkuri aferente T2S</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.ro.html">Documente și linkuri aferente TIPS</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.ro.html">Documente și linkuri aferente ECMS</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.ro.html">Integrare și inovare</a><a href="#" class="subpages" title="toggle subpages for Integrare și inovare"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.ro.html">Tehnologiile registrelor distribuite</a><a href="#" class="subpages" title="toggle subpages for Tehnologiile registrelor distribuite"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.ro.html">Activități de explorare</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.ro.html">Plăți de mică valoare</a><a href="#" class="subpages" title="toggle subpages for Plăți de mică valoare"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.ro.html">Strategia pentru plățile de mică valoare</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.ro.html">Rolul de catalizator al BCE</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.ro.html">Zona unică de plăți în euro (SEPA)</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.ro.html">Plăți instant</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.ro.html">Armonizarea gestionării colateralului</a><a href="#" class="subpages" title="toggle subpages for Armonizarea gestionării colateralului"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.ro.html">Implementare</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.ro.html">Întrebări frecvente</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.ro.html">Reziliență cibernetică</a><a href="#" class="subpages" title="toggle subpages for Reziliență cibernetică"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.ro.html">Infrastructuri ale piețelor financiare</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.ro.html">Atacuri etice bazate pe informații operative privind amenințările (TIBER-EU)</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.ro.html">Monitorizare</a><a href="#" class="subpages" title="toggle subpages for Monitorizare"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.ro.html">Sisteme de plăți</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.ro.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.ro.html">Plăți electronice</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.ro.html">Sisteme de decontare a operațiunilor cu titluri de valoare și contrapartide centrale</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.ro.html">Furnizori de servicii critice</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.ro.html">Bănci corespondente și bănci custode</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.ro.html">Forumul „SecuRe Pay”</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.ro.html">Servicii de gestionare a rezervelor</a><a href="#" class="subpages" title="toggle subpages for Servicii de gestionare a rezervelor"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.ro.html">Aspecte principale</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.ro.html">Gamă de servicii</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.ro.html">Agenți profesioniști care operează cu numerar</a><a href="#" class="subpages" title="toggle subpages for Agenți profesioniști care operează cu numerar"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.ro.html">Procesarea numerarului</a><a href="#" class="subpages" title="toggle subpages for Procesarea numerarului"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.ro.html">Dispozitive de stabilire a autenticității</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.ro.html">Repunerea în circulaţie a bancnotelor</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.ro.html">Specificaţiile interfeţei comune pentru detectoare</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.ro.html">Acreditarea producătorilor de bancnote</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.ro.html">Grupuri de contact pentru plăți</a><a href="#" class="subpages" title="toggle subpages for Grupuri de contact pentru plăți"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.ro.html">Grupurile consultative privind infrastructurile de piață</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.ro.html">Comitetul privind reziliența cibernetică a operațiunilor în euro</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.ro.html">Consiliul privind plățile de mică valoare în euro</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.ro.html">Forumul european pentru inovație în materie de plăți</a></li></ul></li><li class="clearfix"><span>Stabilitate financiară</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.ro.html">Introducere în stabilitatea financiară</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.ro.html">Măsuri macroprudențiale</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.ro.html">Grupuri de contact pentru stabilitate financiară</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.ro.html">Statistici</a><a href="#" class="subpages" title="toggle subpages for Statistici"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistici</div> <p>Acces la toate statisticile BCE și informații contextuale</p><a href="/stats/html/index.en.html">Prezentare generală a statisticilor BCE</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Cele mai importante cifre</a></li> <li><a href="https://data.ecb.europa.eu/">Portalul de date al BCE</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Toate serviciile de date</a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">BLOGUL BCE - Date îmbunătățite: modul în care schimbările climatice afectează băncile</div> <div class="image-date">18 aprilie 2024</div></a></div></div><ul><li class="clearfix"><span>Accesate frecvent</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.ro.html">Cursurile de schimb ale euro</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.ro.html">Ratele dobânzilor reprezentative ale BCE</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.ro.html">Rata dobânzii pe termen scurt la operațiunile în euro (€STR)</a><a href="#" class="subpages" title="toggle subpages for Rata dobânzii pe termen scurt la operațiunile în euro (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.ro.html">Ratele dobânzilor de referință</a><a href="#" class="subpages" title="toggle subpages for Ratele dobânzilor de referință"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.ro.html">Grupul