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Reference in CRD | Denomination | Description | Application | AT | BE | BG | CY | CZ | DE | DK | EE | EL | ES(1) | FI | FR | [NAME] | IE | IT | LV | LT | LU | MT | NL | PL | PT | RO | SE | SI | SK | UK | IC | LI | NO
[NAME], Part 1, number 7(f) | Eligibility of collateral | The following financial items may be recognised as eligible collateral under all approaches and methods:               (f) equities or convertible bonds that are included in a main index | (How do competent authorities define 'main index'? Publication of a list of 'main indexes'.) | See § 87 Para. 1 lit. 6 SolvaV ("Equities or convertible bonds which are included in an index recognised pursuant to Article 20b InvFG [Investment Funds Act 1993] on a regulated market"). The FMA currently does not publish a list of "main indices". According to Article 20b Para. 2 InvFG, the index shall be recognised if, in particular, "(1.) the composition of the index complies with the risk diversification rules of subsections (1) and (3), (2.) the index represents an adequate benchmark for the market to which it refers, with the index provider having to use a recognised methodology which does not result in the exclusion of a major issuer of the market to which the index refers, and (3.) the index is published in an appropriate manner.  The index shall be deemed as published in an appropriate manner if it is accessible to the public and the index provider is independent from the investment fund management company managing the index fund, although this does not preclude index providers and the investment fund management company managing the index fund from forming part of the same economic group, provided that effective arrangements for the management of conflicts of interest are in place." | No specification is provided | Bulgarian National Bank (BNB): No additional guidance provided  Financial Supervision Commission (FSC): SOFIX, BG40, BGREIT, BGTR30 There is no definition of main index | not yet available | There is no detailed definition; the main indexes are listed in table No. 5 of Annex No. 20 to the Decree No.123/2007 Coll. | § 155 sentence 1 no. 14 SolvV (German Solvency Regulation), but no definition |  | Not explicitly defined |  | The corresponding provision in CBE 3/20081  would be No. 39.5 (g), which states: equities or convertible bonds that are regularly listed on a securities market officially recognised in Spain according to [NAME] 24/1988 of 28 July of Securities Market and the legislation developing it, or in the EU or in third countries, according to its respective legislation and that are included in one of their main indexes.  It is not possible to provide an exhaustive list of the above, but in the case of the Spanish securities markets, IBEX 35 is considered a main index. | The main index in Finland is OMX Helsinki 25 -index. The main index in other countries is defined in their capital adequacy regulation.  No specific list . | The article 160 d) of the Order of 20 February 2007 defines a "main index" as "a broadly diversified index composed of sufficiently liquid securities"; institutions are responsible for determining which indices satisfy that definition, and they should be able to justify that dertermination.  As a starting point, institutions can refer to the notice "Methods for calculating the capital ratio, 2009 ", annexes F1 (list of securities considered sufficiently liquid) and F2  (list of indices considered broadly diversified) ,  with the understanding that they should be able to justify any addition to this list. | Main index is implemented as index of an exchange as stipulated in §100 (1) e) or §101 a) of Government Decree No 196 of 2007 on credit risk. | The Financial Regulator has not published any additional definition or list of main indices. | New regulations for the prudential supervision of banks Title II, Chapter 2, Section I, par. 3 and [NAME], point f) | The list of indices of highly liquid shares is determined in Annex 12 to the Regulations for Calculation the Minimal Capital Requirements. | Not defined | No specific definition / list | The MFSA has not published any additional definition or lists of main indices. |  |  | AEX 25 (Netherlands), - ATX 20 (Austria), - BEL 20 (Belgium), - CAC 40 (France), - DAX 30 (Germany), - DOW JONES Euro Stoxx 50 (euro area), - DOW JONES Industrial Average 30 (United States), - EURONEXT 100, - FTSE 100 (United Kingdom), - IBEX 35 (Spain), - NASDAQ 100 (United States), - NIKKEI 225 (Japan), - OBX 25 (Norway), - OMXC 20 (Denmark), - OMXH 25 (Finland), - OMXS 30 (Sweden), - PSI 20 (Portugal), - S&P 500 (United States), - S&P/MIB 40 (Italy), - S&P/TSX 60 (Canada), - SMI (Switzerland) | Widely diversified index, made up of sufficiently liquid securities.  List of main indexes: not yet available. |  | “main index” is the leading index in a specific segment of the stock market that shows the movement of prices on this securities market and is used by investors to illustrate the trend on this market. [NAME] of  the Regulation on the Calculation of Capital Requirements for Market Risk for Banks and Savings Banks (Official [NAME] of the Republic of Slovenia, No. 135/06 and 104/07; hereinafter: the regulation on market risks) contains the list of very liquid equity indices. | Art. 100 (2) (f) decree NBS 17/2008 : equities and convertible bonds that are included in any of the major indexes posted on the website of the National Bank of Slovakia. | Our practice is to allow firms to make the judgement but they must be able to justify it if challenged by us. |  |  | A main index shall be an investable index that comprises a representative selection of all the shares listed on a recognised exchange. Since the index shall be investable, shares included in the index must be relatively easy to buy and sell in the market at any time. On Oslo Stock Exchange the main index is OSEBX
