23. For the purpose of paragraph 21(b) institutions should ensure that the definition of default …

For the purpose of paragraph 21(b) institutions should ensure that the definition of default underlying the data used for model development is consistent over time and, in particular, that it is consistent with all of the following:

• (a) that adjustments have been made to achieve consistency with the current default definition where the default definition has been changed during the observation period;
• (b) that adequate measures have been adopted by the institution, where the model covers exposures in several jurisdictions having or having had different default definitions;
• (c) that the definition of default in each data source has been analysed separately;
• (d) that the definition of default used for the purposes of model development does not have a negative impact on the structure and performance of the rating model, in terms of risk differentiation and predictive power, where this definition is different from the definition of default used by the institution in accordance with Article 178 of Regulation (EU) No 575/2013.

1. Forbhreathnú

1.1 Tagairtí

• Airteagal 178 Mainneachtain oibleagáideora nó saoráide creidmheasa

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

• EBA -

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