Santander tweaks Holmes to match LCR needs

By Owen Sanderson
18 Dec 2014

Santander UK has restructured the Holmes master trust to make sure its bonds meet the standards for the European Banking Authority’s Liquidity Coverage Ratio, so that banks will be able use Holmes RMBS notes in category “2B” of their liquidity buffers.

That means tightening up the definition of the mortgages allowed in the pool so that all of them are “residential loans secured with a first-ranking mortgage granted to an individual for the acquisition of his or her main residence.”

The structured finance industry fought vigorously to get RMBS ...

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