Data-handling infrastructure

DataWarehouse

To facilitate the introduction of the loan-by-loan information requirements, the Eurosystem actively encouraged market participants to establish the necessary data-handling infrastructure in the form of a data warehouse. This warehouse will be provided by an independent party or parties external to the Eurosystem and be able to process, verify and transmit ABS loan-level data. The warehouse will ensure that the data is made available to the market and, in this way, it will increase the transparency of existing ABS transactions. The infrastructure will also comprise the processes and systems necessary for counterparties to submit the loan-level data electronically. This data should be checked for compliance with the specific requirements, as well as for accuracy, consistency and timeliness.

In April 2011 the Governing Council of the European Central Bank (ECB) indicated in aletter of intent the Eurosystem’s intention to make use of such a data warehouse. The Eurosystem intends to become a client of the data warehouse on a non-exclusive basis once ABS loan-level data requirements become an ECB collateral eligibility criterion, provided that the data warehouse complies with certain technical specifications.

An independent market-driven initiative to establish the data warehouse got under way in April 2011 under the auspices of the Market Group.

As a result, the European DataWarehouse GmbH (ED) was created at the end of June 2012 to provide the data-handling infrastructure for the ABS market. The ED becomes operational in January 2013 with the start of the loan level reporting requirements for RMBS and SME ABS.

For further information, visit the ED’s website at www.eurodw.eu . Technical questions on the correct format of the data and how to register with the ED can be sent to enquiries@eurodw.eu .

The ECB will regularly provide information updates on the establishment of the infrastructure.