de lucru privind ratele dobânzilor fără risc la operațiunile în euro</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.ro.html">Inflație</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.ro.html">Curbele randamentelor aferente zonei euro</a></li><li class="clearfix"><span>Toate statisticile și informații contextuale</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.ro.html">Toate datele statistice principale</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.ro.html">Toate serviciile de date</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.ro.html">Raportare de date și standarde</a><a href="#" class="subpages" title="toggle subpages for Raportare de date și standarde"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.ro.html">Cadrul de guvernanță și calitate</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.ro.html">Cooperare și standarde</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.ro.html">Raportarea datelor băncilor</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.ro.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.ro.html">Întrebări și răspunsuri privind AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.ro.html">Consultări publice</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.ro.html">Dialogul cu sectorul bancar privind statisticile SEBC și raportarea integrată</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.ro.html">SDMX – modelul de schimb de date statistice</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.ro.html">INEXDA - rețeaua de date granulare</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.ro.html">Euro</a><a href="#" class="subpages" title="toggle subpages for Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Tot ce trebuie să știi despre moneda noastră comună</p><a href="/euro/html/index.en.html">Prezentare generală a monedei euro</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Agenți profesioniști care operează cu numerar</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistici privind bancnotele și monedele</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Cursurile de schimb ale euro</a></li> </ul> </div><a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Studiul privind atitudinile față de plăți ale consumatorilor din zona euro (SPACE) – 2024</div> <div class="image-date">19 decembrie 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.ro.html">Moneda euro digitală</a><a href="#" class="subpages" title="toggle subpages for Moneda euro digitală"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.ro.html">Caracteristici</a><a href="#" class="subpages" title="toggle subpages for Caracteristici"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.ro.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.ro.html">Cum funcționează?</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.ro.html">De ce este necesară?</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.ro.html">Calendar și progrese înregistrate</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.ro.html">Informații detaliate</a><a href="#" class="subpages" title="toggle subpages for Informații detaliate"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.ro.html">Guvernanță și interacțiuni cu părțile interesate</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.ro.html">Documente tehnice și studii</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.ro.html">Cadrul de reglementare a regimului monedei</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.ro.html">Întrebări frecvente</a></li></ul></li><li class="clearfix"><span>Numerarul</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.ro.html">Strategia Eurosistemului privind numerarul</a><a href="#" class="subpages" title="toggle subpages for Strategia Eurosistemului privind numerarul"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.ro.html">Rolul numerarului</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.ro.html">Emisiune și punere în circulație</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.ro.html">Accesul la numerar și acceptarea numerarului</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.ro.html">Întrebări frecvente</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.ro.html">Bancnote</a><a href="#" class="subpages" title="toggle subpages for 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href="/euro/coins/html/index.ro.html">Monede</a><a href="#" class="subpages" title="toggle subpages for Monede"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.ro.html">2 EUR</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.ro.html">1 EUR</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.ro.html">50 de cenți</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.ro.html">20 de cenți</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.ro.html">10 cenți</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.ro.html">5 cenți</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.ro.html">2 cenți</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.ro.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.ro.html">Fețe comune</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.ro.html">Monede comemorative de 2 EUR</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.ro.html">Elemente de siguranță</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.ro.html">Monede de colecție</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.ro.html">Aderarea la zona euro</a><a href="#" class="subpages" title="toggle subpages for Aderarea la zona euro"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.ro.html">Croația (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.ro.html">Lituania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.ro.html">Letonia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.ro.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.ro.html">Slovacia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.ro.html">Cipru (2008)</a></li><li class="clearfix"><a 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href="/euro/exchange/fi/html/index.ro.html">Finlanda</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.ro.html">Franţa</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.ro.html">Germania</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.ro.html">Grecia</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.ro.html">Irlanda</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.ro.html">Italia</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.ro.html">Letonia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.ro.html">Lituania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.ro.html">Luxemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.ro.