Translation of "Seuil de défauts " (French → English) :

For each credit assessment system, the ECAF performance monitoring process consists of an annual ex-post comparison of: (a) the observed default rates for all eligible entities and instruments rated by the credit assessment system, where these entities and instruments are grouped into static pools based on certain characteristics, e.g. credit rating, asset class, industry sector, credit assessment model; and (b) the appropriate credit quality threshold of the Eurosystem given by the benchmark PD (two benchmark PDs are considered: a 0,10 % PD over a one-year horizon which is considered equivalent to a credit assessment of credit quality ...[+++]step 2; and a 0,40 % PD over a one-year horizon which is considered equivalent to a credit assessment of credit quality step 3 of the Eurosystem harmonised rating scale).

Credit institutions shall have a thorough understanding of all structural features of a securitisation transaction that would materially impact the performance of their exposures to the transaction such as the contractual waterfall and waterfall related triggers, credit enhancements, liquidity enhancements, market value triggers, and deal-specific definition of default.

1. Absence, serious deterioration or failure of proper operation of the oily-water filtering equipment, the oil discharge monitoring and control system or the 15 ppm alarm arrangements.

L. whereas experience shows that if full account is to be taken of women's interests in society, at least one third of those elected to all institutional bodies must be women, and whereas 50% is the target for achieving parity democracy, a principle which is accepted in some Member States at party, local, national and European level; whereas a clear Union policy on parity democracy is still lacking,

L. whereas experience shows that if full account is to be taken of women’s interests in society, at least one third of those elected to all institutional bodies must be women, and whereas 50% is the target to achieve parity democracy, a principle which is accepted in some Member States at party, local, national and European level; whereas a clear Union policy on parity democracy is still lacking,

This negative definition does not imply that agreements between firms which exceed the thresholds will appreciably restrict competition; the notice only creates a safe harbour.