Framework
Structures
True sale
Traditional Securitisation
True sale to a bankruptcy-remote SSPE, financed through the issuance of ABS.
Credit protection
Synthetic Securitisation
Risk transfer through a protection agreement — assets remain with the originator.
Short-term
ABCP Programmes
Asset-backed commercial paper — short-dated funding via bank-sponsored conduits.
Non-performing
NPE Securitisations
Securitising non-performing exposures under the 2021 amendment.
Core obligations
Quality label
The STS Label
Simple, transparent and standardised — criteria and the regulatory capital privilege.
5% rule
Risk Retention
The 5% material net economic interest rule — who retains, how and why.
Disclosure
Transparency & Due Diligence
Mandatory disclosures and the investor's mirror-image due diligence duties.