Italy: I DECCs: La BCE Introduce Una Nuova Classe Di Attività Stanziabili

Il 27 agosto 2015 il Consiglio direttivo ha adottato l'Indirizzo BCE/2015/27 che modifica l'Indirizzo BCE 2015/510 sull'attuazione del quadro di riferimento della politica monetaria dell'Eurosistema (BCE/2014/60) (le "Guidelines"). Il nuovo indirizzo contempla alcuni emendamenti all'applicazione del quadro per la politica monetaria ed introduce una nuova classe di attività stanziabili, gli "strumenti di debito non negoziabili garantiti da crediti idonei".

1. I DECCS

Con la decisione BCE/2015/27 che modifica le Guidelines viene introdotta una nuova definizione di strumento non negoziabile considerato idoneo ai fini delle operazioni con la Banca Centrale Europea ("BCE"): i "DECCs" (non-marketable debt instruments backed by eligible credit claims) i quali indicano strumenti di debito:

(a) garantiti direttamente o indirettamente da crediti che soddisfano i requisiti di eleggibilità determinati dalle Guidelines per i crediti stanziabili come attività idonee (Titolo III, Capitolo I, Sezione I delle Guidelines);

(b) dotati di doppia rivalsa:

(i) direttamente o indirettamente nei confronti dell'ente creditizio originator dei crediti che costituiscono le attività sottostanti; e

(ii) nei confronti di un insieme dinamico di attività sottostanti,

(c) per i quali non c'è segmentazione del rischio.

2. CRITERI DI ELEGGIBILITÀ PER I DECCS

I criteri di idoneità indicati nel nuovo articolo 107a delle Guidelines stabiliscono, inter alia, che in relazione ai nuovi strumenti di debito ritenuti idonei:

  • il cover pool deve contenere esclusivamente crediti per i quali sia disponibile (i) uno specifico DECC loan level data template oppure (ii) un ABS loan level data template ai sensi dell'articolo 73 delle Guidelines;
  • l'emittente del DECC deve essere uno special purpose vehicle avente sede nell'ambito dello Spazio economico europeo;
  • l'originator deve essere una controparte BCE avente sede nello Spazio economico europeo;
  • i requisiti relativi al luogo di emissione e procedure di regolamento sono gli stessi stabiliti per le attività negoziabili;
  • per essere idonei i DECCs devono avere tutte le attività generatrici di flussi di cassa che li garantiscono omogenee nonché rispondere ad ulteriori requisiti di trasparenza dettati dal nuovo articolo 107e delle Guidelines (ad es. tempistiche mensili dei reports per mantenere gli assets idonei etc).

Inoltre, al fine di assicurare che una valida garanzia sia costituita sui crediti e che questi ultimi possano essere rapidamente realizzati in caso di inadempimento della controparte, devono essere rispettati una serie di requisiti aggiuntivi di carattere giuridico che riguardano:

(a) l'accertamento dell'esistenza dei crediti;

(b) la validità dell'accordo sulla mobilizzazione dei crediti;

(c) l'opponibilità della mobilizzazione del credito nei confronti dei terzi;

(d) l'assenza di restrizioni alla mobilizzazione del credito ed al realizzo del credito;

(e) l'assenza di restrizioni connesse al rispetto del segreto bancario e della riservatezza.

Il contenuto di tali requisiti di carattere giuridico è descritto negli articoli da 100 a 105 delle Guidelines (che sono gli stessi requisiti applicabili ai crediti utilizzati come attività idonee); inoltre dettagli ulteriori sulle caratteristiche specifiche delle diverse giurisdizioni sono forniti nelle rispettive regolamentazioni nazionali delle Banche Centrali Nazionali.

3. REQUISITI DI QUALITA' CREDITIZIA DELL'EUROSISTEMA PER I DECCS

I DECCS possono non essere oggetto di valutazione del credito.

I crediti contenuti nel cover pool dei DECCs dovranno essere oggetto di valutazione del credito da una delle quattro fonti di valutazione del credito accettate dall'Eurosistema in conformità con i criteri generali di accettazione previsti nel Titolo V della parte Quarta delle Guidelines1. Inoltre il sistema di valutazione del credito usato dovrebbe essere quello selezionato dall'originator ai sensi dell'articolo 110 delle Guidelines (ed applicabile ai crediti utilizzati come attività idonee).

L'Eurosistema valuta la qualità creditizia dei crediti contenuti nel cover pool sulla base della qualità creditizia dei debitori o dei garanti che corrisponde, come minimo, ad un grado di qualità di livello 3 come specificato nella scala di rating armonizzata dell'Eurosistema.

4. IMPLEMENTAZIONE DELLE MODIFICHE

E' previsto che le Banche Centrali Nazionali implementino le nuove misure entro il 2 novembre 2015 anticipando il testo e la misura dei provvedimenti alla BCE entro il 6 ottobre 2015.

5. POSSIBILE STRUTTURA DEI DECCS

Da colloqui informali intercorsi con la BCE in merito alla nuova classe di attività stanziabili sembrerebbe che tali strumenti di debito possano essere costituiti da titoli emessi dalle società di cartolarizzazione per finanziare l'erogazione di un finanziamento all'originator garantito da crediti dello stesso originator (che devono rispettare i requisiti di idoneità stabiliti ai sensi delle Guidelines).

Footnote

1. Le informazioni sulla qualità creditizia sulle quali l'Eurosistema basa la valutazione dell'idoneità delle attività idonee come garanzia per le operazioni di finanziamento dell'Eurosistema sono fornite da sistemi di valutazione del credito che appartengono a una delle seguenti quattro fonti: a) ECAI (External Credit Assessment Institutions, ECAI); b) sistemi di valutazione della qualità creditizia sviluppati internamente dalle Banche Centrali Nazionali (in-house credit assessment systems, ICAS); c) sistemi basati sui rating interni (IRB) delle controparti; d) strumenti di rating di fornitori terzi (third-party rating tool providers, RT).

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