28.

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) · European Union

The conversion figure to be applied shall be determined by the level of the actual three month average excess spread in accordance with Table 3. Table 3 Securitisations subject to a controlled early amortisation provision Securitisations subject to a non-controlled early amortisation provision 3 months average excess spread Conversion figure Conversion figure Above level A 0 % 0 % Level A 1 % 5 % Level B 2 % 15 % Level C 10 % 50 % Level D 20 % 100 % Level E 40 % 100 %

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.