172. Each of the reference dates referred to in paragraph 171 could be any of the following: (a) a …

Each of the reference dates referred to in paragraph 171 could be any of the following:

(a) a specific number of days after the date of default; this option would be appropriate in particular where the estimation refers to a portfolio of exposures showing a stable recovery pattern through time;
(b) a relevant date associated with a specific event at which significant breaks in the recovery profile are observed; this option would be appropriate in particular where the estimation refers to a portfolio of exposures that are subject to significant changes of the recovery patterns associated with certain specific events, for instance at the date of realisation of collateral;
(c) any combination of the cases referred to in points (a) and (b) that better reflects the recovery patterns; this option would be appropriate in particular where the estimation refers to a portfolio of exposures showing a stable recovery pattern through time but for which breaks in such recovery patterns are observed around certain specific events, for instance at collection, and where the reference dates following those events are defined as a specific number of days after the recovery event, rather than after the date of default;
(d) where appropriate, the reference date can have any value between zero and the number of days until the end of the maximum period of the recovery process set by the institution for the type of exposures in question.

1. Forbhreathnú

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Ceanglais
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Caighdeáin
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