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.ro.html">Ţările de Jos</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.ro.html">Portugalia</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.ro.html">Slovacia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.ro.html">Slovenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.ro.html">Spania</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.ro.html">Pentru persoanele cu deficiențe de vedere</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.ro.html">Studii</a><a href="#" class="subpages" title="toggle subpages for Studii"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Studii</div> <p>Studii aprofundate și analize realizate de experți pe diverse teme și în diferite domenii</p><a href="/pub/html/index.en.html">Prezentare generală a studiilor BCE</a> <hr> <div class="nav-title">Linkuri rapide</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Conferințe și 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Documentation Guideline</a> (ECB/2014/60).</p> </div> <div class="header"> <div class="title">How should we submit loan-level data?</div> </div> <div class="content-box"> <p>Loan-level data for all ABSs must be submitted to an ESMA-registered securitisation repository using templates developed by ESMA – see further information in the section below entitled ”ESMA ABS loan-level templates”.</p><p>Loan-level data for DECCs must be submitted to the <a href="https://eurodw.eu/">European DataWarehouse</a> using the <a href="/mopo/coll/loanlevel/transmission/html/index.en.html" data-label="engleză">ECB templates</a>.</p> </div> </div> <div class="section"> <h2>ESMA ABS loan-level templates</h2> </div> <div class="accordion"> <div class="header"> <div class="title">When did ESMA loan-level data templates become a collateral eligibility requirement?</div> </div> <div class="content-box"> <p>Since 1 October 2021, all ABSs that fall under the scope of the EU Securitisation Regulation (Regulation (EU) 2017/2402) (i.e. are issued after 1 January 2019 or are issued before 1 January 2019 but are designated as STS-compliant) are accepted as Eurosystem collateral only if loan-level data are submitted to an ESMA-registered securitisation repository using templates developed by ESMA. <a href="/press/pr/date/2021/html/ecb.pr210628~ab8aa2e3e1.en.html" data-label="engleză">As of 1 October 2021</a> all ABSs, whether or not they fall within the scope of the Securitisation Regulation, are subject to the procedures established in Sections 1 and 2 of Commission Delegated Regulation (EU) 2020/1224 of 16 October 2019.</p> </div> <div class="header"> <div class="title">Which ESMA templates are required by the Eurosystem under the collateral eligibility requirements?</div> </div> <div class="content-box"> <p>For newly issued ABSs, before their first interest payment date (IPD), the underlying exposures template is required for the eligibility assessment. Depending on the ABS type, the Eurosystem accepts loan-level data submitted using the ESMA templates identified as Annexes 2 to 8 of the technical standards on disclosure requirements under the Securitisation Regulation.</p><p>After the first IPD three types of ESMA templates are required to maintain the collateral eligibility: (i) the underlying exposure template (Annex 2 to Annex 8 of the Securitisation Regulation technical standards), (ii) the investor report (Annex 12), and (iii) the inside information or significant event information template (Annex 14).</p> </div> <div class="header"> <div class="title">How often must ABS data be submitted to the data repository in order to be eligible?</div> </div> <div class="content-box"> <p>The frequency of loan-level data reporting should follow the requirements set out in Section I, point 3 of Annex VIII of the General Documentation Guideline, which states that loan-level data must be reported on at least a quarterly basis, but no later than one month following a due date for the payment of interest. Therefore, ABSs with monthly IPDs must submit loan-level data templates a maximum of one month after each IPD.</p> </div> <div class="header"> <div class="title">Is there a minimum score required for ESMA templates in order for an ABS to be eligible as collateral?</div> </div> <div class="content-box"> <p>The ESMA data score does not constitute an Eurosystem eligibility requirement. Nevertheless, the submission of all ESMA templates, as described above, is required for collateral eligibility purposes.</p> </div> <div class="header"> <div class="title">How should ESMA templates be submitted?</div> </div> <div class="content-box"> <p>The ESMA templates must be completed and submitted (uploaded) to a data repository accepted by ESMA. The available ESMA templates and further instructions for data submissions can be found in the dedicated section on ESMA’s website.</p><p>Disclaimer: for questions related to the completion of the ESMA templates, please consult <a href="https://www.esma.europa.eu/policy-activities/securitisation">ESMA's website</a>.</p> </div> </div> <div class="section"> <h2>ECB DECC loan-level templates</h2> <h3>Scoring</h3> </div> <div class="accordion"> <div class="header"> <div class="title">What score is required in order for a DECC to be eligible as collateral in Eurosystem refinancing operations?</div> </div> <div class="content-box"> <p>Detailed loan-level information regarding the underlying individual credit claims must be provided in order for a DECC to become or remain eligible. Each DECC is given a score based on the availability of information in the loan-level reporting template.