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Breadcrumb

  1. Home
  2. Single Rulebook Q&A
  3. 2023_6761 Definition of residential property
Question ID
2023_6761
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Credit risk
Article
4
Paragraph
1
Subparagraph
75
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Draft ITS on Supervisory Reporting of Institutions
Article/Paragraph
123
Type of submitter
Individual
Subject matter
Definition of residential property
Question

I am bringing a point to your notice where in article 4(75) the residential property is defined as a residence which is occupied by the owner or the lessee of the residence, including the right to inhabit an apartment in housing cooperatives located in Sweden. This has led to quite some confusion in my organisation as to what definition applies in other Nordic countries. Given that we have a presence in all Nordic countries, we expect a generic definition which can be consistently applied for the correct treatment of collateral types. These further also impact how the customer segments (rating systems) are defined as according to the regulation the exposure secured by RRE must be excluded when defining thresholds for retail vs non-retail customers.

Therefore, I request you to either 1) modify the definition so that it is clearer if the same definition can be applied in all countries, or 2) Remove the specific country name "Sweden" from the definition, or 3) the institutions can follow local FSAs for such definitions, or 4) They can have their own guidelines for such definitions.

Background on the question

No consistent definition of residential property across EU and in particular Nordic countries.

Submission date
27/03/2023
Rejected publishing date
04/05/2023
Rationale for rejection

This question has been rejected because it is considered that EBA guidance or clarification is not needed with regard to the issue that it raises. This can be the case where it is considered that the existing regulatory framework is sufficiently clear and unambiguous, or where different practices may be possible, but it is not currently necessary to harmonise these further through the Q&A process.

Status
Rejected question

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