1. Where the securitisation is achieved synthetically using a credit derivative or a guarantee …

Where the securitisation is achieved synthetically using a credit derivative or a guarantee, competent authorities should ensure that the credit protection meets all the relevant requirements set forth in Regulation (EU) No 575/2013 and provides sufficient certainty of payment so as not to undermine the credit risk transfer. If the credit protection is funded, the collateral arrangements should be considered including that they meet all the relevant requirements set forth by Regulation (EU) No 575/2013 for funded credit protection. If the credit protection is unfunded, competent authorities should consider whether suitable arrangements are in place to ensure timely payment.

1. Forbhreathnú

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

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