{
  "url": "https://openlegislation.uk/eu-decision-2015-31/article-1",
  "json_url": "https://openlegislation.uk/eu-decision-2015-31/article-1.json",
  "legislation": "eudn/2015/31",
  "legislation_title": "Decision (EU) 2015/1613 of the European Central Bank of 10 September 2015 amending Decision (EU) 2015/5 on the implementation of the asset-backed securities purchase programme (ECB/2015/31)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2015-31",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Amendments",
  "text": "Decision ECB/2014/45 is amended as follows:\n1.. in Article 2, point (2) is replaced by the following:\n‘(2).\nOther than as provided in point 1 above and point 9 below, the ABS fulfil the eligibility criteria applicable to ABS submitted as collateral for Eurosystem monetary policy operations as laid down in Guideline ECB/2014/60.’;\n2.. in Article 2, the following point (9) is added:\n‘(9).\nThe requirements set out in Article 77 of Guideline ECB/2014/60 shall not apply to ABS mezzanine tranches that are only eligible for purchase under the ABSPP if they:\n(a) are secured by a guarantee:\n(i) meeting the requirements for guarantees of marketable assets as set out in Articles 114, 115, 117 and 118 of Part Four, Title IV of Guideline (EU) 2015/510 (ECB/2014/60); and\n(ii) issued by a guarantor with a credit assessment in accordance with Article 83(c) of Guideline ECB/2014/60 and provided by at least one accepted ECAI system, expressed in the form of a public credit rating, in compliance with, as a minimum, credit quality step 3 in the Eurosystem's harmonised rating scale; and\n(b) satisfy all other applicable eligibility criteria for purchase under the ABSPP.\nFor the purposes of this Decision, “mezzanine tranche” means a tranche of an ABS issue that, in accordance with the post-enforcement priority of payments, and if applicable, the post-acceleration priority of payments as set out in the prospectus:\n(a) ranks below the non-subordinated tranche or sub-tranches of the same ABS issue as set out in Article 77 of Guideline ECB/2014/60; and\n(b) ranks above the most subordinated tranche or sub-tranches that are the first to bear losses incurred on the securitised exposures and which thereby provide protection to the second loss and, where relevant, higher ranking tranches or sub-tranches.’",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).’;"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/31/article/1",
    "retrieved_at": "2026-11-01T15:14:30.703300+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}