2. For traditional securitisations, only the following call options granted to originator …

For traditional securitisations, only the following call options granted to originator institutions should not be considered detrimental to achieving effective transfer of credit risk by competent authorities, provided these call options do not grant an originator institution the right to repurchase from the transferee the previously transferred exposure to realise their benefits or oblige the originator institution to re-assume transferred credit risk:

• a. regulatory call options or tax call options that are only exercisable if there are changes of the legal or regulatory framework that have an impact on the content of the contractual relationship of the respective securitisation transaction or that affect the distribution of economic benefits derived from the respective securitisation transaction by any of the parties in the transaction;
• b. clean-up calls meeting the conditions referred to in Article 243(5)(f) of the CRR.

For synthetic transactions, any call options fulfilling the criteria set out in paragraph 5(2)(a) or 5(2)(b) do not need to be considered by competent authorities.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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