Greek HAPS securitisations maintain risk transfer status
Greek banks' securitisations under the Hellenic Asset Protection Scheme continue to meet capital relief requirements, European Central Bank Supervisory Board Chair Claudia Buch stated in a letter to the European Parliament on August 28, 2026.
Measuring genuine credit risk transfer
Buch confirmed that supervisory monitoring has found no indication that significant risk transfer conditions have changed for Greek non-performing exposure securitisations under the state-backed scheme.
Under Article 244 of the Capital Requirements Regulation, the ECB evaluates whether credit risk transferred to third parties matches the reduction in risk-weighted exposure amounts.
The supervisory review examines tranche thickness, potential capital requirement reductions relative to transferred losses, retained positions, call options, and amortisation profiles.
Buch noted that supervisors also assess relationships between originators, servicers, and investors to ensure no implicit support or retained control exists over the underlying loan portfolios.
Direct reporting over external trustees
The letter responded to parliamentary inquiries regarding the Hellenic Asset Protection Scheme (HAPS).
Buch clarified that the ECB relies on direct reporting from originating banks rather than Commission-appointed monitoring trustees, whose mandate focuses on rating requirements and scheme setup.
Under professional secrecy rules in Article 53 of the Capital Requirements Directive, the supervisor cannot disclose individual bank determinations.
The ECB issues formal supervisory decisions only when objecting to significant risk transfer recognition.
Technocratic boundaries held firm
The response offers reassurance on the integrity of Greek balance sheet cleanups without compromising supervisory discretion.
By drawing a firm line between prudential monitoring and state-aid trustees, the supervisor shields its technical assessments from political cross-examination.
For Greek lenders, this protects vital capital relief.
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