</p><p>There are six “no data” (ND) options, which must be used whenever data cannot be submitted using the template. The various ND options and their meanings are set out in the following table:</p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>“No data” options </th> <th>Explanation </th> </tr> </thead> <tbody> <tr> <td>ND,1 </td> <td> Data not collected as not required by the underwriting criteria </td> </tr> <tr> <td>ND,2 </td> <td> Data collected at application but not loaded in the reporting system at completion </td> </tr> <tr> <td>ND,3 </td> <td> Data collected at application but loaded in a separate system from the reporting one </td> </tr> <tr> <td>ND,4 </td> <td>Data collected but will only be available from YYYY-MM </td> </tr> <tr> <td>ND,5 </td> <td>Not relevant at the present time </td> </tr> <tr> <td>ND,6 </td> <td>Not applicable for the jurisdiction </td> </tr> </tbody> </table> </div> </div> <p> The score will reflect (i) the number of mandatory fields reported as “ND,1” relative to the total number of mandatory fields and (ii) the number of mandatory fields reported as “ND,2”, “ND,3” or “ND,4” relative to the total number of mandatory fields. “ND,5” and “ND,6” may be used only if the fields in the relevant loan-level reporting template allow it. </p><p> The score for the reported data – the best being “A1” and the worst being “D4” – will be calculated in accordance with the following matrix: </p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th colspan="3"> </th> <th colspan="3">ND,1 as a percentage of total mandatory fields </th> </tr> <tr> <th colspan="2"> </th> <th class="number">0 </th> <th class="number">≤ 10% </th> <th class="number">≤ 30% </th> <th class="number">> 30% </th> </tr> </thead> <tbody> <tr> <td rowspan="4">The sum of ND,2; ND,3 and ND,4 as a percentage of total mandatory fields </td> <td class="number">0 </td> <td class="number">A1 </td> <td class="number">B1 </td> <td class="number">C1 </td> <td class="number">D1 </td> </tr> <tr> <td class="number">≤ 20% </td> <td class="number">A2 </td> <td class="number">B2 </td> <td class="number">C2 </td> <td class="number">D2 </td> </tr> <tr> <td class="number">≤ 40% </td> <td class="number">A3 </td> <td class="number">B3 </td> <td class="number">C3 </td> <td class="number">D3 </td> </tr> <tr> <td class="number">> 40% </td> <td class="number">A4 </td> <td class="number">B4 </td> <td class="number">C4 </td> <td class="number">D4 </td> </tr> </tbody> </table> </div> </div> <p>An A1 score is required for Eurosystem collateral eligibility. However, special provisions apply to instruments that include mandatory fields reported as “ND,1”, “ND,2”, “ND,3” or “ND,4”. The Eurosystem may accept these transactions as eligible collateral on a case-by-case basis and subject to the provision of adequate explanations for the failure to achieve the mandatory score. As outlined on the <a href="/mopo/coll/loanlevel/implementation/html/index.en.html" data-label="engleză">ECB website</a>, the Eurosystem has specified its tolerance stance for each possible explanation.</p> </div> <div class="header"> <div class="title">When can we use no data ("ND") options?</div> </div> <div class="content-box"> <p>Where the Field Definition & Criteria states that "No Data" options may be used, then any of the "No Data" options may be used i.e. ND,1 or ND,2 or ND,3 or ND,4 or ND,5 or ND,6. Do not enter "ND" or "No Data" as these are not valid entries and you will not be able to upload the report. Please do not use “No Data” options where the Field Definition & Criteria states that 'No Data' options must not be used in that field. </p> </div> <div class="header"> <div class="title">How exactly are the percentages in the scoring matrix calculated?</div> </div> <div class="content-box"> <p> The two percentages used to determine the score are calculated as follows: </p><ul> <li> Number of mandatory fields reported as “ND,1” / (Total number of mandatory fields) </li> <li> Number of mandatory fields reported as “ND,2”, “ND,3” or “ND,4” / (Total number of mandatory fields) </li> </ul><p> Imagine, for example, that you have an DECC backed by 10,000 loans and the template contains 50 mandatory fields for each loan. In total, then, there are 500,000 cells in the Excel spreadsheet that need to be filled out (i.e. 50 mandatory fields x 10,000 loans). </p><p> If “ND,1” is used a total of 5,000 times in the spreadsheet, 1% of all mandatory fields are reported as “ND,1” (i.e. 5,000/500,000). Note that these 5,000 can be for any mandatory field and any loan. As an extreme example, you could have 100 loans for which “ND,1” was used in all 50 mandatory fields. Alternatively, that could be the result of one missing data field for 5,000 individual loans. </p><p> “ND,2”, “ND,3” and “ND,4” are added together (rather than being counted individually). So, if “ND,2” is used 3,000 times, “ND,3” 5,000 times and “ND,4” 2,000 times, the total will be 10,000. The total number of cells is 500,000, so the percentage for these three “no data” options will be 2% (i.e. 10,000/500,000). Again, those 10,000 can be for any mandatory field and any loan. </p> </div> <div class="header"> <div class="title">How should we handle optional fields where we can provide data for some, but not all, loans?</div> </div> <div class="content-box"> <p>If the information is only available for some loans but not for others, please provide it for those loans where you have the requested data. For the loans where you do not have the data, you can use no data “ND” options (preferably) or alternatively fields may be left blank. If the information requested is not relevant, ND,5 may be entered. </p> </div> <div class="header"> <div class="title">Where no data ("ND") options are allowed, can we always enter ND,5?</div> </div> <div class="content-box"> <p>No, it is not appropriate to use ND,5 as a response where any other ND option could be used. </p> </div> <div class="header"> <div class="title">How should we enter percentages?</div> </div> <div class="content-box"> <p>Percentages should be entered as whole numbers e.g. 70% would be entered as 70 (and not as "70%" or "0.70"). </p> </div> <div class="header"> <div class="title">How should other numerical values be entered in the template?</div> </div> <div class="content-box"> <p>Please follow the instructions and examples given within the taxonomy and do not include leading or trailing zeros, or the positive sign e.g. 750.25 should be entered as 750.25 and not as "00000750.250000 " or "+750.25" etc. </p> </div> <div class="header"> <div class="title">For fields that are classified as "static", as of what date should the information be provided?