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ECB loan-level rules backed by AFME

Monday 20 December 2010 - by Will Henley

An influential European industry group has backed proposals by the European Central Bank to implement new requirements for providing loan-level information for asset-backed securities.

The Association for Financial Markets in Europe said in a statement that the move should "enhance transparency" of underlying assets in securitisation pools.

Richard Hopkin, AFME managing director and a member of the ECB's technical working group, said: "AFME supports measures which have the potential to improve investor confidence in securitisation."

The ECB guidelines are designed to make information on underlying loans and their performance more timely, widely available and produced in a standardised format.

"In addition, the industry appreciates the ECB's introduction of an operational phase-in period of 18 months, which is an important factor given the systems changes required of members," added Hopkin.

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