Posted on 2 February, 2015 - 11:34 | Category : .
Under the conditions defined by a decree of the Conseil d’Etat, are considered as loans and exposures referred to in articles L.513-3 and L.513-4, units and obligations issued by securitization vehicles, and units and obligations issued by similar entities governed by the law of a State belonging to the European Community, or participating in the agreement on the European economic area, the United States of America, Switzerland, Japan, Canada, Australia or New Zealand, provided that the following conditions are respected:
1. The assets of these securitizations or similar entities consist for at least 90% of receivables of the same nature as the loans and exposures with the characteristics defined in part I of article L.513-3 and in article L.513-4, or receivables benefiting from guarantees equivalent to those of the loans and exposures referred to in articles L.513-3 and L.513-4, not taking into account any temporarily available cash pending use, guarantees, sureties and other privileges from which they benefit, as well as securities held as reserve or guarantee by these securitization vehicles or similar entities in compliance with their statutes; and this excludes units or obligations specifically bearing the risk of default by the debtors.
2. These units or obligations benefit from a step 1 credit rating by an external rating agency recognized by the Autorité de contrôle prudentiel pursuant to article L.511-44.
3. These similar entities must be governed by the law of a State belonging to the European Community, or participating in the agreement on the European economic area, when the asset is constituted by all or a part of the loans or exposures referred to in article L.513-3.