</div> </div> <div class="content-box"> <p>We would expect this information to be captured at loan origination and therefore at a minimum, it should be provided as of this date. However certain static fields may, but not necessarily, be updated periodically during the life of a loan, for example where the borrower contacts the bank for a further advance, a product switch or when they experience payment difficulties. </p><p>The most recent information is generally the most relevant and pertinent to the users of loan-level data. For this reason, in situations where the originator has been provided with updated information for these static fields in the normal course of their business, and it has been captured, then this updated information should be provided (replacing the previous information in the same ‘static’ field). This is applicable to any loan included within a submitted report. </p> </div> <div class="header"> <div class="title">What happens if there are some typographical/format errors in the loan-level data that are not captured by the compliance score?</div> </div> <div class="content-box"> <p> The ECB recognises that, despite the best efforts of data providers, data submissions can contain typographical and format errors. On the request of the ECB, the relevant data repository conducts some consistency and accuracy checks on reports of new and/or uploaded loan-level data for each transaction (in accordance with the requirements in Guideline ECB/2012/25). These checks are paramount to ensure confidence in the high quality of the data submissions. </p><p> On a regular basis, data providers can thus expect to receive queries from the relevant data repository to verify particular entries in their latest data submissions. Examples of possible verifications include: </p><ul> <li> <strong>Numeric fields format – compliance with taxonomy: </strong> For example, cases where interest rate-related fields are not in line with the taxonomy data format requirements (e.g. an interest rate of 2.5% should be reported as 2.5 and not 0.025). There may also be cases where different decimal formats are used across lines of the same field—such as 0.70 in one line and 70 in another line, when in both lines a percentage value of 70 is required (e.g. current loan-to-value ratio). </li> <li> <strong>Unconventional values: </strong> For example, cases where amounts (e.g. loan balances, valuation amounts, default amounts) appear surprisingly high, or cases where amounts are reported as negative values (e.g. primary income, loan balance, arrears balance). </li> <li> <strong>Leading and/or trailing zeros: </strong> For example, cases where numbers appear in the format 0000000000123.45 instead of 123.45, or 123.4500000 instead of 123.45. </li> </ul><p> If the presence of typographical/data format issues identified by the data repository is indeed confirmed, data providers may be requested to address these issues in their next loan-level data submission. </p> </div> </div> <div class="section"> <h3>Timing of reporting </h3> </div> <div class="accordion"> <div class="header"> <div class="title">What are the submission deadlines for public-sector debt instruments backed by eligible credit claims (DECCs)?</div> </div> <div class="content-box"> <p>On an on-going basis, reports must be submitted on at least a monthly basis, no later than one month following the cut-off date (which is the last calendar day of the month).</p> </div> <div class="header"> <div class="title">Does a DECC become ineligible if data are not submitted in accordance with the rules above?</div> </div> <div class="content-box"> <p>If loan-level data are not reported or updated in accordance with the rules above, the DECC will cease to be eligible.</p> </div> <div class="header"> <div class="title">If we do not submit a loan-level report to the data repository, when will our transaction lose eligibility?</div> </div> <div class="content-box"> <p>Once you have begun submitting reports, eligibility will be lost if you fail to meet the reporting deadlines or if a report fails to meet the compliance score required for DECCs.</p> </div> <div class="header"> <div class="title">When should the pool cut-off dates be?</div> </div> <div class="content-box"> <p> The pool cut-off date for DECCs should be the last calendar day of the month. </p> </div> </div> <div class="section"> <h3>SME DECC</h3> </div> <div class="accordion"> <div class="header"> <div class="title">What loans need to be included in the reports submitted to the data repository for SME DECC transactions?</div> </div> <div class="content-box"> <p>(i) Within the first report submitted to the data repository, it is mandatory only to report "Active Loans" that form part of the pool as of the cut-off date of the first submitted report. "Active Loan" means a loan that has a non-zero principal balance at the pool cut-off date (i.e. for which cash inflows or outflows may be expected to occur in the future).</p><p>(ii) For all subsequent reports submitted to the data repository, it is mandatory to report all Active Loans, plus all loans that have redeemed, prepaid, been cancelled, repurchased, defaulted (with no further recoveries expected) or substituted (together referred to as "Non-Active Loans") since the cut-off date of the previously submitted report. Once Non-Active Loans have been reported once, they need not be included in subsequent reports.</p><p>Therefore, starting from and including the second submitted report to the data repository, reports should contain all Active Loans plus those loans that have become Non-Active Loans since the cut-off date of the previously submitted report.</p><p> <em>* Active loan means a loan that has a non-zero principal balance (i.e. for which cash inflows or outflows may be expected to occur in the future).</em> </p> </div> <div class="header"> <div class="title">May we continue to report Non-Active Loans in all future reports (i.e. not just in the period following when they became inactive)?</div> </div> <div class="content-box"> <p>Yes, you may continue reporting all Non-Active Loans in all your future reports if you wish.</p> </div> <div class="header"> <div class="title">How should dynamic and static fields be completed for redeemed, prepaid, cancelled, repurchased, defaulted or substituted loans in SME DECC transactions?</div> </div> <div class="content-box"> <p> At present only loans that are active loans as of each pool cut-off date should be included within the report. </p><p> * Active loan means a loan that has a non-zero principal balance (i.e. for which cash inflows or outflows may be expected to occur in the future). </p> </div> <div class="header"> <div class="title">AD5 (Servicer Identifier) – how should this field be completed? How does this differ from AD6 (Servicer Name)?