230 2. On-balance Sheet (OBS): a retention of randomly selected exposures equivalent to not less than 5% of the nominal value of the securitized exposures. 3. First Loss Tranche (FLT): the retention of the equity tranche and, if necessary, other tranches that have the same or more severe risk profile than those transferred or sold to investors and are not maturing any earlier, so that the retention equals in total no less than 5 % of the nominal value of the securitized exposures. 4. First Loss Exposure (FLE): the retention of the FLE of not less than 5% of every securitized exposure. It needs to be applied so that the credit risk retained is always subordinated to the credit risk that has been securitized in relation to those same exposures. The retention may also be fulfilled by the sale of the tranches at a discounted value of the underlying exposures of not less than 5%. 5. Pari Passu Share/ Revolving Exposure: a retention of the originator’s interest of not less than 5% of the nominal value of each of the securitized exposure.72 Irne s itdheen Ot i aBlSmmo rettghaogde, s tbhaec krient ga itnheer skeec eupr ist i zaa tpi oo rnt itor ann os af ctthi oen ,uwn dhei crhl yiisn gr a npdo oo ml ol yf selected.73 In the VES and FLT methods, the retainer holds part of the risk using the securitization structure. The securitization structure is created by different lt ar ay ne rcsh oe fwt ri at hn ct hh ee shtihg ahtees at cr hi s hk apvreoifti sl eo(wn no nr i-si nk vpersot fmi l ee .nItngtrhaedFe L) Ti smr eettahionde,dt ,hwe h( fi il resitn) tohf tee Vn Er Se fme rertehdo tdo, aa ss mt hael lhpoor ri zt oi onnt aol f paal lr tt r, aa ns ct hh ee sr ient at ihnee dr el iat le ar ar el l yr eht oa li dn se da . hTohrei zFoLnTt ai sl 72m aWs et edr ot rnuostt fsotcruusc tounr et hs ,i sa nmde tt hh oe dn ui nmobuerrsot uf dt rya bnes ac ac tuisoen tshies rt oe vool lovwi n fgosresctuart ii tsitzi caat iloanniasl yms ioss. t l y a p p l i c a b l e t o r e v o l v i n g 73a d p a T t p e r h , o e p p r s r o e i p a le t e e c r t t q i y o u t n a y np p t e r i , t o a ic n t e i d v d u e u s r a t e r n y d n s e e q e c u d t a o s l r i t , t o a a tn e i d v n e o s u u fa r t c e s t t oa th r n s a d t i s n u t g h c e h lo a e a x n s p b v o a i s n l u a ta r n e g c s e e ,. rpe rt ao idnuecdt , agreeo rgar na pd ho ym, obryi g fi on ra t ei oxna md pa lt ee , i mn cal ut udri int yg
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