Eligibility Assessment for Asset-Backed Securities (ABS) 

If you would like to propose an ABS for assessment as Eurosystem collateral the following documentation must be provided.

  1. A signed ABS Application Form must be completed and returned by email to eligibleassets@centralbank.ie;
    • Where reference is made to a relevant document which evidences your answer, the specific page number and paragraph must be cited.
  2. A final prospectus/information memorandum/offering circular and, if applicable, any supplement or final terms.
  3. Rating agencies new issue reports as laid down in Article 88(1) of Guideline ECB/2014/60 on the implementation of the Eurosystem monetary policy framework.
  4. Confirmation of official listing and admission to trading on the Main Securities Market of the Irish Stock Exchange.
  5. For transactions already issued, the latest investor report.
  6. Swap documentation, e.g., swap confirmations, schedules.
  7. Servicing or administration document.
  8. Investment management document (relates to an arrangement where a third party manages the portfolio of cash-flow generating assets on behalf of the issuer).
  9. Liquidity support documents/account documents.
  10. For transactions issued for more than 3 months, copies of the most recent rating agencies surveillance reports.
  11. Completed static and cash-flow table Template for completing cashflow information.
  12. ICSD agreement.
  13. Legal opinion(s) opining on all relevant legal aspects of the ABS transaction. This includes, for example, compliance with the ‘true sale’ eligibility criterion laid down in Article 75(2) of the ECB General Documentation Guideline.
  14. Definition document(s) (i.e., document setting out the defined terms used in the particular ABS transaction documentation, for example, master definitions agreement, incorporated terms memorandum).
  15. Transfer documents (i.e., each of the legal instruments effecting the ‘acquisition’ (e.g., sale/purchase/assignment agreement) and ‘transfer’ (e.g., transfer certificate) of the cash-flow generating assets.
  16. Security documents (i.e., each of the legal instruments (e.g., deed of charge, deed of pledge) granting security interests in all of the issuer's (and, if applicable, any intermediary’s) assets (including, but not limited to, the cash-flow generating assets) in favour of the relevant fiduciary (e.g., security trustee) for the benefit of, inter alios, the noteholders.
  17. Warranty and indemnity documents.
  18. In respect of Italian securitisation transactions effected pursuant to Italian Law No. 130 of 30 April 1999 (the ‘Italian Securitisation Law’), a copy of (i) the notice(s) of assignment published in the Official Gazette of the Republic of Italy (Gazzetta Ufficiale) and (ii) the registration(s) of the notice(s) of assignment in the relevant Companies’ Register/Register of Enterprises.
  19. In respect of Dutch law governed securitisation transactions effected pursuant to an ‘undisclosed/silent assignment’ (stille cessie), a copy of the relevant deed of assignment(s) and/or, if applicable, any other equivalent legal instrument(s) evidencing that it has been (i) registered with the relevant tax authorities (Belastingdienst Ondernemingen); or (ii) executed before a civil law notary

    with regard to (19) above, please have relevant legal counsel confirm that the relevant deed of assignment(s) (and/or, if applicable, any other equivalent legal instrument(s)) has been registered with (i) the relevant tax authorities (Belastingdienst Ondernemingen); or (ii) executed before a civil law notary (such confirmation may take the form of an email to eligibleassets@centralbank.ie.

  20. A signed hardcopy of the associated cover letter confirming that the information provided by the applicant in the application form is true and correct
  • Applicants must email each of the above to eligibleassets@centralbank.ie
  • Documentation provided must be the final version and in PDF.
  • The assessment shall not commence until such time as the Central Bank is in receipt of each of the above items and compliance with the loan-level data reporting requirements is evidenced.

Finally, it is important to note that in the case of ABS eligibility assessments, the list described above is not exhaustive. The Central Bank of Ireland as a national central bank of the Eurosystem reserves the right to request from any relevant third party any clarification and/or legal confirmation that it considers necessary (pursuant to Article 79 of Guideline ECB/2014/60 on the implementation of the Eurosystem monetary policy framework).