[NAME], Part 1, number 8(a) | Eligibility of collateral | Debt securities issued by institutions (…) may be recognised as eligible collateral if they fulfil the following criteria:                                           (a) they are listed on a recognised exchange | (How do competent authorities define 'recognised exchange'? Publication of a list of 'recognised exchanges'.) | See § 88 Para. 1 lit. 1 SolvaV ("they are listed on a recognised exchange").  § 2 lit. 32 BWG defines "recognised exchange" as "a regulated market as defined in Article 1 para. 2 of the Stock Exchange Act 1989 (Federal Law Gazette No. 555/1989) [1] and equivalent markets in third countries [2] which are regulated and supervised by a government authority or a government-recognised authority, function regularly and are accessible to the public directly or indirectly via a clearing member; a market in a third country is considered equivalent to a regulated market if it is subject to rules equivalent to those set forth under Title III of Directive 2004/39/EC".  [1] See COM list "Annotated presentation of regulated markets and national provisions implementing relevant requirements of MIFID" (http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm)  [2] The FMA currently does not publish further guidance on (or a list of) equivalent markets in third countries. | For a list of the Belgian recognised markets, please refer to the FSMA website. | BNB: There is  recognised exchage definition in §1, point 20 of Ordinance No 8 of the BNB. No list identified  FSC: Recognized exchanges means exchanges which meet the following conditions:  (a) they function regularly;  (b) they have rules, issued or approved by the appropriate authorities of the home country of the exchange, defining the conditions for the operation and of access to it, as well as the conditions that shall be satisfied by a contract before it can effectively be dealt on the exchange;  (c) they have a clearing mechanism whereby contracts listed in Annex N 10 are subject to daily margin requirements which, in the opinion of the competent authorities, provide appropriate protection. | "recognised exchanges" means exchanges which are recognised as such by the Central Bank of Cyprus and which meet the following conditions:  (a) they function regularly;  (b) they have rules, issued or approved by the appropriate authorities of the home country of the exchange, defining the conditions for the operation of the exchange, the conditions of access to the exchange as well as the conditions that shall be satisfied by a contract before it can effectively be dealt on the exchange; and  (c) they have a clearing mechanism whereby contracts listed in Annex IV are subject to daily margin requirements which, in the opinion of the competent authorities, provide appropriate protection.  NO LIST YET AVAILABLE | Defined in Art 2 (6) d) of the Decree No.123/2007 Coll. as a stock exchange that is recognised by the relevant organs and which functions regularly, has rules issued or approved by the relevant organs of the country in which the stock market has its registered office, which define the conditions under which the stock market operates, and the conditions of access to the stock market which must be met by an instrument in order that such instrument can be traded in the stock market.  The list of these entities is published on the CNB website (in ´Further lists´, available in Czech only): http://www.cnb.cz/en/supervision_financial_market/lists_registers/other_lists/index.html | § 155 sentence 1 no. 9a SolvV, but no definition. Definition can be found in the comments to § 25 para. 2 sentence 3 of the Grundsatz I (the antecessor of the SolvV) in combination with [NAME] |  | Not explicitly defined | According to the Governor's Act of Bank of Greece 2588/20.8.2007, "recognized exchange" means exchanges which are recognized as such by the competent authorities and which meet the following conditions: (a) the function regularly, (b) they have rules, issued or approvrd by the appropriate authorities of the home country of the exchange, defining the conditions of access to the exchange as  well as the conditions that shall be satisfied by a contract beforeit can effectivelly be dealt on the exchange, and (c) they have a cleaning mechanism whereby contracts listed in Annex 2 are subject to daily margin requirements which, in the opinion of the competent authorities provide appropriate protection. | The corresponding provision in CBE 3/2008 would be No. 39.6 (a), which states: Debt securities issued by institutions […] will be recognised as eligible collateral for the purposes of this section if they fulfill the following requirements: (a) the securities are regularly listed on a securities market officially recognised in Spain according to [NAME] 24/1988 of 28 July of Securities Market and the legislation developing it, or in the EU or in third countries, according to its respective legislation.  