(a)

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

For an instrument subject to a cash flow schedule, M shall be calculated according to the following formula: M = MAX1; MINΣ_(t)t^(*)CF_(t) / Σ_(t)CF_(t) , 5 where CF_(t) denotes the cash flows (principal, interest payments and fees) contractually payable by the obligor in period t;

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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.