4. The following positions are not considered securitisations and should therefore be included in …

The following positions are not considered securitisations and should therefore be included in the calculation of IRC, if they are part of the trading book:

• a. covered bonds (e.g. „Pfandbriefe‟) since such bonds are simply collateralised and not asset-backed;
• b. asset-backed securities that do not meet the definition of „securitisation position‟ in Article 3(1)(f) of Directive 2006/49/EC, which refers to Article 4(36) of Directive 2006/48/EC. For example where cash flows from the underlying pool are allocated to securities holders on a pro-rata basis and therefore have no tranching (e.g. pass-through MBS).

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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