It is not possible to provide an exhaustive list of the above, but it is possible to provide a list of which are considered to be "securities markets officially recognised in Spain according to [NAME] 24/1988 ", which are those that are denominated as regulated markets ([NAME] and 31.4 of Law 24/1988).  A link is provided here to the European Securities and Markets Authority (ESMA) web page where the list of Spanish markets that are recognised by Spanish competent authorities as regulated markets in compliance with Article 13(2) of the MiFID Level 2 Regulation (MIFID - Markets in Financial Instruments Directive) is included. This web page also contains the lists of markets recognised by the national competent authorities of the rest of the EU members as regulated markets in compliance with such Article.  Link: http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULATED_MARKETS_Display&subsection_id=0&action=Go&ds=20&ms=2&ys=2013&mic_code=MIC Code&full_name=[NAME] | Recognised exchange is defined according to regulated markets stated in directive 2004/39/EY, or equivalent third country market. No specific list of officially recognised exchanges. | The article 4-1 o) of the Order of 20 February 2007 defines "recognised exchange" as a "an exchange, whatever the country in which it is established, that satisfies the definition of regulated market in Article L. 421-3 of the Monetary and Financial Code and that has a clearing mechanism that permits daily margin calls for the contracts listed in Annex II";  [NAME] of the Notice "Methods for calculating the capital ratio, 2009" provides a list of the principal broadly diversified exchanges. | No public list of recognised exchanges. Recognised exchanges are defined in §3 point 7 of Government Decree No 196 of 2007 on credit risk as follows:  exchanges which meet the following conditions: (a) they function regularly; (b) they have rules, issued or approved by the appropriate authorities of the home country of the exchange, defining the conditions for the operation of the exchange, the conditions of access to the exchange as well as the conditions that shall be satisfied by a contract before it can effectively be dealt on the exchange; and (c) they have a clearing mechanism whereby derivative contracts are subject to daily margin requirements which, in the opinion of the home competent authoritiies, provide appropriate protection. | The Financial Regulator has not published a list of recognised exchanges.  This is considered on a case-by-case basis. | New regulations for the prudential supervision of banks Title II, Chapter 2, Section I, par. 3 and [NAME], point e) | According to the Regulation debt securities issued by institutions can be recognised as eligible collateral if they are included in the regulated market.The definition of the regulated market is determined in the Law on the Financial Instruments Market (Article 1 (8)). | [NAME], 09 11 2006, Paragraph 4.28 | Circulars CSSF 06/273 and 07/290 (as amended), part I, point 5, provide the following definition: a recognised exchange is an exchange which is recognised as such by the CSSF and which meets the following conditions: - it functions regularly; - it has rules, issued or approved by the appropriate authorities of the exchange’s home country, defining the conditions of access to the exchange as well as the conditions that shall be satisfied by a contract before it can effectively be dealt on the exchange, - it has a clearing mechanism whereby contracts listed in Chapter 5 of Part VII are subject to daily margin requirements which, in the opinion of the CSSF, provide appropriate protection. | Exchanges recognised in other member states are mutually recognised locally. However, no list is published. |  |  | Recognised exchanges means, in the case of entities established in non-European Union OECD countries, exchanges of financial instruments established in the United States, Japan, Switzerland and Canada, supervised by public authorities | Not yet available (definition to be included in a future regulation) |  | “recognised exchanges” are exchanges specified in Appendix II of the Regulation on the Calculation of the regulation on market risks. | Non application | Our requirement is that they be listed on a recognised investment exchange (RIE) or a designated investment exchange (DIE). RIEs are identified/declared by a recognition order which is public. DIEs are identified by name and published  in our [NAME]. |  |  | A regulated market means an authorised undertaking that decides whether to admit financial instruments to listing on the market and that organises or operates a multilateral trading facility that provides the conditions for regular trading of listed instruments in accordance with legislation, regulations pursuant to legislation, and objective trading rules determined by the market itself. Oslo Stock Exchange is the only stock exchange in Norway. The regulated markets are currently the following: Oslo Stock Exchange, Oslo Axess, [NAME], Fish Pool and Imarex.
