Decision (EU) 2015/5 of the European Central Bank of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45)

• Published date: 06 January 2015
• Subject Matter: Politica economica e monetaria,Politique économique et monétaire,Política económica y monetaria
• Official Gazette Publication: Gazzetta ufficiale dell'Unione europea, L 1, 6 gennaio 2015,Journal officiel de l'Union européenne, L 1, 6 janvier 2015,Diario Oficial de la Unión Europea, L 1, 6 de enero de 2015

02014D0045(01) — EN — 21.07.2017 — 003.001

---

This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document

►B DECISION (EU) 2015/5 OF THE EUROPEAN CENTRAL BANK of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45) (OJ L 001 6.1.2015, p. 4)

Amended by:

		Official Journal
		No	page	date
►M1	DECISION (EU) 2015/1613 OF THE EUROPEAN CENTRAL BANK of 10 September 2015	L 249	28	25.9.2015
►M2	DECISION (EU) 2017/102 OF THE EUROPEAN CENTRAL BANK of 11 January 2017	L 16	55	20.1.2017
►M3	DECISION (EU) 2017/1361 OF THE EUROPEAN CENTRAL BANK of 18 May 2017	L 190	24	21.7.2017

---

▼B

DECISION (EU) 2015/5 OF THE EUROPEAN CENTRAL BANK

of 19 November 2014

on the implementation of the asset-backed securities purchase programme

(ECB/2014/45)

Article 1

Establishment and scope of the ABSPP

The ABSPP, under which the ECB shall purchase eligible ABS within the meaning of Article 2 and in accordance with the provisions of this Decision, is hereby established. Under the ABSPP, the ECB may instruct its agents to purchase eligible ABS on its behalf in the primary and secondary markets from eligible counterparties within the meaning of Article 4.

Article 2

Eligibility criteria for the outright purchase of ABS

ABS shall be eligible for outright purchase under the ABSPP provided that they satisfy the following eligibility criteria:

(1) The ABS have a credit quality assessment in compliance with, at a minimum, credit quality step 3 in the Eurosystem's harmonised rating scale ( 1 ), expressed in the form of at least two public credit ratings provided by any two External Credit Assessment Institutions (ECAIs) accepted within the Eurosystem Credit Assessment Framework (ECAF).

▼M1

(2) Other than as provided in point 1 above and point 9 below, the ABS fulfil the eligibility criteria applicable to ABS submitted as collateral for Eurosystem monetary policy operations as laid down in Guideline ECB/2014/60 ( 2 ).

▼B

(3) Where the ABS do not have a credit quality assessment in compliance with at least credit quality step 2 in the Eurosystem's harmonised rating scale, expressed in the form of at least two public credit ratings provided by any two ECAIs accepted within the ECAF, the ABS must, in addition to fulfilling the requirements of point 2, fulfil the eligibility criteria applicable to ABS submitted as collateral for Eurosystem monetary policy operations pursuant to Article 3 of Guideline ECB/2014/31 ( 3 ).

(4) No less than 90 % of the obligors of the cash-flow generating assets backing the ABS are classified as private sector non-financial corporations ( 4 ) or natural persons, measured by reference to the outstanding principal amount of the cash-flow generating assets attributable to such obligors.

(5) No less than 95 % of:

(a) the outstanding principal amount of the cash-flow generating assets backing the ABS issue is denominated in euro;

(b) any properties securing the cash-flow generating assets backing an ABS issue of residential mortgage-backed securities (RMBS) or commercial mortgage-backed securities (CMBS) are located in the euro area, measured by reference to the outstanding principal amount of the cash-flow generating assets attributable to such properties; and

(c) the obligors of the cash-flow generating assets backing the ABS issue (other than ABS issues of RMBS and CMBS described under point (b)), measured by reference to the outstanding principal amount of the cash-flow generating assets attributable to such obligors, are incorporated or resident, as applicable, in the euro area.

(6) The issuer of the ABS is established in the euro area.

(7) A tranche of ABS (with the same or fungible International Securities Identification Number (ISIN)) which, at the time assessed by the ECB for potential purchase in accordance with Article 3, was retained in full by the originator or entities with which it has close links ( 5 ) will be eligible for purchase under the ABSPP if an external investor without a close link to the originator (with the exception of a Eurosystem central bank acting...