COMMISSION DELEGATED REGULATION (EU) .../... amending Delegated Regulation (EU) 2015/61 as regards the eligibility conditions for securitisations in the liquidity buffer of credit institutions

Ref. Ares(2025)4808223 - 17/06/2025 EUROPEAN COMMISSION Securitisation package Brussels, XXX […](2025) XXX draft COMMISSION DELEGATED REGULATION (EU) …/... of XXX amending Delegated Regulation (EU) 2015/61 as regards the eligibility conditions for securitisations in the liquidity buffer of credit institutions (Text with EEA relevance) This draft has not been adopted or endorsed by the European Commission. Any views expressed are the preliminary views of the Commission services and may not in any circumstances be regarded as stating an official position of the Commission. EXPLANATORY MEMORANDUM 1. CONTEXT OF THE DELEGATED ACT 1.1. Background The liquidity coverage ratio (LCR) requirement, as specified in Commission Delegated Regulation (EU) 2015/611 (‘Liquidity Coverage Ratio Delegated Regulation’ or ‘LCR Delegated Regulation’), sets out the amount and characteristics of liquid assets for credit institutions in the European Union (EU) to meet their short-term liquidity requirements. The LCR requirement that has applied in the EU since 1 October 2015 recognises securitisations as eligible assets for the liquidity buffer of credit institutions, under certain conditions. The LCR requirement is part of the Basel III framework agreed by the Basel Committee on Banking Supervision (BCBS)2. The LCR Delegated Regulation largely reflects the BCBS standard3. In response to the 2008 global financial crisis and the 2011 euro area sovereign debt...