[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-253903-105":53,"doc-detail-253903-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","ecb-staff-response-esma-consultation-securitisation-disclosure-templates","ECB staff response - ESMA consultation securitisation disclosure templates","","ECB staff response to the ESMA consultation paper on securitisation disclosure templates under Article 7 of the Securitisation Regulation. The response emphasizes that access to loan-level data (LLD) is central for improving investment decisions and performing proper due-diligence risk evaluation, especially given historical opacity in some ABSs. It highlights the Eurosystem’s use of LLD for ABS collateral eligibility and describes objectives achieved through LLD reporting, while stressing the need for higher granular data quality and appropriate enforcement of repository submissions. It also supports adding climate-change risk indicators to strengthen sustainability disclosures.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/ecb-staff-response-esma-consultation-securitisation-disclosure-templates/253903/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/ecb-staff-response-esma-consultation-securitisation-disclosure-templates/253903.png","ImageObject",442,249,{"name":88,"@type":89},"Violet","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-19","2026-09-13",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",7,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Why does the response stress the importance of loan-level data for ABSs?","Question",{"text":109,"@type":110},"Loan-level data improves transparency and enables more granular analysis, leading to better risk evaluation and more accurate ABS valuations. It also supports investors performing reliable in-house credit-risk assessments rather than relying excessively on ratings.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How does LLD support Eurosystem collateral eligibility and post-crisis market reforms?",{"text":114,"@type":110},"LLD must be submitted via ESMA-registered securitisation repositories for ABSs to meet Eurosystem collateral eligibility criteria. LLD reporting requirements helped revive ABS markets by enhancing transparency and market functioning after the financial crisis.",{"name":116,"@type":107,"acceptedAnswer":117},"What data-quality problems does the ECB highlight with repository submissions?",{"text":118,"@type":110},"The response notes that overall data quality has plateaued, with many fields reported as “no data” or “other,” or filled with unlikely values causing inconsistencies across fields. It argues that incomplete, low-quality data reduces the usefulness of disclosed information.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},253903,1790187307,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":40,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},4398048950312,"https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908","ECB staff response to the ESMA consultation paper on the securitisation disclosure templates under Article 7 of the Securitisation Regulation  \nMarch 2024  \nContents  \n1 General remarks 4  \n2 Reply to selected consultation questions 8  \n1 General remarks  \nThe availability of loan-level data (LLD) for asset-backed securities (ABSs) is key to improving investment decisions and performing proper risk evaluation, especially due-diligence analyses. Prudent and diligent analysis of the risks associated with asecuritisation transaction is critically dependent on access to relevant information. The more granular information is available, the more thorough an analysis can be performed. The opacity of some ABSs issued before 2007-09 is often considered to have contributed to an under-appreciation of the risks of these ABSs, and resulted in excessively optimistic credit assessments in the lead-up to the great financial crisis. Limited disclosure of the details of securitisation products and their underlying assets made it difficult for investors to understand such complex products. This encouraged overreliance on credit ratings, which can effectively be seen as investors outsourcing their due diligence to credit rating agencies or other agents. This overreliance on ratings came about partly because investors lacked comprehensive and easily available data that would have enabled them to perform reliable, independent in-house credit-risk analyses.  \nABSs are an important source of collateral for Eurosystem counterparties in terms of monetary policy operations, and certain types of ABS were purchased by the Eurosystem under the ABS purchase programme (ABSPP) . For ABSs to comply with Eurosystem collateral eligibility criteria, LLD must be submitted, in line with the templates developed by the European Securities and Markets Authority (ESMA), to an ESMAregistered securitisation repository. 1 Asset-level information enables more accurate evaluation of potential risks and of the future performance of the underlying assets, thereby improving the accuracy of ABS valuations. The Eurosystem’s initiative to introduce LLD reporting requirements played a significant role in post-crisis efforts to reform and revive ABS markets by supporting a higher degree of transparency and improving market functioning after the crisis. When LLD requirements were introduced to the Eurosystem collateral framework in 2010 , they had three objectives:  \ni) to help develop transparency in the ABS market;  \nii) to make loan-by-loan information available and accessible to market participants on an ongoing basis;  \niii) to facilitate the risk assessment of ABSs as collateral used by Eurosystem counterparties in monetary policy operations.  \nThe Securitisation Regulation (SECR) 2 incorporated LLD requirements and also extended to other areas of information, e.g. standardised investor reporting.3 The current arrangement, with four sets of templates , captures the principal areas of any  \n1 [https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210628](https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210628)~ab8aa2e3e1 .en. html  \n2 Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35) .  \n3 Article 7 of the SECR establishes minimum disclosure requirements for all securitisations issued in the EU, i.e. applicable, without content distinction, to both STS and non-STS securitisations, and those that are public and private.  \ntransaction.4 Building on asset-level and tranche-level data was the natural next step in strengthening the efforts initiated by the establishment of the ECB’s LLD initiative to increase transparency.  \nThe ECB strongly suppo","cbCaik2OJM6E2aS0","https://ap.wps.com/l/cbCaik2OJM6E2aS0","pdf",374472,"English","# General remarks\n## Reply to selected consultation questions","[{\"question\":\"Why does the response stress the importance of loan-level data for ABSs?\",\"answer\":\"Loan-level data improves transparency and enables more granular analysis, leading to better risk evaluation and more accurate ABS valuations. It also supports investors performing reliable in-house credit-risk assessments rather than relying excessively on ratings.\"},{\"question\":\"How does LLD support Eurosystem collateral eligibility and post-crisis market reforms?\",\"answer\":\"LLD must be submitted via ESMA-registered securitisation repositories for ABSs to meet Eurosystem collateral eligibility criteria. LLD reporting requirements helped revive ABS markets by enhancing transparency and market functioning after the financial crisis.\"},{\"question\":\"What data-quality problems does the ECB highlight with repository submissions?\",\"answer\":\"The response notes that overall data quality has plateaued, with many fields reported as “no data” or “other,” or filled with unlikely values causing inconsistencies across fields. It argues that incomplete, low-quality data reduces the usefulness of disclosed information.\"}]","ECB staff response - ESMA consultation securitisation disclosure templates | PDF",1789271603,6]