repository. these changes will create a new landscape, from a regulatory, commercial and competitive perspective, for securitisation repositories in years to come. while the ecb welcomes the finalisation of the trilogue, there are some aspects of the sts regulation for which the ecb has concerns. for example, providing a role in the legislation for third parties in the sts certification process introduces moral hazard for investors as investor would have fewer incentives to undertake independent due diligence. additionally, it would increase complexity and burden public resources, given the need to supervise such third parties separately. in addition, the compromise text no longer requires originators and sponsors to disclose the actual transaction contracts. instead this transparency enhancement has been weakened so a summary of the relevant documentation will also be accepted. this is a weaker requirement than the current provisions of article 8b of the credit rating agencies regulation. these and other aspects will need to continue to be assessed as the regulatory technical standards become available in the coming months. a new frontier for eu - wide transparency : npl register looking ahead, a new frontier for having more transparency in the form of loan - level data could emerge. as mentioned by market participants and policy makers, one of the key challenges for the non - performing loans ( npls ) market is the lack of standardised access to high quality data on npls. they pointed out that one possibility to address the large stock of non - performing loans ( npls ) could be to create an eu wide template and reporting system for such loans, alongside minimum standards for transparency. currently, there is no functioning npl market. although there are many banks in the eu who would like to sell these assets, the investor base is only developing, while there are certainly buyers who would be interested to acquire these assets, at the right price. efforts to enhance the transparency and standardisation of npls could foster the creation of a npl market. but we have to be mindful not to stigmatize lenders unduly and respect confidentiality appropriately. conclusion let me conclude. the eurosystem abs loan - level initiative has made an important contribution in ensuring a high degree of transparency to enable investors to assess the embedded risks of securitisations. at the same time, a number of barriers are yet to overcome to foster the revitalisation of european abs markets. much work is already on - going on this topic, but many important technical standards still need to be finalised. loan

##b expressed early support for the concept of simple, transparent and standardised securitisations. happily, the compromise text was just published last week following the trialogue procedure between the european commission, council and parliament. however, the regulation will probably come into force only in 2019 while various important technical standards still need to be prepared in the months before that deadline. the loan - level data initiative had an important contribution in the discussion on simple, transparent and standardised, or ‘ sts ’ securitisations. it provides high quality information which allows for informed credit risk assessments of abs, either on the basis of the individual underlying loans, or on the basis of the aggregated summary information. the platform enabled financial actors as well as policymakers to better assess and understand the embedded risks in securitised portfolios. the final compromise version of the sts regulation published last week is significant in many ways. in particular, it creates for the first time a system of registration and supervision for abs data repositories established in the eu. ‘ securitisation repositories ’ as they are called, will be subject to the same ongoing governance, technical and operational requirements as trade repositories under the emir framework. they will be expected to store not just loan - level data, but also all other documentation which the regulation requires originators, sponsors and issuers to disclose under its transparency rules.. the repositories will be registered, authorised and supervised by esma, which will also have the same range of supervisory tools and sanctioning powers as it already exercising in relation to trade repositories under the emir framework. esma will be tasked with developing regulatory technical standards on the requirements for securitisation depositories in the coming 18 months. it will be of particular importance for esma to avoid creating different reporting standards. it is positive that the compromise text already acknowledges existing standards and that they should ‘ reflect as closely as possible existing templates for disclosures ’. the valuable and pioneering experience gained in the european datawarehouse is a natural starting point for esma in this regard. finally, the compromise text includes a requirement for securitisation repositories to provide direct and immediate access free of charge to a long list of entities, including esma and 2 / 3 bis central bankers'speeches members of the european system of central banks, including the ssm as well as all current and potential investors in abss reported to the