{"id":7966,"date":"2025-07-15T11:01:06","date_gmt":"2025-07-15T09:01:06","guid":{"rendered":"https:\/\/www.tsi-kompakt.de\/?p=7966"},"modified":"2025-08-12T11:57:22","modified_gmt":"2025-08-12T09:57:22","slug":"tsi-responds-to-lcr-consultation-together-with-gbic-leaseurope-and-eurofinas","status":"publish","type":"post","link":"https:\/\/www.tsi-kompakt.de\/en\/2025\/07\/tsi-responds-to-lcr-consultation-together-with-gbic-leaseurope-and-eurofinas\/","title":{"rendered":"TSI Responds to LCR Consultation Together with GBIC, Leaseurope and Eurofinas"},"content":{"rendered":"<p>TSI and the German Banking Industry Committee (GBIC), together with Leaseurope and Eurofinas, have responded to the European Commission\u2019s consultation on the new draft Delegated Regulation on the LCR, which closed today (see also <a href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/european-commission-publishes-legislative-proposals-on-securitisations\/\">TSI kompakt of 17 June<\/a>). The Commission\u2019s proposal was assessed positively overall, as it addresses key market concerns. The planned opening for lower rating categories, the removal of the WAL limits, and the harmonisation with STS requirements represent important progress. At the same time, linking the LCR rules to the new category of \u201cresilient\u201d transactions could lead to additional complexity, market fragmentation, and disincentives \u2013 particularly for low-risk asset classes such as auto ABS or trade receivables.<\/p>\n<p>The assessment of TSI, DK, Leaseurope and Eurofinas is summarised as follows:<\/p>\n<h3>Positive aspects of the LCR proposal<\/h3>\n<ul>\n<li><strong>Expansion of credit quality steps:<\/strong> CQS1 to CQS7 are now eligible for Level 2B \u2013 thus also covering securities with a rating of A\u2013.<\/li>\n<li><strong>Removal of the 5-year maturity (WAL) limit:<\/strong> The specifically European maturity restriction is eliminated \u2013 this increases flexibility.<\/li>\n<li><strong>Harmonisation with STS requirements:<\/strong> Homogeneity criteria are aligned with the STS framework \u2013 this facilitates application.<\/li>\n<li>As a result, more transactions and asset classes will be able to meet the LCR criteria, including, as we understand it, ABCP transactions.<\/li>\n<\/ul>\n<h3>Negative aspects from TSI\u2019s perspective<\/h3>\n<ul>\n<li>The new category of \u201cresilient\u201d securitisations creates added complexity: The additional regulatory layer increases effort without clear added value.<\/li>\n<li>Disincentives through a minimum \u201cattachment point\u201d: The rule favours riskier structures over conservative ABS, e. g. of auto or trade receivables. Linking this to the LCR criteria would disadvantage these high-quality asset classes.<\/li>\n<li>Risk of market segmentation: The proposed \u201cresilient\u201d securitisation category would cover only a small portion of the market \u2013 this could undermine the overall effectiveness of the LCR reform.<\/li>\n<li>Therefore, the LCR should only be aligned with the \u201cresilient\u201d transactions category after a meaningful revision of that category under the CRR proposal.<\/li>\n<\/ul>\n<h3><strong><br \/>\n<\/strong>Impact on the securitisation market<\/h3>\n<p>The reform has the potential to strengthen securitisations as an LCR instrument. Most of the Commission\u2019s proposals are to be welcomed. While securitisation positions will not be upgraded to Level 2A, they will receive the same haircut if all criteria are met. The link to \u201cresilient\u201d transactions, however, urgently needs revision.<\/p>\n<h3>Outlook and next steps<\/h3>\n<p>The Commission launched its public consultation on 17 June 2025, with feedback possible until today. TSI, DK, Leaseurope and Eurofinas submitted their joint statement on time. It is expected that the feedback on the LCR consultation will feed into the ongoing discussion on the European Commission\u2019s proposals for securitisation regulation.<\/p>\n<p><span data-contrast=\"auto\"><br \/>\n<a class=\"tsi-link\" href=\"https:\/\/www.true-sale-international.de\/fileadmin\/tsi-gmbh\/tsi_downloads\/aktuelles\/Comments_securitisation_LCR_fin.pdf\" target=\"_blank\" rel=\"noopener\">To the joint statement<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TSI and the German Banking Industry Committee (GBIC), together with Leaseurope and Eurofinas, have responded to the European Commission\u2019s consultation on the new draft Delegated Regulation on the LCR, which closed today (see also TSI kompakt of 17 June). The Commission\u2019s proposal was assessed positively overall, as it addresses key market concerns. The planned opening<\/p>\n<div class=\"read-more\">\n<div class=\"more-dotted-line\"><\/div>\n<p><a class=\"moretag\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/07\/tsi-responds-to-lcr-consultation-together-with-gbic-leaseurope-and-eurofinas\/\">Read More<\/a><\/div>\n","protected":false},"author":19,"featured_media":7981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[727],"tags":[1252,1251,902,914,1254,1248,1250],"class_list":["post-7966","post","type-post","status-publish","format-standard","has-post-thumbnail","category-comments-and-statements","tag-credit-quality-levels","tag-eurofinas-en","tag-european-commission-en","tag-german-banking-industry","tag-harmonisation-with-sts-specifications","tag-lcr-consultation","tag-leaseurope-en","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TSI Responds to LCR Consultation Together with GBIC, Leaseurope and Eurofinas - TSI kompakt<\/title>\n<meta name=\"description\" content=\"TSI and Deutsche Kreditwirtschaft (DK), together with Leaseurope and Eurofinas, have responded to the European Commission&#039;s consultation on the new proposal for the Delegated Regulation on the LCR, which ended today (see also TSI Compact from June 17). 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