(b)

an ABCP issued by an ABCP programme which: is fully supported by a regulated credit institution that covers all liquidity, credit and material dilution risks, as well as ongoing transaction costs and ongoing programme-wide costs related to the ABCP, if necessary to guarantee the investor the full payment of any amount under the ABCP; is not a re-securitisation and the exposures underlying the securitisation at the level of each ABCP transaction do not include any securitisation position; does not include a synthetic securitisation as defined in point (11) of Article 242 of Regulation (EU) No 575/2013;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.