[NAME], Part 3, number 58(e) | Conditions for applying a 0% volatility adjustment | The transaction is settled across a settlement system proven for that type of transaction. | (How do competent authorities define a 'proven settlement system'?) | See § 138 Para. 1 lit. 4 SolvaV ("The transaction is settled across a settlement system which is suitable for the type of transaction").   The FMA currently does not publish further guidance regarding the classification as a "proven" settlement system. | No specification is provided | BNB: No additional guidance provided  FSC: FSC defines it as settlement system for the particular type of transaction. However, there is no definition for proven settlement system in the legislative act that transposes CRD. | not yet available | There is no detailed definition at present. | § 185 para. 3 sentence 1 no. 5 SolvV, no definition. |  | Not explicitly defined |  | The correspoding provision in CBE 3/2008 would be No. 46.49 ( e), which reproduces what the CRD states with no additional developments or specifications: that the transaction is settled across a settlement system proven for that type of transaction. | Not defined | see article 178-6 e) of the Order of the 20February 2007 | §144 (3) e) of Government Decree No 196 of 2007 on credit risk does not implement the expression" a settlement system proven for the type of transaction", but rather "a settlement system linked to the type of transaction." | This is not specifically defined, but is considered on a case-by-case basis. | New regulations for the prudential supervision of banks Title II, Chapter 2, Annex B, par. 2 | A 'proven settlement system' is not defined. | Not defined | No specific definition | The settlement system may be considered to be 'proven' if the system has been utilised for a number of years. |  |  | Not Available | Settlement system that has proven to be viable for that type of transaction. |  |  | Non application | Our practice is to allow firms to make the judgement but they must be able to justify it if challenged by us. |  |  | We define the settlement system proven for that type of transaction as the employment of a satisfactory settlement system. In Norway there is a comprehensive legislation on settlement systems.
[NAME], Part 3, number 58(f) | Conditions for applying a 0% volatility adjustment | The documentation covering the agreement is standard market documentation for repurchase transactions or securities lending or borrowing transactions in the securities concerned. | (What kind of documentation do competent authorities accept as standard market documentation?) | See § 138 Para. 1 lit. 5 SolvaV ("The documentation used for the contract is standard market documentation for such transactions").  The FMA currently does not publish further guidance on what constitutes "standard market documentation". | No specification is provided | BNB: No additional guidance provided  FSC: The repurchase transactions  agreement and all the annexes if any. | not yet available | There is no detailed definition at present. | § 185 para. 3 sentence 1 no. 6 SolvV, no definition |  | Not explicitly defined |  | The corresponding provision in CBE 3/2008 would be No. 46.49 (f), which reproduces what the CRD states with no additional developments or specifications: that the documentation covering the agreement is standard market documentation for repurchase transactions or securities lending or borrowing transactions in the securities concerned. | Not explicitly stated, however  the ISDA documentation is market practice. | see article 178-6 f) of the Order of the 20 February 2007 | §144 (3) e) of Government Decree No 196 of 2007 on credit risk does not specify standard market documentation. There is no additional guidance on this. | This is not specifically defined, but is considered on a case-by-case basis. | New regulations for the prudential supervision of banks Annex B, par. 1.1, point f) | Type of documentation to be accepted as standard market documentation is not defined. | Not defined | No specific definition | Normal documentation usually utilised for such transactions, which need to be legally binding and include all the necessary details of the transactions. |  |  | Not Available | Not yet available. |  |  | Non application | Our practice is to allow firms to make the judgement but they must be able to justify it if challenged by us. |  |  | We have not published any list of accepted standard market documentation
