
Article 1 
Decision ECB/2014/45 is amended as follows:

1.. in Article 2, point (2) is replaced by the following:
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(2). Other than as provided in point 1 above and point 9 below, the ABS fulfil the eligibility criteria applicable to ABS submitted as collateral for Eurosystem monetary policy operations as laid down in Guideline ECB/2014/60.
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2.. in Article 2, the following point (9) is added:
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(9). 

((a)) are secured by a guarantee:

((i)) meeting the requirements for guarantees of marketable assets as set out in Articles 114, 115, 117 and 118 of Part Four, Title IV of Guideline (EU) 2015/510 (ECB/2014/60); and
((ii)) issued by a guarantor with a credit assessment in accordance with Article 83(c) of Guideline ECB/2014/60 and provided by at least one accepted ECAI system, expressed in the form of a public credit rating, in compliance with, as a minimum, credit quality step 3 in the Eurosystem's harmonised rating scale; and
((b)) satisfy all other applicable eligibility criteria for purchase under the ABSPP.

For the purposes of this Decision, “mezzanine tranche” means a tranche of an ABS issue that, in accordance with the post-enforcement priority of payments, and if applicable, the post-acceleration priority of payments as set out in the prospectus:


((a)) ranks below the non-subordinated tranche or sub-tranches of the same ABS issue as set out in Article 77 of Guideline ECB/2014/60; and
((b)) ranks above the most subordinated tranche or sub-tranches that are the first to bear losses incurred on the securitised exposures and which thereby provide protection to the second loss and, where relevant, higher ranking tranches or sub-tranches.
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Article 2 
This Decision shall enter into force on the twentieth day following its publication in the Official Journal of the European Union.
Done at Frankfurt am Main, 10 September 2015.
The President of the ECB
Mario DRAGHI