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L 29/2

EN

Official Journal of the European Union
1.2.2023

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Given the economic relevance of real estate markets for Member States, sources of systemic risk, rather than merely economic downturns and idiosyncratic risks, should be taken into account when specifying the conditions for assessing the minimum LGD values. When taking into account the conditions for assessing minimum LGD values, a number of conditions related to sources of systemic risk that affect forward-looking property market developments should be considered, among them whether macroeconomic imbalances relate to a downturn, whether other macroprudential measures are in place, and national specificities related to immovable property markets and their financing.

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Furthermore, given the significant differences between the real estate markets of the Member States, the specificities exclusively related to a national real estate market and its financing should be taken into account when assessing both the appropriateness of risk weights for exposures secured by immovable property, and the appropriateness of minimum loss given default values for such exposures.

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Article 1242 and Article 1646, of Regulation EU No 575/2013 allow for the assessment of the appropriateness of risk weights or minimum LGD values for one or more property segments or for one or more parts of the territory of a Member State. It should thus be provided that the types of factors or the conditions for the assessment of the appropriateness of risk weights or minimum LGD values may be applied to one or more property segments or to one or more parts of the territory of a Member State. It is however possible that data collected by means of Union harmonised reporting are not sufficiently granular to allow for the assessment of the appropriateness of risk weights or minimum LGD values at the level of such property segment or part of a territory of a Member State.
Where that is the case, the authorities designated in accordance with Article 1241a and Article 1645 of Regulation EU No 575/2013 should be able to use additional sources of data for those assessments.

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Given that both Articles 124 and 164 of Regulation EU No 575/2013 deal with the assessments of the appropriateness of input parameters for the determination of own funds requirements for exposure types secured by immovable property, it is necessary to ensure coherence between the two assessments. It is therefore appropriate to include both sets of the relevant regulatory technical standards required by those Articles in a single Regulation.

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This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority EBA.

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The EBA has conducted an open public consultation on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits, and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation EU No 1093/2010 of the European Parliament and of the Council 2,
HAS ADOPTED THIS REGULATION:

Article 1
Types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable property 1.
When assessing the appropriateness of the risk weights referred to in Article 1242, first subparagraph, of Regulation EU No 575/2013, the authorities designated in accordance with Article 1241a of that Regulation shall determine all of the following:
a the loss experience as the ratio of the following:
i in the case of exposures secured by mortgages on residential property as referred to Article 1242, first subparagraph, of Regulation EU No 575/2013, the losses reported in accordance with Article 430a1, point a, of that Regulation and the exposure value reported in accordance with Article 430a1, point c, of that Regulation;
2 Regulation EU No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority European Banking Authority, amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC OJ L 331, 15.12.2010, p. 12.