[NAME], Part 3, number 58(h) | Conditions for applying a 0% volatility adjustment | The counterparty is considered a 'core market participant' by the competent authorities. (…) | (Publication of a list of regulated collective investment undertakings that are subject to capital or leverage requirements, regulated pension funds and recognised clearing organisations that are considered 'core market participants' by the competent authorities.) | See § 138 Para. 1 lit. 7 SolvaV.   The criteria given in Number 58 lit. h were implemented. The FMA currently does not publish further guidance on (or a list of) "core market participants". | For a list of regulated CIU or pension funds, please refer to the FSMA website | No additional guidance provided | not yet available | ´Core market participant´ is defined in Annex 16 to the Decree No.123/2007 Coll.  List of the core market participants, including regulated collective investment undertakings subject to supervision and to capital or leverage requirements is published on the CNB website: http://www.cnb.cz/cnb/JERRS.WEB07.INTRO_PAGE?p_lang=en) | Definition in § 185 para. 3 sentence 1 no. 8 SolvV. |  | Not explicitly defined |  | The corresponding provision in CBE 3/2008 would be No. 46.49 (h), which states: that the counterparty is considered a 'core market participant' by competent authorities. To this purpose, the following entities will be considered  'core market participants': […] ; regulated collective investment undertakings that are subject to capital or leverage requirements; Spanish pension funds and pension funds authorised in the European Union; clearing organisations that operate in recognised markets in Spain and in EU markets recognised by other competent authorities, as well as other clearing organisations recognised by the competent authorities in third countries and that have appropriate guarantee mechanisms.  It is not possible to provide an exhaustive list of the above. It is possible to provide the following lists:  - the Spanish regulated collective investment undertakings that are subject to capital or leverage requirements (requirements are developed in the Regulation on collective investment undertakings approved by Royal Decree 1082/2012):  •Securities Investment Funds (FIM) - http://www.cnmv.es/Portal/Consultas/MostrarListados.aspx?id=3 •Real Estate Investment Funds (FII) - http://www.cnmv.es/Portal/Consultas/MostrarListados.aspx?id=4 •Hedge Fund (FIL) - http://www.cnmv.es/Portal/Consultas/MostrarListados.aspx?id=5 •Fund of Hedge Funds (IICIICIL) - http://www.cnmv.es/Portal/Consultas/MostrarListados.aspx?id=6 •Open-end Securities Investment Companies (SICAV-http://www.cnmv.es/Portal/Consultas/MostrarListados.aspx?id=7  •Real Estate Investment Companies - http://www.cnmv.es/portal/Consultas/MostrarListados.aspx?id=8  - the Spanish pension funds - http://www.dgsfp.mineco.es/sector/Fondos.asp   - clearing and settlement organisations that operate in recognised markets in Spain: under the following link (selecting Spain), the European Commission provides a list of the securities clearing and settlement systems designated by Spain as systems included under the scope of Settlement Finality Directive 98/26/CE (Article 10). The securities settlement systems designated by other EU authorities as systems included under the scope of such Directive can be found in the same web page:  http://ec.europa.eu/internal_market/financial-markets/settlement/dir-98-26-art10-national_en.htm | No specific list | Article 178-6 h) of the Order of 20 February 2007 provides a list of the entities to be considered as "core market participants" for the purpose of this article | No supervisory guidance exists, core participants are defined in §3 point 4 of Government Decree No. 196 of 2007 on credit risk: — the entities mentioned in point 7(b) of Part 1 exposures to which are assigned a 0 % risk weight under Articles 78 to 83; — institutions; — other financial companies (including insurance companies) exposures to which are assigned a 20 % risk weight under Articles 78 to 83 or which, in the case of credit institutions calculating risk‑weighted exposure amounts and expected loss amounts under Articles 83 to 89, do not have a credit assessment by a recognised ECAI and are internally rated as having a PD equivalent to that associated with the credit assessments of ECAIs determined by the competent authorities to be associated with credit quality step 2 or above under the rules for the risk weighting of exposures to corporates under Articles 78 to 83 — regulated collective investment undertakings that are subject to capital or leverage requirements; — regulated pension funds; and — recognised clearing organisations. | The Financial Regulator has not published a list of core market participants. | New regulations for the prudential supervision of banks Annex B, par. 1.1, point h), footnote 1 | The list of core market participants is determined in Paragraph 79 of Annex 3 to the  Regulations for Calculation the Minimal Capital Requirements as:                                                "79. The following are core market participants: 79.1. legal entities referred to in Paragraph 2.2 of Section 1 of this Annex the exposures to which are assigned a 0% risk weight in accordance with [NAME] of the Regulations; 79.2. institutions;  79.3. other financial institutions and insurance undertakings the exposures to which are assigned a 20% risk weight in accordance with [NAME] of the Regulations;  79.4. regulated collective investment undertakings that are subject to capital or leverage requirements; 79.5. regulated pension funds; 79.6. recognised clearing organisations." | [NAME], 09 11 2006, Paragraph 410.8 | No further criteria than those