+Article 501a 1.

Article 501a 1.

Own funds requirements for credit risk calculated in accordance with Title II of Part III shall be multiplied by a factor of 0,75, provided that the exposure complies with all the following criteria:

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(a) 

the exposure is assigned to the exposure class referred to in Article 112, point (g), or to any of the exposure classes referred to in Article 147(2), point (c)(i), (ii) or (iii), with the exclusion of exposures in default;

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(b) 

the exposure is to an entity which was created specifically to finance or operate physical structures or facilities, systems and networks that provide or support essential public services;

(c) 

the source of repayment of the obligation is represented for not less than two thirds of its amount by the income generated by the assets being financed, rather than the independent capacity of a broader commercial enterprise, or by subsidies, grants or funding provided by one or more of the entities listed in points (b)(i) and (b)(ii) of paragraph 2;

(d) 

the obligor can meet its financial obligations even under severely stressed conditions that are relevant for the risk of the project;

(e) 

the cash flows that the obligor generates are predictable and cover all future loan repayments during the duration of the loan;

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(f) 

the obligor’s refinancing risk is low or adequately mitigated, taking into account any subsidies, grants or funding provided by one or more of the entities listed in paragraph 2, points (b)(i) and (ii);

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(g) 

the contractual arrangements provide lenders with a high degree of protection including the following:

(i) 

where the revenues of the obligor are not funded by payments from a large number of users, the contractual arrangements shall include provisions that effectively protect lenders against losses resulting from the termination of the project by the party which agrees to purchase the goods or services provided by the obligor;

(ii) 

the obligor has sufficient reserve funds fully funded in cash or other financial arrangements with highly rated guarantors to cover the contingency funding and working capital requirements over the lifetime of the assets referred to in point (b) of this paragraph;

(iii) 

the lenders have a substantial degree of control over the assets and the income generated by the obligor;

(iv) 

the lenders have the benefit of security to the extent permitted by applicable law in assets and contracts critical to the infrastructure business or have alternative mechanisms in place to secure their position;

(v) 

equity is pledged to lenders such that they are able to take control of the entity upon default;

(vi) 

the use of net operating cash flows after mandatory payments from the project for purposes other than servicing debt obligations is restricted;

(vii) 

there are contractual restrictions on the ability of the obligor to perform activities that may be detrimental to lenders, including the restriction that new debt cannot be issued without the consent of existing debt providers;

(h) 

the obligation is senior to all other claims other than statutory claims and claims from derivatives counterparties;

(i) 

where the obligor is in the construction phase, the following criteria shall be fulfilled by the equity investor, or where there is more than one equity investor, the following criteria shall be fulfilled by a group of equity investors as a whole:

(i) 

the equity investors have a history of successfully overseeing infrastructure projects, the financial strength and the relevant expertise;

(ii) 

the equity investors have a low risk of default, or there is a low risk of material losses for the obligor as a result of their default;

(iii) 

there are adequate mechanisms in place to align the interest of the equity investors with the interests of lenders;

(j) 

the obligor has adequate safeguards to ensure completion of the project according to the agreed specification, budget or completion date; including strong completion guarantees or the involvement of an experienced constructor and adequate contract provisions for liquidated damages;

(k) 

where operating risks are material, they are properly managed;

(l) 

the obligor uses tested technology and design;

(m) 

all necessary permits and authorisations have been obtained;

(n) 

the obligor uses derivatives only for risk-mitigation purposes;

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(o) 

for exposures originated after 1 January 2025 the obligor has carried out an assessment that the assets being financed contribute positively to one or more of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 and do not significantly harm the other objectives set out in that Article, or that the assets being financed do not significantly harm any of the environmental objectives set out in that Article.

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1. Übersicht

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1.1 Referenzen

1.2 Identifizierte Anforderungen

1.3 Zugehörige Standards

2. Identifizierte Anforderungen

Anforderungen

3. Zugehörige Standards

Standards