Circular Letter ST.13-0993 — Update of the Exemption Threshold

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4943 E-mail: reporting.titrisation@bcl.lu ./.
Ref.: ST.13-0993 Luxembourg, December 9, 2013

To all securitization vehicles

Subject: 2014 Exemption Threshold for Securitization Vehicles

Madam, Sir,

We have the honor to refer to point 4.3 "Entities subject to statistical reporting by the BCL" of Circular BCL 2009/224 regarding the introduction of statistical collection from securitization vehicles, to Circular BCL 2013/232 introducing title-by-title reporting, as well as to the basic information we have collected from all securitization vehicles domiciled in Luxembourg.

In accordance with point 4.3 of the aforementioned BCL Circular, and pursuant to Article 5.1(b) of ECB Regulation No 24/2009 of December 19, 2008 on statistics on the assets and liabilities of parent companies carrying out securitization transactions (ECB/2008/30), the BCL intends to exempt certain securitization vehicles from all statistical reporting obligations, with the exception of the obligation to report quarterly data regarding end-of-quarter balances on the total assets, provided that the parent companies contributing to the aggregated quarterly assets/liabilities represent at least 95% of the total assets of the parent companies in terms of balances.

We draw your attention to the fact that the exemption threshold has been lowered since last year. Based on the information collected, we have established that the exemption threshold is EUR 70 million for the year 2014.

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4943 E-mail: reporting.titrisation@bcl.lu ./.

It is important to mention that this threshold will be calculated annually, and a new circular letter will be issued only in the event of a change.

Companies whose total balance sheet exceeds the aforementioned threshold of EUR 70 million during the year are required to submit reports starting from the end of the quarter in which the threshold was reached. We remind you that a company that has chosen to report its data by compartment is taken into account at the consolidated level for the control of the exemption threshold. Furthermore, organizations reporting by compartment whose total consolidated assets exceed the exemption threshold must report data for all compartments.

Reports S 2.14 and S 2.15 must be transmitted no later than the twentieth working day following the end of the quarter to which these data relate.

As for the TPT report, it must be transmitted no later than the twentieth working day following the end of the month to which these data relate.

If the consolidated total balance sheet of a reporting company remains below the aforementioned threshold of EUR 70 million throughout the year, it is necessary to notify the BCL within the same timeframe to benefit from the reporting exemption.

Securitization vehicles subject to the statistical reporting obligation are invited to comply with the instructions and reports available on the BCL website at:
http://www.bcl.lu/en/reporting/Securitization_vehicles/index.html

Please accept, Madam, Sir, the assurance of our perfect consideration.

BANQUE CENTRALE DU LUXEMBOURG
Philippe Arondel Roland Nockels
Section Head Department Head