</div> </div> <div class="content-box"> <p> You may populate AD5 with the same information as AD6 i.e. the name of the entity that services the SME loan. </p> </div> <div class="header"> <div class="title">AD19 (Obligor Incorporation Date) and AD20 (Obligor is a Customer since?) – what is the difference between these two fields?</div> </div> <div class="content-box"> <p> AD19 refers to the date of incorporation of the obligor, i.e. the date at which the legal form of the borrower was created. AD20 is asking for the date from which the obligor has been a customer of the originator. </p> </div> <div class="header"> <div class="title">AD26 (Seniority) – how should we define the SME loan in relation to this field?</div> </div> <div class="content-box"> <p> This refers to the seniority of the SME loan, in the event of the bankruptcy of the obligor. If the SME loan ranks lower than any other claim (excluding amounts owed to preferential creditors) it should be classified as junior. </p> </div> <div class="header"> <div class="title">AD26 (Seniority) – is there a link between this field and the collateral section of the template?</div> </div> <div class="content-box"> <p> Yes, any loan that is classified as "secured" in AD26 should have at least one collateral ID in the collateral section of the template. </p> </div> <div class="header"> <div class="title">AD26 (Seniority) – what types of collateral count as security?</div> </div> <div class="content-box"> <p> • An SME loan should be classified as "secured" if it is collateralised with physical or financial assets (such as vehicles, real estate, equipment, securities, etc.), regardless of whether these assets are provided directly by the borrower or pledged by the guarantor </p><p> • An SME loan should be classified as "unsecured" in all other cases, for example: if the loan has no collateral, or if the loan is collateralised with non-physical or non-financial assets (including guarantees which do not benefit from any pledges or charges of physical or financial assets) </p> </div> <div class="header"> <div class="title">AD27 (Total Credit Limit Granted to the Loan) – for which loans should this field be completed?</div> </div> <div class="content-box"> <p> This field is only relevant for loans that have flexible features that allow the obligor to change their total loan size without the need for further underwriting such as in the case of overdrafts. </p> </div> <div class="header"> <div class="title">AS30 (Bank Internal Rating) – is this field expecting a "rating" or a numerical value?</div> </div> <div class="content-box"> <p> This field should be populated with the internal one-year probability of default of the obligor, expressed as a numerical value. </p> </div> <div class="header"> <div class="title">AD37 (Bank Internal Loss Given Default (LGD) Estimate) – how do we populate this field if our organisation does not calculate LGD itself (i.e. capital required for the exposure has not been calculated using the Advanced-IRB approach)?</div> </div> <div class="content-box"> <p> At present ND options are not allowed in this field so please enter the dummy value "999.99" </p> </div> <div class="header"> <div class="title">AD42 (NACE Industry Code) – what should be reported in the field AD42 in case the obligor activity cannot be classified among any NACE industry codes?</div> </div> <div class="content-box"> <p> If an SME obligor is involved in a range of activities, the code that most represents the predominant activity must be selected. If the exact activity is not listed, please select the code that most closely resembles their activity. </p> </div> <div class="header"> <div class="title">AD54 (Original Loan Balance) - should this field show the customers' total amount of liabilities in the bank, including funds, securities etc.?</div> </div> <div class="content-box"> <p>AD54 should capture any potentially off-settable amounts. </p> </div> <div class="header"> <div class="title">AD56 (Securitised Loan Amount) – how should this field be populated?</div> </div> <div class="content-box"> <p> This refers to the balance of the SME loan as of the date that the loan was added to the pool. </p> </div> <div class="header"> <div class="title">AD60 (Maximum Balance) – for which loans should this field be completed?</div> </div> <div class="content-box"> <p> This field is only relevant for loans that have flexible features that allow the obligor to change their total loan size without the need for further underwriting e.g. overdrafts. </p> </div> <div class="header"> <div class="title">AD61 (Weighted Average Life) – as at what date do you expect this calculated to be performed?</div> </div> <div class="content-box"> <p> The Weighted Average Life that is reported is expected to be the WAL as at the securitisation date. </p> </div> <div class="header"> <div class="title">AD62 (Amortisation Type) – what is the difference between Linear, French and Fixed Amortisation Schedule types?</div> </div> <div class="content-box"> <p> Linear amortisation refers to when the principal payment remains constant throughout the life of the loan. The regular overall (i.e. principal + interest) instalment therefore decreases over time as the interest element decreases. </p><p> French amortisation refers to annuity loans, where a constant instalment is paid throughout the life of the loan with the principal component increasing over time and the interest element decreasing over time. </p><p> Fixed amortisation refers to where the timing of principal repayments is determined by a schedule that is decided in advance and which does not conform to any of the other options in AD62. </p> </div> <div class="header"> <div class="title">AD63 (Regular Principal Instalment) and AD64 (Regular Interest Instalment) – should these fields show the amount paid in the period or the amount to be paid in the next payment date?</div> </div> <div class="content-box"> <p> AD63 and AD64 should be populated with the amount payable at the next payment date. </p> </div> <div class="header"> <div class="title">AD66 (Balloon Amount) – what should be entered in this field? Is it populated for all loans?</div> </div> <div class="content-box"> <p> If there is a lump sum payable at maturity that is materially greater than the regular instalments, then this value should be entered. If this is not applicable then please enter zero. </p> </div> <div class="header"> <div class="title">AD70 (Principal Grace Period End Date) and AD71 (Interest Grace Period End Date) – to which grace periods are these fields referring?