set out in the CRD; Circulars CSSF 06/273 and 07/290 (as amended), part IX, point 105, define the core market participants as the following: - the entities set out in point 28 (b), if the exposures to those receive a 0 % risk weight in the standardised approach; - institutions; - the other financial companies (including insurance companies), the exposures to which are assigned a 20 % risk weight under the standardised approach or which, in the case of credit institutions calculating risk-weighted asset and expected loss amounts under the foundation IRB approach, do not have a credit assessment by an eligible ECAI and are internally rated as having a PD equivalent to that associated with the credit assessments of ECAIs determined to be associated with credit quality steps 1 to 2 under the standardised approach; - regulated undertakings for collective investment that are subject to capital or lending requirements; - regulated pension funds; and - recognised clearing organisations. | A list of locally licensed collective investment undertaking can be found in the MFSA website under Securities: Collective Investment Schemes: Licence Holders |  |  | i) Governments and Central Banks, exposures to which are assigned a 0% risk weight under the Standardised Approach; ii) institutions; iii) other financial companies (including insurance companies), exposures to which are assigned a 20% risk weight under the Standardised Approach or which, in the case of institutions calculating risk-weighted exposure amounts and expected loss amounts under the IRB Approach, do not have a credit assessment by a recognised ECAI and are internally rated as having a PD equivalent to that associated with the credit assessments of ECAIs determined to be associated with credit quality step 2 or above under the Standardised Approach; iv) regulated collective investment undertakings that are subject to capital or leverage requirements; v) pension funds authorised in a European Union Member State; and  vi) recognised clearing organisations. | Not yet available. |  | Recognised clearing houses are specified in Appendix II of the regulation on market risks. | Art. 124 (35) (h) decree NBS 4/2007 : Core market participants include the following entities: 1. the entities mentioned in Article 100(2)(b) exposures to which are assigned a 0% risk weight under the provisions on the standardized approach for credit risk; 2. institutions; 3. other financial institutions (including insurance companies) exposures to which are assigned a 20% risk weight under the provisions on the standardized approach for credit risk or which, in the case of banks calculating risk-weighted exposure amounts and expected loss amounts under the internal ratings based approach, do not have a credit assessment by an 105 eligible credit rating agency are internally rated as having a PD equivalent to that associated with the credit assessments of credit rating agencies determined by the National Bank of Slovakia to be associated with credit quality step 2, or above, under the rules for the riskweighting of exposures to corporates under the standardized approach for credit risk; 4. regulated collective investment undertakings that are subject to capital or leverage requirements; 5. regulated pension funds; and 6. recognized clearing organizations. | Regulated collective investment undertakings that are subject to capital or leverage requirments: all such schenes are included in our CIS register available through the FSA website. Regulated pension funds:we do not publish a list. There is  separate pensions regulator in the UK which also does not publish a list. Recognised clearing organisation: is a recognised clearing [NAME]) or a designated clearing house (DCH). RCH: is declared by a recognition order and is public. DCH: identified by name and published in our [NAME]. |  |  | We have published the following lists, please follow the link below: www.finanstilsynet.no/registry Regulated collective investment undertakings are found under:  • securities fund,  regulated pensions funds are found under:  • municipal pension fund, private pension fund and defined contribution pension undertakings,  recognised clearing houses are found under:  • infrastructure firm, but only 3 of the firms on the list are Central Counterparties (CCPs)
[NAME], Part 3, number 62 | Real estate collateral | (…) In those Member States that have laid down rigorous citeria for the assessment of the mortgage lending value in statutory or regulatory provisions (…) | (National legislation for the assessment of the mortgage lending value.) | See § 104 Para. 1 SolvaV ("The property must be valued by an independent valuer at or less than the market value.").  The Austrian Solvency Regulation does not allow the use of the mortgage lending value for property situated in Austria. However, a mutual recognition clause was implemented. |  | Bulgaria is not such Member State | not yet available | MLV is specified in Art. 29 of the Act on bonds (190/2004 Coll.) as a value of the mortgaged property determined by mortgage bonds´ issuers.  