</div> </div> <div class="content-box"> <p> These fields are static and therefore refer only to grace periods granted at the commencement of the loan. They do not refer to any forbearance granted at a later date. </p> </div> <div class="header"> <div class="title">AD86, AD87, AD88, AD89, AD90, AD91, AD92 - should the interest revision information contained in fields AS86 to AS92 refer to the first revisions that occurred on the loan or the next occurring changes?</div> </div> <div class="content-box"> <p> These should be the next occurring revisions i.e. these fields should only contain information about changes that will occur in the future, after the pool cut-off date of the submitted report. </p> </div> <div class="header"> <div class="title">AD86, AD87, AD88, AD89, AD90, AD91, AD92 - what type of revisions should be reported in these fields?</div> </div> <div class="content-box"> <p> These fields refer only to contractual changes in the margin (e.g. from +50bps to +100bps) or to contractual changes in the underlying index (e.g. from 3M EURIBOR to 1M EURIBOR) used for the interest calculation: they do not refer to the date at which the index is reset periodically (e.g. they do not refer to the date at which the 1M EURIBOR is reset each month). </p> </div> <div class="header"> <div class="title">AD121 (Default or Foreclosure on the loan per the transaction definition) - does "transaction definition" refer to the loan contract itself or the transaction documentation?</div> </div> <div class="content-box"> <p>This refers to the transaction documentation. </p> </div> <div class="header"> <div class="title">AD121 (Default or Foreclosure on the loan per the transaction definition) - what should we do if there is no definition of default in the transaction documentation?</div> </div> <div class="content-box"> <p> In this case you should use the definition of default as per the lender's usual practice. </p> </div> <div class="header"> <div class="title">AD121 (Default or Foreclosure on the loan per the transaction definition), AD124 (Default Date) and AD125 (Default Amount) – are these fields interlinked?</div> </div> <div class="content-box"> <p> Yes. Any loan that is classed as defaulted per AD121 should also have a default date and default amount; therefore AD124 and AD125 also should be populated. </p> </div> <div class="header"> <div class="title">AD124 (Default Date) - does "transaction definition" refer to the loan contract itself or the securitisation transaction?</div> </div> <div class="content-box"> <p>This refers to the ABS transaction documentation. </p> </div> <div class="header"> <div class="title">AD124 (Default Date) and AD125 (Default Amount) – are these fields dynamic or static?</div> </div> <div class="content-box"> <p> Although these fields are dynamic, once they have been populated (at the point of default), the values should remain unchanged thereafter. </p> </div> <div class="header"> <div class="title">AD128 (Cumulative Recoveries) – what recoveries should be included in this field?</div> </div> <div class="content-box"> <p> All recoveries should be included in this field, regardless of their source. </p> </div> <div class="header"> <div class="title">AD128 (Cumulative Recoveries) – how should this field be populated for non-defaulted loans? What about for defaulted loans where there have been no recoveries to date?</div> </div> <div class="content-box"> <p> This is not relevant for non-defaulted loans and so you should enter ND,5. Where a defaulted loan has not had any recoveries to date, please enter zero. </p> </div> <div class="header"> <div class="title">AD132 (Allocated Losses) – does this refer to an originator/servicer concept (i.e. losses booked)? What happens if the recovery process is not yet complete?</div> </div> <div class="content-box"> <p> Once a loan has defaulted, this field captures the best estimate of the loss that will be incurred once the recovery process has been completed. As a consequence, the value in this field is dynamic and may change over time as recoveries are collected and the work out process progresses. </p> </div> <div class="header"> <div class="title">AD133 (Redemption Date) – how should this field be completed?</div> </div> <div class="content-box"> <p>If the loan has not been redeemed, then this field should be populated with ND,5.</p> </div> <div class="header"> <div class="title">AD134 (Date Loss Allocated) - where recoveries are spread out over time, what date should be used?</div> </div> <div class="content-box"> <p> You should report the most recent date in the reporting period for AD134 (Date Loss Allocated). </p> </div> <div class="header"> <div class="title">AD150-AD388 (the amortisation profile section of the SME template) - how should we populate these fields?</div> </div> <div class="content-box"> <p> The amortisation profile section should be populated showing the remaining principal balance outstanding at each period after the repayment of the scheduled principal. It should be populated only with future amortisations occurring after the pool cut-off date. It should not include all amortisation since the loan was originated. </p> </div> <div class="header"> <div class="title">CD1-CD28 (the collateral section) - if there is an SME loan with one property and one surety as guarantees, do we complete the collateral sheet twice?</div> </div> <div class="content-box"> <p> The entire collateral section (CD1-CD28) would be completed for each collateral part that backs the SME loan. In this example, the collateral section would be completed twice. </p> </div> <div class="header"> <div class="title">CD6 (Collateral Type) - when should the options "Unsecured Guarantee" and "Third Party Guarantee" be used?</div> </div> <div class="content-box"> <p>"Unsecured Guarantee" should be used when the guarantor has not provided any physical or financial assets as collateral to secure the guarantee </p><p>"Third Party Guarantee" should be used when the guarantor provides physical or financial assets as collateral to secure the guarantee </p> </div> <div class="header"> <div class="title">CD16 (Property Postcode) - how should we populate this field when there is no collateral?</div> </div> <div class="content-box"> <p> If there is no real estate collateral the appropriate response is "ND,5". </p> </div> <div class="header"> <div class="title">CD18 (Unconditional Personal Guarantee Amount) and CD19 (Unconditional Corporate/Third Party Guarantee Amount) – how should we populate these fields?</div> </div> <div class="content-box"> <p> CD18 and CD19 should be completed with the lower of (i) AD27 (The Total Credit Limit Granted to the Loan), and (ii) The maximum value of the guarantee. </p> </div> <div class="header"> <div class="title">CD23 (Origination Channel) - should this field be populated with the loan origination channel?</div> </div> <div class="content-box"> <p> Yes, CD23 is requesting information about the loan origination channel. </p> </div> <div class="header"> <div class="title">CD28 (Number of Collateral Items Securing the Loan) - what needs to be included in this field? Should any kind of guarantee be reported? What would be the correct response in the following examples: a) A loan with the following collateral: residential building, investment fund, bank deposit, guarantor (without guarantee) and a pledge on a deposit account. b) A loan with the following collateral: residential building and a guarantor (with an investment fund as guarantee).</div> </div> <div class="content-box"> <p> CD28 should include the total number of collateral pieces which are securing the loan, regardless of their source (i.e. directly pledged by the borrower and indirectly from any guarantor). </p><ul> <li> Four - residential building, investment fund, bank deposit, and a pledge on a deposit </li> <li>Two – residential building and investment fund. </li> </ul> </div> <div class="header"> <div class="title">BD5 (Drawings under Liquidity Facility) – how should this field be completed?</div> </div> <div class="content-box"> <p> If the instrument has a liquidity facility then this field should be completed with either "Y" (to indicate that the liquidity facility has been drawn in the period up to the last interest payment date) or "N" (if it has not). If the instrument has no liquidity facility then please enter ND,5. </p> </div> <div class="header"> <div class="title">BD27 (Interest Payment Date) and BD28 (Principal Payment Date) – how should these fields be completed?</div> </div> <div class="content-box"> <p> The dates to be entered into fields BD27 and BD28 are the first occurring dates, after the pool cut-off date being reported, upon which interest and principal payments are distributed to bondholders. </p> </div> </div> <div class="section"> <h3>Public sector DECC template questions</h3> </div> <div class="accordion"> <div class="header"> <div class="title">When must the public-sector DECC template be completed?</div> </div> <div class="content-box"> <p>In accordance with Article 107a of Guideline ECB/2015/27, the public-sector DECC template must be completed for all debt instruments backed by eligible credit claims (DECCs) that 1. are backed by loans granted to public-sector obligors that comply with Eurosystem eligibility requirements for individual credit claims and 2. seek to become eligible as collateral for Eurosystem credit operations.</p> </div> <div class="header"> <div class="title">Does this imply that public sector ABSs are an eligible collateral asset class for regular Eurosystem credit operations?</div> </div> <div class="content-box"> <p>The published template only applies to public-sector DECCs and does not signal any change in eligibility for other products, such as any ABSs whose cash-flow generating assets are composed of public-sector claims.</p> </div> <div class="header"> <div class="title">What loans need to be included in the reports submitted to the data repository for DECC transactions?</div> </div> <div class="content-box"> <p>(i) Within the first report submitted to the data repository, it is mandatory only to report "Active Loans" that form part of the pool as of the cut-off date of the first submitted report. "Active Loan" means a loan that has a non-zero principal balance at the pool cut-off date (i.e. for which cash inflows or outflows may be expected to occur in the future).</p><p>(ii) For all subsequent reports submitted to the data repository, it is mandatory to report all Active Loans, plus all loans that have redeemed, prepaid, been cancelled, repurchased, defaulted (with no further recoveries expected) or substituted (together referred to as "Non-Active Loans") since the cut-off date of the previously submitted report. Once Non-Active Loans have been reported once, they need not be included in subsequent reports.</p><p>Therefore, starting from and including the second submitted report to the data repository, reports should contain all Active Loans plus those loans that have become Non-Active Loans since the cut-off date of the previously submitted report.</p> </div> <div class="header"> <div class="title">May we continue to report Non-Active Loans in all future reports (i.e. not just in the period following when they became inactive)?</div> </div> <div class="content-box"> <p>Yes, you may continue reporting all Non-Active Loans in all your future reports if you wish.</p> </div> <div class="header"> <div class="title">How do we populate the report for Non-Active Loans?</div> </div> <div class="content-box"> <p>For non-active loans, static fields will remain unchanged. Dynamic fields should be populated on the same basis as for active loans i.e. using information that is relevant for that lease at that cut-off date e.g. AP39 Current Balance would be 0; AP45 Amortisation Type would be ND,5; etc.</p> </div> <div class="header"> <div class="title">AP16 (Asset Type) – this field stipulates a list of possible credit claim types that includes “Overdraft”, “Letter of Credit”, and “Working Capital Facility”, even though these are currently not eligible credit claim types for the Eurosystem. Other fields also contain certain features in this manner (such as referring to non-euro area currencies). Does this imply a change in eligibility for certain credit claim types?</div> </div> <div class="content-box"> <p>The present template and its options for certain fields do not signal a change in Eurosystem collateral eligibility requirements, which are set out in the relevant legal acts, such as Guideline ECB/2015/50. The present template aims to reflect possible arrangements for public-sector credit claims regardless of whether these are eligible for the Eurosystem or not. 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