The issuer of mortgage bonds shall determine the pledge value of the mortgaged (pledged) property. The issuer of mortgage bonds is obliged to stipulate, in its internal regulations, rules for the determination of the pledge value of mortgaged property, which rules must respect the following principles: The mortgaged property shall be valued at the usual price pursuant to a special legal rule governing the valuation of assets, taking into account    a) the permanent and sustainable characteristics of the property,    b) the income achievable by a third person through the proper management of the property,    c) the rights and defects attached to the property and    d) local conditions on the real estate market, including its influences and anticipated development. The pledge value of the mortgaged property may not exceed its usual price. | § 20a para. 6 KWG (German Banking Law) in combination with BelWertV ([NAME] über die [NAME] nach § 16 Abs. 1 und 2 des Pfandbriefgesetzes - the german lending value regulation). |  |  |  | Provision No 46.55 in CBE 3/2008 basically reproduces the definition of 'mortgage lending value' contained in CRD, [NAME], Part 3, number 64. It also states that the definition of 'mortgage lending value' contained in Ministerial Order 805/2003 complies with the definition in CBE 3/2008, No 46.55.  Ministerial Order 805/2003 of 27 March on rules for the appraisal of real estate and of certain rights for financial purposes, repealed the Ministerial Order of 30 November 1994 on real estate appraisal rules for certain financial institutions and enhanced the technical and formal quality of appraisals, increased their transparency, adapted the calculation of appraisal value to reflect diverse legal amendments and fostered the responsibility of appraisal companies in identifying and applying the most important technical parameters  for appraisals.  It also stipulated that appraisal companies and services must communicate to the Banco de España, in such manner and with such periodicity as the Bank may establish, information on risk premia and on developer profit margins that may be used by them in the conduct of their business, and on any other technical parameter of a general nature that may be used regularly by them in their professional practice for the application of the various appraisal methods and that the Banco de España may consider important in order to ensure uniform compliance with appraisal rules. Circular 3/1998  of 27 January 1988 contains the details regarding the information to be reported to the Banco de España by approved appraisal companies and services. |  | Article 183-1 b) provides a methodology for the assessment of "mortgage lending value": "the value of the property as determined by a prudent assessment of the future marketability of the property, taking into account the longterm sustainable characteristics of the property, normal local market conditions, the current use of the asset, and appropriate alternative uses of the property. The mortgage lending value shall be documented in a transparent and clear manner." | Finance Minister's Decree No 25 of 1997 on the determination of mortgage lending value for real estate not qualifying as land | The mortgage lending value does not apply to the assessment of the property in Ireland. | New regulations for the prudential supervision of banks Title II, Chapter 1, Section IV, par. 1 | The mortgage lending value does not apply to the assessment of the property in Latvia. | Not defined | Not applicable | No rigorous criteria for the assessment of the mortgage lending value have been defined locally in statutory or regulatory provisions. |  |  | Not applicable | Not yet available. |  | Mortgage Bond and Municipal Bond Act (Official [NAME] of the Republic of Slovenia, No. 17/06 and 58/09) | Art. 125 (1) decree NBS 17/2008 : If a bank uses the internal ratings-based approach to calculate the value of riskweighted exposures and estimated loss, the value of the collateral or the object of the transfer of a right as security under Article 100(11) shall correspond to the value of the property determined under Article 110(f) less the value corresponding to pre-emptive rights to the real estate, adjusted by the value corresponding to the revaluation under Article 110(b); the adjustment by the value corresponding to the revaluation under Article 110(b), using the statistical methods, shall be disregarded in the case of a commercial real estate. | We have  copied out VIII, part 3, number 62 of the directive. Given that we do not permit firms to apply the 50% RW to commercial real estate,we have not laid down rigorous criteria for the assessment of the mortgage lending value. For residential real estate, firms apply the market value as set out in Annex VIII, part 3, 62.
 |  |  |  |  |  |  |  |  |  |  |  |  | (1) The abbreviation [NAME] is used to refer to Circular 3/2008 of 22 May 2008 to credit institutions on determination and control of minimum own funds .
 |  |  |  |  |  |  |  |  |  |  |  |  | This Circular is only available in Spanish. The translations provided here are unofficial translations.